Author: Ollie Leech

Source: cryptovest.com

Power Ledger has announced a new development, in collaboration with BCPG from Thailand, which will see the country’s Smart Park utilize the energy trading platform.

Power Ledger is back on form as the Australian renewable energy startup announced big plans with its Thailand partner BCPG, to adopt the P2P energy-trading platform in Thailand’s pioneering Smart Park.

Power Ledger [POWR] was able to make an early climb out of the recent market mayhem, sharply rising 72% from $0.37 to $0.64 on Wednesday, before reaching a high of $0.86 on Saturday. After a bearish sell off and a following correction in price, the alt-coin now rests comfortably around the $0.72 mark.

However, with Bitcoin’s uncertain price movements, the whole market is in a bit of slow phase, as investors wait and see which way it turns.

What’s a Smart Park?

The recent news comes as part of the Thailand’s new Government driven plans to increase the country’s green energy infrastructure, with Power Ledger being one of five partnering businesses to sign a Memorandum of Understanding with the Industrial Estate Authority of Thailand (IEAT). The Smart Park will be located in Map Ta Phut, Rayong, an area referred to as the Easter Economic Corridor. Other businesses to partner with the project include Bangkok Mass Transit System, Bangkok Industrial Gas Co and Global Utility Services Co.

The industrial estate will be the figurehead of this new green energy scheme, as 1 of the 10 S-curve industries that the Thai Government is looking to develop.

So far the project has received over 12,000,000,000 baht ($376,560,000.00) in collective investment from the partnering businesses, including 2 billion baht from the IEAT, with a further 40,000,000,000 baht expected to be invested from an additional 60 companies. Construction of the site is projected to finish around the year 2020, with the site opening in 2021. The Smart Park also has plans to house a fruit auction market and a potential railway system that will connect the site with U-tapao airport over 17km away.

Power Ledger’s platform will serve the purpose of creating revenue for the Smart Park by installing solar panels on every building. Renewable energy generated by these panels will be traded across the platform, within Thailand in the short term and then throughout Asia in the prospective longer term. It’s been reported that BCPG are already in the process of assigning a native Bank to process the autonomous transactions that will settle across the platform’s network of users.

This announcement is hugely promising for the project, which has already partnered successfully with other companies around the world including ‘Helpanswers’ in the U.S, despite only launching in October last year. Power Ledger will no doubt now have its sights set on continuing this momentum over the next few months, including winning the grand finale of the Extreme Tech Challenge later this year, hosted by Richard Branson on his privately owned Necker island.