Japan’s TEPCO invests in PE-backed Electrify

The investment is aimed at supporting the deployment of Synergy, a peer-to-peer energy trading platform that will allow utility customers with solar panels or other generating capacity to trade their surplus energy across the same power grid. Synergy recently entered alpha testing in Singapore and is expected to deploy as part of Electrify’s existing energy trading platform in 2019. TEPCO will also collaborate with Electrify to bring its products to Japan.

Electrify was founded in March 2017 and raised $30 million in a token sale earlier this year that saw participation by Global Brain, along with other investors such as the co-founder of cryptocurrency Ethereum and the CEO of Thailand-based financial technology company Omise. The company aims to simplify payment processes among electricity retailers and consumers through smart contracts, and claims to have enabled more than 60 gigawatt-hours of electricity transactions to date.

“Electrify has proven itself to be a true contender in shaping the future of the Asian energy landscape,” said Tadashi Tamura, president of TEPCO Frontier Partners, in a statement. “Amid a changing, more deregulated market, we look forward to bringing joint innovation to market and making a positive difference to communities.”

TEPCO, Japan’s largest utility company, launched TEPCO Frontier Partners in collaboration with ICMG last year. The joint venture is intended to support the development of innovative business models and companies in the energy space, with an eye to introducing new services for TEPCO’s customers.

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