With the depleting levels of fossil fuels and increasing levels of pollution, the requirement of alternate energy resources is on the rise. But implementing such resources like installing solar panels and managing the grid is another cumbersome task, as a solution to this GreenSync has come up with an innovative idea of generating and storing renewable energy as well as maintaining the grid.
Revolutionizing the way of Generation, Distribution and Consumption of Energy
GreenSync’s proprietary software aims at optimizing the use of energy resources to ensure electricity is used efficiently when it is most needed. The team atGreenSync are specialists at managing energy demand across a range of resources — renewable energy, stored, and traditional energy from the grid. They are a key player in the creation of a decentralized energy system that involves the gradual integration of more renewable resources into grids. GreenSync has recently launched a revolutionary new concept, “the Decentralized Energy Exchange (deX),” which aims to facilitate a more reliable, affordable and cleaner energy grid by establishing a marketplace to exchange energy services through an open access digital platform. It aims at enabling multi-party transactions and facilitate more localized energy generation and consumption.
The Trailblazer of GreenSync
Phil Blythe, Founder & CEO of GreenSync, always had an interest in both technology and energy. At university, he was an active contributor to discussions about the future of technology, and gained his background in machine learning and artificial intelligence during research posts at the Max Planck Institute in Berlin and the University of Sydney. Having also worked in the smart building space, Phil saw the opportunity to establish a company focused on building new technology that would transform the way energy is being managed and stored. GreenSync’s inception was due to Phil’s far sighted vision, as he always believed the energy system needed to be changed and technology would play the key driver in doing this.“We’re re-imagining the energy grid and focused on effecting changes that crack open the traditional energy architecture to integrate new technologies and new ways of managing energy.” adds Phil.
Rendering Distinct and Diversified Services
Providing innovative and distinct services is GreenSync’s forte. No other company is really doing what GreenSync does. There are other providers who do parts of what they do, but they are really operating across a breadth in a way that no other company does. GreenSync’s software is “technology agnostic” which allows them to work across the entire energy spectrum — from transmission and distribution companies to large industrial and commercial facilities, as well as residential and remote sites.
Leaving No Stones Unturned
In terms of ongoing challenges, regulations that don’t keep pace with change and the complexities of local energy markets are some of the challenges that they’ve had to overcome. But, time and funding came to their rescue, and these key ingredients made life easier for their team. Considering their recent Series B funding, they have shot far and wide, to acquire cornerstone investors with experience in their domain.
At GreenSync, they believe “both government and private investors have their strengths: investment from cabinet funds brings a high level of local credibility, while funding from a renowned venture capital firm can offer immediate international traction. We’ve been lucky enough to strike a balance with homegrown government and offshore private investment.”
Tackling Technology Advancements with Ease
Advancements in technology have allowed GreenSync to look into an existing model and its problems and provide smarter solutions. Their advanced software technology allows them to forecast energy needs in real-time and deliver what the client needs — more energy, less energy, redirected energy, or assistance with a complex glitch etc.
“Technology advancements mean that we can take what we have now with a sophisticated energy grid system and evolve it, rather than razing everything and building something new from scratch. Our launch of deX is a key example of an opportunity where technology has the power to create a new digital energy economy that will inevitably change how people interact with energy.”
“As with all technology, there is a period of hesitancy in adopting something new. However, our proven track record with a large number of utility providers and businesses, combined with the pace of change that is occurring organically in the energy market has shifted the focus of some stakeholders that had from tinkering with old technology to embracing something entirely new.”
Looking forward at the energy industry transformation, the move to renewables and the increased opportunity for de-centralised energy as a global phenomenon, GreenSync has undergone a Series B funding round, in which they have secured AU$11.5 million. GreenSync is also looking forward to expand their offerings to international shores.
Their immediate focus is on Asia Pacific, and their new Singapore HQ is ready to serve as a base for South East Asian projects, which they already have underway. This region, which is characterized by remote islands with less sophisticated energy profiles, and large countries like China with booming populations and advanced infrastructure, are ripe for GreenSync’s technology to have a material impact. In the next 12 months they are also planning to roll out pilot projects in Europe and the US.