March 31, 2022 – Melbourne, Australia
In 2020, as part of the groundbreaking ARENA-funded Smart Energy City project, RedGrid, the Monash eResearch Centre (MeRC) and Monash University’s ‘Net Zero’ initiative collaborated to research, develop and demonstrate seamless microgrid energy transactions.
The microgrid project at Monash University’s Clayton campus sought to establish a testbed for industry-led and research-led experiments, including how a distributed agent-based energy market connects and optimizes energy assets, from large buildings to solar PV systems.
One of the many experiments was to explore the scalability and performance of RedGrid’s unique agent-based software approach when applied to a commercial grid-scale ‘transactive energy market.’
Since that time, and on the back of the work performed in that collaboration, RedGrid further developed the software to release it in the form of the open source IOEN software protocol, version one.
Using learnings from the RedGrid collaboration with Monash, the IOEN protocol focuses on the accessibility of the approach. The protocol allows developers and clean energy industry participants to record peer-to-peer energy trading transactions so they can then apply them to different market scenarios.
It also includes peer-to-peer energy value transfer solutions which pave the way for new products, services and innovations that aim to accelerate the clean energy transition and enable the decarbonization of energy around the world.
Dr. Steve Quenette, deputy director at Monash eResearch Centre, said,
“RedGrid making those learnings accessible to energy innovators through the open IOEN protocol is an excellent demonstration of the research sector sharing with SMEs the technology development necessary to drive disruptive solutions to grand challenges.”
Dr. Adam Bumpus, chief energy officer at IOEN and CEO at RedGrid, said,
“The implementation and development of the protocol through RedGrid’s work with Monash has been a huge stepping stone to provide seamless energy transaction services between devices and users. Our deployment and testing within the Smart Energy City project shows how an agent-based approach could scale and directly create multiple markets and bidders that respond to the needs of the grid in real-time.”
Simon Wilson, chief technical officer at RedGrid, said,
“The IOEN protocol is entirely unique in its agent-based architecture and approach. Over the last two years at RedGrid, we have been working closely with the team at MeRC to explore and develop innovative solutions to real-world problems through the use of our open source code. We are thrilled at RedGrid that we can now release these learnings and continue to develop them further with Monash, as well as a world of open source creators and energy innovators all over the world.”
The Internet of Energy Network (IOEN) is an international non-profit delivering the next generation of web 3.0-led digital energy management and optimization. IOEN tech enables an interconnected system of virtual microgrids that facilitate transactions within and between local energy ecosystemsfrom the appliance level to energy generation, storage and consumption.
We are the backbone of the new tokenized energy ecosystem, building out the global clean energy ecosystem wherever you are, device by device.
For more information on IOEN protocol, visit here.
RedGrid is a Melbourne-based clean energy technology company. Our software seamlessly teams up with the appliances in people’s homes to save them money and use renewable energy more often. RedGrid is delivering its software across property developments, neighborhood battery initiatives, solar sharing installations and electric vehicle charging stations.
For more information, visit here.
About Monash eResearch Center
Monash eResearch Centre (MeRC) accelerates research by applying advanced computing and IT to impactful research problems. It partners with individual researchers, research institutions and facilities and global research communities to co-design and co-operate what digitization means to them.
It also consolidates the needs of thousands of researchers, leading to a world-renowned engineering team designing and operating high-performance computing, cloud and data (storage/life-cycle) facilities.
For more information, visit here.
Dr. Steve Quenette, deputy director at Monash eResearch Centre
Marco Gritti, RedGrid
Thing Thing Khor, chief marketing officer at IOEN