Energy storage is one of the major challenges of the 21st century, and we have the solution!
Green Energy Wallet connects electric vehicle and home batteries to a large energy storage system for renewable energies to balance the power grid.
There is an urgent need to move away from fossil energy. Each hour, the same amount of energy consumed by all humans in a year reaches the earth from the sun.
Let’s harvest and store this energy!”
The stone age came to an end not for lack of stones. And the oil age will come to an end not for lack of oil.
I believe in the horse, the automobile is a temporary phenomenon.
Two substantial changes will determine our future: more renewable energies and more electric vehicles. Crude oil, natural gas, and coal cover today the majority of our global energy needs. But the related emissions of greenhouse gases have caused the planet’s climate to change in an unnatural manner. The world is ready for change, and the political will to act on environmental issues is here.
Unfortunately, renewables are not as reliable as conventional power plants, and electricity cannot be stored in the power grid. To ensure that the transition away from fossil fuels is a practical and achievable goal, we need efficient facilities to store renewable energy.
Therefore, Green Energy Wallet (GEW) connects batteries of many electric vehicles to use this capacity as a large buffer store for renewable energy. Solar power systems and home batteries can also be integrated. We connect charging stations with the power grid to manage the electricity with flow either ways between the power grid and the battery.
Bidirectional charging stations of several manufacturers can be connected to GEW. In addition, we will develop together with a partner a bidirectional charging station tailored for GEW.
GEW works together with the energy provider to buy electricity when the price is low because of overproduction and sell it high when the power grid system needs it. In addition, GEW can ensure the power supply of your home when the power network fails.
Our GEW app can communicate between the electric vehicle, home system, charging station, and power grid. Additionally, the GEW app will contain many more useful functions, such as providing easy access to the vehicle’s and home’s system settings and diagnostics.
GEW rewards clients through a GEW token reward system for providing buffer storage and data and for using our GEW network. The energy trading and the GEW token reward system will be based on blockchain technology.
Energy storage is the key to replace fossil-burning power plants with renewable energy. With growing renewable energy, we need more storage systems. GEW will help satisfy that demand.
The Green Energy Wallet app controls the system and runs all settings. It provides the software connection between the electric vehicle, the charging station, and the power grid. With this app, the user can charge or discharge an electric vehicle based on typical preferences or current needs. The app also provides other useful functions, such as access to car settings, statistics on mileage, consumption, driving style, the vehicle’s current charge level, and GPS location. A good side effect is that intelligent battery charging lengthens battery life.
GEW rewards battery usage with a token named NRG. The amount of the NRG token depends on the capacity of storage and total time GEW is permitted to use the battery as a buffer store. The NRG token status is covered in real time by the GEW app. At all times, the user can check on the amount of NRG tokens already received and how many more could potentially be earned. The NRG token can be converted into energy or other assets on the blockchain.
The data collected by the GEW app are very valuable for car manufacturers, insurers, suppliers, and governments, including for the collection of statistics. If the user permits us to use their complete data or a part of their data they will be rewarded with NRG tokens.
The GEW app will be developed by Lykke, which has deep experience working with blockchain technology.
In order to offer our customers the best possible functions, we are developing a bi-directional charging station together with a partner. This hardware component supports the rapid charging and discharging of batteries. A bi-directional meter measures the flow of electricity in both directions from and to the grid. The user can also connect a home battery or any private energy production system and transfer energy to where it is needed most at any given time. The electric vehicle can also be charged with home-produced energy. The user’s own home can be powered by the electric vehicle’s battery. This secures a power backup during blackouts. It also means the electric vehicle’s battery could replace an expensive home battery storage system.
The electric vehicle market is growing exponentially. Apart from the obvious ecological advantages, important factors such as efficiency and maintenance are driving change.
Uncontrolled charging reduces battery life. The GEW app controls the battery charge and discharge, which increases the lifetime of the owner’s batteries.
GEW provides battery storage capacity. The batteries will be charged at a low price of electricity and discharged at a higher price, so that GEW can profit from the arbitrage.
The blockchain is an emerging technology that changes the way we trade and transact with each other. It establishes peer-to-peer trading. This means energy can be transferred from one person to another without relying on a mediator, which significantly reduces fees.
Commercial and industrial facilities are investing significantly in local emergency backup infrastructures. A power outage at home is not nice. Even if it is only a temporary outage, it is necessary to set up the timers again, which is usually time-consuming. GEW provides a very efficient emergency backup system. One charged EV battery can power a household for up to two weeks.
