Singapore-based energy startup Electrify has secured an undisclosed investment from Japanese utility company TEPCO Frontier Partners, a subsidiary of Tokyo Electric Power Company Holdings Inc (TEPCO).
The funding will help Electrify accelerate the development of Synergy, a new peer-to-peer energy trading platform to generate, store and trade power through a power grid. The platform is slated to launch in the second quarter of 2019.
“With the Asia Pacific region undergoing a trend of market liberalisation and growing energy demand, Electrify is redefining the way energy is produced, sold, and consumed through Synergy, catalysing the creation of a liberalised economy for a sustainable energy future,” said Julius Tan, chief executive officer and co-founder of Electrify.
In March, Electrify had raised a $30 million in funding via token sales.
Founded in 2017, Electrify is a marketplace for electricity retail. It plans to use blockchain technology to let users buy electricity from energy retailers and others and also lets users compare the electricity prices before buying from their marketplace.
“This funding from a leading industry giant such as TEPCO is a proof case of our abilities, and spurs us on to fulfill our vision of building an intelligent energy ecosystem not just in Singapore, but across Asia,” said Tan.
Electrify has also undergone agreements with energy firms like Narada Asia Pacific that manufactures storage batteries and TEPCO to adapt its technology for regional markets. The Singapore-based firm said it will explore commercialisation in Japan, in collaboration with TEPCO.