2019 is a monumental year for REDi. We’ve made many business achievements. Here is the summary of this year.
19.02.27 Providing ‘SUNDY M’, monitoring system, to Hyundai Renewable Lap
Hyundai Corp. chose Solar Energy as a future business and founded Hyundai Renewable Lap(hereafter HRL) to start the solar business in 2017. HRL has several solar power plants now in S. Korea. REDi is providing the monitoring system, SUNDY M, to HRL to support the management of multiple power plants effectively and is charging monthly fee. HRL is continuously building more power plants in 2019, and the monitoring system and the data collecting device developed by REDi will be installed in new power plants as well.
19.03.05 MOU with Pacifico Energy Korea
Pacifico Energy is the largest solar energy development company in Japan. They opened the office in S. Korea to expand the business an year ago.
The corporation mainly deals with the solar projects over 1 GW. Now they have a on-going 400MW solar project in S. Korea.
The MOU with REDi is for the projects developing in S. Korea. REDi will provide data collecting devices, data analysis, and monitoring service to the projects Pacifico Energy Korea has.
“REDi will bring a very positive impact in the asset managements. REDi has a very good business model because REDi’s services help the owners of solar power plants and solar project developers greatly for the accurate operation and management(O&M) of the assets. Using big data for O&M is expected to increase the profits and lifetime of devices. The CEO of Pacifico Energy Korea said.
19.03.25 Seoul Energy Prosumer Village Project
REDi is running the project with ITCEN listed on KOSDAQ. Prosumer Village is the POC(proof of concept) for micro-grid in a small apartment with 90 households. The residential solar power plants have been installed in the apartments to start the POC. Each households produce energy and can trade freely within the community through the platform. REDi develops the P2P energy trade platform with blockchain and will be using data analysis in the operation and management of the platform.
19.04.18 REDi enters two startup acceleration programs run by NH financial group and Shinhan financial group.
NH Digital Challenge is a startup acceleration program running by NH financial group. 33 startups are chosen and given the opportunities to develop the business using the network of NH financial group. REDi is among 3 startups of 33 startups that have additional opportunities for technology and service cooperation and investment. REDi announced the early-stage investment from NH Digital Challenge and burned 10% token of total issued token.
Amazingly REDi has been selected by another accelerating program, Shinhan Future’s Lap, running by Shinhan financial group. Both financial groups have top tier commercial banks in S. Korea. The program had 652 applicants, and only 40 startups were accepted.
Shinhan Future’s Lap REDi(Enerdot) Promotion Video
19.05.30 Initial Service Partnership with Klaytn, Kakao’s blockchain platform
Klaytn is the most powerful blockchain platform in S. Korea by strong partnerships with leading corporations such as LG, Samsung Blockchain, Shinhan Bank, Woori Financial Group, SK Networks, GS Shop, Hanwha Systems, Binance, and etc.
REDi is the first partner in Energy sector. “We are going to make a successful use case with REDi and lead the blockchain industry.” Jaesun Han, CEO at Klaytn, said.
“REDi is going to make a positive impact to boost up the 4th evolution in the energy industry with Klaytn” DY Lee, CEO at REDi, said.
19. 08. 21 Private Key Management System POC with REDi
One of South Korea’s largest financial institutions, Shinhan Bank, has penned an agreement with blockchain firms Ground X and Hexlant. The goal is to create a blockchain security system by developing a Private Key Management System (PKMS). They have run the POC of PKMS with REDi as a first blockchain pilot project. POC is tested in Sundy M, monitoring system, provided to Hyundai Renewable Lap to verify the data collection from solar power plants and record on Klaytn.
19. 09. 04 MOU with NH Bank for solar power plant IoT management system
NH Bank is one of top commercial banks in S. Korea. In the extend of NH Digital Challenge, REDi proposed a risk management of the loan to solar power plants to NH Bank, and the proposal was accepted.
REDi and NH Bank plan to launch the system in second half of 2020. The MOU is to make solar power plant data standard, and to build the solar power plant management system. Additionally consulting for the development of solar power plant services will be provided to farmers.
19. 10. 16 Development of Solar Power Plant Data Collecting Device
REDi has developed the solar power plant data collecting device. The device collects weather, power generation, and other information and send directly to REDi’s server. Existing devices in market are not compatible with all brand of the equipment at solar power plant, but REDi’s device works with every brand. The device also helps to solve the oracle issue, how to trust the data before record on blockchain. REDi plans to provide the device to SUNDY M users. The device will be used in the management system with NH Bank.
REDi as a startup has achieved large business progress. REDi will continue the businesses stated above in 2020 and expects to make a use case along the way.
Various businesses REDi working on is all connected to the data marketplace. With strong fundamental of business, REDi is building the data marketplace to have broad approachs to users, solar energy industry participants.
2020 is going to be very busy and important year to REDi.
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REDi aims to solve the asymmetry of information in renewable energy industry and to increase the efficiency of renewable energy power plant through data analysis and services. REDi provide services and the platform in the solar power industry, because it’s the most rapidly growing energy source among the renewables. Solar power plant owners and the industry participants can trade their own data and information through the data marketplace. Data-based services and data analysis will be also provided, and this will help users to have a better understanding of their business.
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