At the beginning of this year, we talked about the top renewable energy trends to look out for in 2019. At the end of this insight, we briefly mentioned how REDi is a part of the blockchain movement sweeping across the energy industry. In the last year, REDi has taken steps towards making its own unique mark and building a positive reputation in the energy industry.
What makes REDi so unique is its understanding of the big problem facing the renewable energy industry: lack of data. The reason this lack of data is such a big issue is because data and finances are deeply intertwined. Without enough data on renewable energy power plants, there is no way to accurately calculate the value of each power plant, thus making it impossible for these power plants to receive the financial services, such as loans, needed in order to develop and profit from them. This lack of data also contributes to another big problem which is that many power plants do not receive proper O&M services during their lifetime after being built. Once the power plants are built, the PV owners are essentially left on their own. Data is the basis for effective management and maintenance services. No data means no O&M services, it is that simple.
REDi’s solution essentially kills two birds with one stone — a platform for data collection, analysis, and distribution. If both problems are caused by a lack of data, then it makes sense to create an infrastructure where energy market participants can access the consolidated data. For the financial problem, REDi uses advanced monitoring software and hardware to collect power generation data from power plants which can then be used to calculate the financial value of these power plants. For the O&M problem, REDi also uses monitoring technology to collect data that can be analyzed and utilized to offer a wide variety of power plant maintenance and management services that are desperately needed in the renewable energy industry. However, just because a solution is being provided, does not guarantee that people will be motivated to participate in the data collection. That is where the blockchain technology becomes useful. REDi is using blockchain to create a token economy on the Infranet platform to incentivize and reward participants who submit their data to the platform. Aside from rewarding participants, blockchain also ensures that data is securely transferred and stored.
As mentioned earlier, REDi has taken dramatic steps towards the realization of its core business model by developing and applying their state-of-the-art, AI-based monitoring system, SUNDY M. REDi has successfully installed and is collecting data from several of their AI-based monitoring devices on several solar power plants operated by Hyundai Renewable Labs in Korea. REDi has even begun to expand its market presence globally, recently signing an MOU with Pacifico Energy Korea, a Korean branch of Japan’s largest solar power developer, Pacifico Energy. By signing this MOU, REDi is entrusted with assisting in the effective power generation and operations Pacifico Energy’s solar plants in Korea.
Despite all REDi has accomplished, we are still looking forward to achieve the next set of goals. REDi’s short-term goal is to launch most of its services by the end of this year, one of which is a P2P energy trading platform that is set to kick off next month. At the rapid rate that REDi is developing its business model, this goal is well within reach. REDi’s long term goals include creating long-term business outlets and, ultimately, become an energy company that drives the future energy paradigm shift and the fourth industrial revolution.
REDi. Rediscover the power of data.
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