Wien Energie launches blockchain JV

Wien Energie and RIDDLE&CODE have formed a joint venture to deliver energy sector asset tokenisation solutions globally.

The joint venture, RIDDLE&CODE Energy Solutions, builds on the partnership between the two parties, which has focussed on the development of the blockchain platform MyPower for the tokenisation of renewable assets. With this consumers are able to purchase shares and support the development of such assets.

Wien Energie is one of Austria’s largest utility providers. RIDDLE&CODE is a Vienna-based blockchain interface company.

Under the agreement, Wien Energie and RIDDLE&CODE will share financial and technological resources to provide cutting-edge services to support decarbonisation efforts, a statement reads. These will draw on the former’s technical, commercial and legal expertise in the energy sector and access to more than two million customers and the latter’s know-how in asset tokenisation.

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“The energy market is complex, and the complexity further increases with decentralisation,” said Michael Strebl, Wien Energie CEO.

“Wien Energie has long-standing experience of decarbonising energy production portfolios. RIDDLE&CODE helps bring more transparency and traceability into the system, while incentivising sustainable business models, such as our dynamic citizen solar power plant.”

The citizen solar power plant model was launched as far back as 2012 to enable consumers to purchase rooftop solar PV for installation on public buildings in Vienna, which were then leased to Wien Energie for an annual fee and full buyback at the end of life.

In 2017 the programme, which by then had gained participation from more than 10,000 consumers, was expanded to include EV charging stations on a similar model.

The emergence of blockchain has brought a new level of innovation to such initiatives and their widespread appearance across the globe.

With MyPower the tokens are awarded based on the energy produced by the assets and are redeemable through energy bill payments among other options.

Upcoming MyPower releases will focus on creating data market interfaces for other assets connected to the energy grid and offering tokenised green power purchase agreements.

It also is intended to expand the platform to the automotive industry to provide a ‘green mobility chain of trust’ between green energy sources, charging stations and electric vehicles.