Electricity Generating Plc (Egco), a subsidiary of state-run Electricity Generating Authority of Thailand, has ventured into the peer-to-peer (P2P) power trade segment by acquiring a 24.24% share in Peer Power Co, a fintech startup specialising in digital platform technology.
P2P allows power trade among households or between power plants and homes under a decentralised energy system.
Peer Power is interested in developing a blockchain-based platform to ensure power trade can proceed safely and smoothly.
Its share transaction with Egco was completed yesterday.
Thepparat Theppitak, president of Egco, said the company plans to use blockchain technology to enhance business efficiency and reduce costs in its financial services.
"Egco will collaborate by utilising its business competency, especially in the renewable energy segment, to support Peer Power's data centre," he said.
Established in 2016, Peer Power started its business by focusing on an online electronic platform for bond and equity crowdfunding that connects investors with small and medium-sized enterprises.
Its platform was the first to obtain a crowdfunding licence from the Securities and Exchange Commission in 2019.
Egco is focusing on renewable power business, following its latest investment in Apex Clean Energy Holdings Llc, a leader in clean energy project development, sales and operation. Egco purchased a 17.46% share in the company in October.
The US government aims to produce 1,000 gigawatts of electricity from renewable energy sources nationwide over 15 years.
Mr Thepparat said earlier the agreement not only makes Egco a partner of Apex, but also enables Egco to gain benefits from assets to be developed and operated by Apex in the future.