The rapid growth of EVs and home solar systems offers great potential to facilitate the integration of renewable energy by using the EV and home battery as energy storage. GEW uses bidirectional power flows between the batteries and the power grid to stabilize the energy supply. Due to the high unpredictability of renewable power generation, this is of major importance.
The trend is heading towards decentralized energy production. More and more homeowners are opting for their own solar energy system. To increase the benefit to their system, a home battery is required. Instead of feeding their overproduction to the power grid for a lower price, it is much more economical to store the energy for the household’s private use or give energy back to the grid and earn NRG tokens.
The cost of stored energy is currently very high, mainly due to the capital investments necessary for the construction of energy storage facilities. Additionally, there are high maintenance costs. The advantage of GEW is that our batteries already exist. We have only to integrate them into the power grid. By using existing batteries as energy storage, there are no expensive installation and maintenance costs. Additionally, there is no need for the installation of energy storage facilities with a negative impact on the environment.
More than 80 percent of human-caused CO2 emissions come from burning fossil (coal, hydrocarbon gas liquids, natural gas, and oil) for energy use, mostly for transportation, heating and electricity. The intergovernmental Panel on Climate Change estimates that a CO2 concentration of 450 parts per million (ppm) would result in a global temperature rise of 2°C. At the moment the atmospheric concentration of CO2 is increasing by about 2 ppm annually with a current overall concentration of 405 ppm. Renewable energy is the world’s best chance to avoid catastrophic climate change.
Below you can see the GEW milestones to be achieved in a step-by-step strategy. At the moment, the GEW team is focused on the development of the GEW app and network. A GEW app test connected to a bi-directional charging station is scheduled for Q1 2018. A maximum of 30 percent of our company tokens will be offered in an ICO to investors in Q2 2018 to cover further costs associated with development, corporate growth, advertising, and production until the GEW launch in Q1 2019.
Jutta Kleinschmidt is a professional car race driver and the first woman to win the overall classification at the Dakar Rally. During her race career, she developed the most... successful race cars. After earning her Masters of Physics in engineering, she worked for BMW as a development engineer. She currently serves as an advisor for well-known companies.
Alexander Spuller works as a managing engineer in his family’s construction business. Over the years, he has contributed to numerous projects of various sizes and... scopes, from local impact to international reach. He presently sits on the Board of Directors of Lykke AG. He holds a degree in civil engineering and legal studies.
Anton Golub is co-founder of Lykke. He is a leading expert in the financial applications of Blockchain technology. Before Lykke, Anton worked... with Richard Olsen at Olsen Ltd, a pioneer hedge fund in the field of high-frequency trading. Anton holds a Masters degree in financial mathematics from the University of Zagreb, and he is a Ph.D. candidate at the Universite de Geneve, CUI.
After finishing his studies at the Controlling Institute Austria in Vienna, Christian acted as Head of Controlling for a major food retail chain in Austria, which... contributed to an extensive experience in Controlling and Finance. Since 2006, he has been the CEO and Managing Partner of a Swiss-based company that has created and managed alternative investment funds and supports various startups.
Lena is a communications professional with more than 20 years of experience in public relations and mass media. Her areas of expertise include... corporate communications for IT and blockchain companies, ICO marketing, event management, and change communications.
Igor is Project Manager for Lykke’s B2B projects. He has extensive experience in delivering Business Intelligence solutions to organizations and... enterprises around the world and in developing long-term business relationships. His goal is to care for Lykke’s partners while helping them to bring innovative products to market.
For 20 years, Sergey has been an industry professional, lecturer, author, and event curator. As a member of editorial boards of academic journals and expert councils, he promotes best... practices of financial markets and risk management. He has supervised and completed more than 100 large-scale system implementation projects in finance and blockchain. Segey is co-founder and COO of Lykke, and also Regional Director at PRMIA Russia and associate professor at Perm State University.
Mihail is Lykke co-founder and CTO and an architect and designer with 10 years of experience in creating market solutions for financial institutions, including Anti-Money Laundering, Fraud Detection, and... Financial Markets Compliance solutions. He combines deep knowledge of financial architecture with blockchain technology.
Lykke is a Swiss-based online exchange founded by Richard Olsen, former CEO of OANDA. The Lykke platform enables people from around the world to trade currencies and cryptocurrencies safely and securely. The company is helping to revolutionize finance by championing the use of digital tokens that can represent any type of asset. Lykke is also leveraging its exchange technology to build enterprise-scale solutions for large financial institutions.