Julius Tan, co-founder and CEO of Electrify.sg, a marketplace for retail electricity, is charged up and ready to make his mark on the emergent industry. Since launching its platform last July, Electrify.sg reports it has helped small and medium enterprises save more than $1 million in electricity bills. The year-old company raised US$30million under 10 days during an initial coin offering to upgrade the marketplace to one built on blockchain, and recently signed partnerships with Japan’s Tokyo Electric Power Company and China’s Narada Power.
The decentralised peer-to-peer trading platform enables companies to purchase electricity directly from independent producers and retailers, cutting out middlemen and reducing cost. Tan and his team are launching the platform for residential consumers in the second half of this year, so anyone with a solar panel “can become his own power company,” he says.
Tan, who worked as a research engineer at the Solar Energy Research Institute of Singapore and then an energy trader, hopes at least 25 percent of Singapore’s power needs will be fulfilled by renewable sources within a decade. “The area I’m most interested in is energy, from conventional power generation to renewables, from generation to grid management,” he says of his motivations. “And solar power in particular, because I think it’s fundamentally important we move towards a renewables-based future.”