To date, any links connecting Tesla and blockchain have been limited to rumours and the occasional ETH scammer targeting Elon Musk. Now, that link has become significantly stronger as it has been announced that a former Tesla VP, Ben Hill, has joined Solo Energy, a renewable energy startup that is using blockchain technology for peer to peer energy trading.
The Solo Energy concept is that thousands of home batteries (think Tesla Powerwall) – as well as grid-connected electric vehicles – will be joined together to form so-called “Virtual Power Plants.” The batteries in these virtual power plants charge up during periods of low demand, or when there’s an over-supply of energy, and then can be called upon whenever demand exceeds capacity.
The ultimate goal is to make renewable electricity more viable. This is because by their nature, renewables are highly variable. When the wind doesn’t blow, wind farms stand idle, and solar cells produce far less energy in the shorter winter months.
Solo Energy is planning on distributing batteries across “thousands” of residential and commercial premises in the coming months, and it is launching a securitised token to fund this roll out – the token being backed by the battery assets. It’s part of a new wave of security token offerings, or STOs, which promise more price stability than ICOs.
Pilot projects are already underway and the company is working with Our Power, a Scottish not-for-profit energy supplier which states its mission is to “make household energy more affordable and greener for all energy customers.”
Ben Hill’s appointment brings significant experience in solar, battery storage and electric vehicle technology to Solo Energy. At Tesla, he founded and ran Tesla Energy across the EMEA region - so he should know and thing or two about battery technology.
Ben said: “I’m incredibly excited to be working with Solo Energy. The team have a strong vision for the future, and its peer to peer trading concept using the latest blockchain technology is cutting edge.
In helping Solo Energy bring its business model to reality, I’m fulfilling my own ambitions to push forward the sustainable and renewable energy revolution. By making reliable low carbon, low cost, sustainable energy accessible to homes across the UK and Europe, we believe we will change the face of energy generation forever.
Mark Hamilton, CEO and Co-Founder of Solo Energy, said:
We are delighted that Ben has agreed to be a part of Solo Energy’s journey. Our company goal is to lay the building blocks for a 100% renewable world, and Ben’s experience encompassing both energy and battery technology will be invaluable in achieving this goal.