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RTP-based Blockchain Energy Plans Launch of Solar Data Sharing Platform: GrepBeat
Noel Myers, the co-founder of RTP-based Blockchain Power, presents a Web3 event at the 1871 startup community in Chicago. NC IDEA awarded the startup a $10,000 MICRO grant last month.
After building in stealth mode for nearly two years, Blockchain Power co-founders Noel Myers and Greg Ness are preparing to launch their solar data-sharing startup this fall. They’ve already attracted the attention of the likes of NC IDEA, which awarded a startup a $10,000 MICRO grant last month.
The solar industry is growing, but Myers says many solar asset owners, such as energy utilities and other large-scale solar owners, are underperforming. To address the problem of solar assets failing to meet energy targets and therefore making less profit than expected, RTP-based Blockchain Power has created a secure platform based on blockchain technology that will be sold to asset owners to share data and access insights and analysis. on the performance of the equipment.
Insufficient performance can be attributed to failures in different parts of the solar energy conversion process. The most common point of failure is inverters, which convert electricity generated by solar panels into electricity used by the power grid. Solar inverter outages are responsible for 40% of power loss.
The Blockchain Power platform is called SunDAO Network, which provides software and data security services for solar system owners. This data collection can not only help asset owners optimize the performance of their equipment, but also helps minimize risk for insurers and maximize return on investment for stakeholders.
SunDAO Network uses Distributed Ledger Technology (DLT), ensuring the cybersecurity of solar data, while the SunDAO Data Token System incentivizes asset owners to share their company’s solar data. The platform also has an edtech component called Metaverse Solar that provides technical training resources to solar system owners.
The product will be sold to asset owners, and Myers said his team is currently looking to implement a subscription model.
Myers grew up in Chapel Hill and has held several positions in the solar energy industry throughout his career. After connecting with co-founder Ness on LinkedIn several years ago, the two teamed up to work on an 80-page report that outlined how data could be used to solve problems in the solar industry and how DLT is essential to protect such data. From there SunDAO was started.
North Carolina is one of the largest producers of solar energy in the country, and Blockchain Power’s founders have taken full advantage of the Triangle through local partnerships. Myers and Ness participated in the Launch Chapel Hill startup accelerator through the Innovate Carolina program and also completed the First Flight Venture Center’s Propeller program last year. Blockchain Power is now based at First Flight.
“We wouldn’t be where we are today without the First Flight Venture Center,” Myers said. “I would say First Flight Venture Center is probably the first team that really believed in us.”
Blockchain Power received a $10,000 grant from latest round of NC IDEA MICRO grants last month, a program that offers project-based grants to young startups. The grant money will be used to get user feedback, and Myers said the feedback will be integrated into Blockchain Power’s technical development cycle as the startup gets closer to its launch date.
So far, the startup has raised $400,000 in pre-seed funding, and Myers said the company’s goal is to raise another $2.1 million by selling shares.
Other highlights for Blockchain Power include third place at the 1871 Web3 Innovation Lab in Chicago and first place at Hedera’s Beyond Blockchain Hashgraph Incubator in 2023.