Executive Summary
Sourceful primarily exists to accelerate and facilitate the expansion of renewable energy sources. The main problems that Sourceful aims to address are the critical challenge in the integration of Distributed Energy Resources (DERs), such as solar PV, into the electrical grid. More and more households are investing in solar panels and home batteries which is fantastic for the climate transition. But these resources are not used to their full potential. Today renewable production is destabilising the power grid due to its unreliable nature. Small scale solar panels and batteries are not used as a resource for mitigating this. Sourceful aims to become a decentralized, community-driven Virtual Power Plant (VPP) utilizing Distributed Energy Resources (DERs). These resources will be connected through the user-friendly Sourceful Energy Gateway, facilitating a cooperative and efficient energy management system.
This new approach allows individuals to take control of their energy resources, contribute to the grid and shape the development of next-generation energy services through a community-driven approach. This will inject decentralization into an industry that is currently dominated by monopolies, unleash innovation and make renewable energy more accessible and widely adopted.
Introduction
The rapid transition to renewable energy is imperative in order to meet global climate goals and address the damaging effects of fossil fuels. Despite the urgent need for change, the world continues to heavily rely on and subsidize fossil fuels, with over 180 billion USD in subsidies according to the International Energy Agency. The finite nature and politicized pricing of fossil fuels, coupled with the pollution they cause, have reached critical levels. In fact, research published in Nature suggests that failing to meet the emissions targets outlined in the Paris Agreement could result in economic costs ranging from $150 trillion to $792 trillion by 2100.
As the shift towards renewable energy gathers momentum, production will become increasingly dependent on weather patterns, particularly for wind and solar power. Furthermore, the proliferation of small-scale production facilities, such as solar panels on individual homes, will lead to a more decentralized system that is less predictable than traditional large-scale electric power plants. In order to maintain a stable electricity grid and balance supply and demand, there is a need for controllable resources and incentives for individuals to support the grid with this kind of services.
The transition to renewable and distributed energy resources requires not only a fundamental shift in energy markets and infrastructure, but also in the underlying information technology systems. Sourceful aims to address these challenges and facilitate the transition to a more sustainable and decentralized energy system by introducing the Energy Gateway. By utilizing PV-inverters and energy storage, the Energy Gateway allows for the verifiable tracking of renewable energy sources, facilitation of transactions and smart control. The crypto-chip within the Energy Gateway signs transactions for verifiable source, ensuring transparency and reliability within the system.
With its innovative approach and commitment to a more sustainable future, Sourceful have the potential to drive the necessary change towards renewable energy and a more open, stable and equitable energy market.