In brief: Singapore energy startup gets backing from Japan’s largest utility company

Electrify, a Singapore-headquartered technology startup, has received strategic investment from the Tepco Frontier Partners, a subsidiary of Japan’s largest utility company, Tokyo Electric Power Company (TEPCO).

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Source: Press release

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The investment from TEPCO will be used to accelerate the development of Synergy, Electrify’s peer-to-peer (P2P) energy trading platform. The P2P platform is designed to allow prosumers – producers of electricity who are also consumers – to generate, store, and trade surplus power with other users across the same power grid.

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After the completion of its alpha test in the city-state, Synergy will be integrated into Electrify’s existing price comparison platform and slated for public launch in Q2 2019.