At the intersection of the energy and mobility markets, the electric vehicle (EV) industry is on the rise and shows no signs of slowing down. Under its current growth trajectory, electric vehicle production is expected to quadruple by 2020 to compose about 5% of the overall light-vehicle market, according to the McKinsey Electric Vehicle Index.
From an energy management perspective, creating an efficient and scalable charging environment to support this kind of growth requires a radical approach. The Share&Charge Foundation, as one of our portfolio companies, is doing just that; using blockchain technology to digitise and streamline the charging, transaction, and data sharing experience for users.
You may recall in our last update that the Share & Charge Foundation was set up as an independent network to develop and maintain an open standard for EV transactions and data sharing. We are pleased to share the news that the Share & Charge Foundation has taken the next step by open-sourcing its work for use by all.
One of the biggest barriers to the adoption of electric vehicles is the need for a network of better, smarter charging stations that allow variable energy consumption and are unified by a single standard. Today, this network is highly fragmented, consisting of independent companies operating on different terms, making mass adoption of electric vehicles difficult. In their 2018 pilot in the U.K., the Share&Charge team noted that owners of electric vehicles needed several different services to use the charging stations available around the country.
Leveraging the decentralised and secure nature of blockchain technology, the Share & Charge Foundation has streamlined the line of communication between Charge Point Operators (CPOs), Mobility Service Providers (MSPs), and Grid Operators to transform relations between this previously fragmented network of charging stations. In turn, this creates a simple, user-friendly solution where customers can charge and pay across different systems with just one account. The foundation and its open-sourcing initiative also promotes collaboration amongst industry players to create a standard for key EV concerns such as “When everyone owns an electric vehicle, how do you manage who charges when?”
Just last week, the Share&Charge Foundation was named the Startup of the Week by The Innovator in recognition of their effort to create sustainable solutions that help support and expand the renewable energy grid.
innogy Innovation Hub is proud to work with forward-thinking innovators like the Share&Charge Foundation to help build the future of energy. Open-sourcing their charging technology is a large step forward in the Share & Charge Foundation’s mission of standardising and decentralising the EV charging industry and we are excited to see their vision unfold!