After nearly two years of development in stealth mode, Blockchain Power, founded by Noel Myers and Greg Ness, is preparing to launch its solar data sharing startup this fall. The venture has already attracted attention, securing a $10,000 MICRO grant from NC IDEA last month.
Addressing Solar Industry Challenges
The solar industry is experiencing significant growth, yet many solar asset owners, such as power utility companies and large-scale solar energy operators, are underperforming in terms of meeting energy targets and profitability. To tackle this issue, Blockchain Power, based in RTP, has developed a secure platform using blockchain technology. This platform aims to help asset owners share data, access insights, and analyze equipment performance.
Myers highlighted the industry’s lack of a centralized, reliable data repository as a critical problem. Failures throughout the solar energy conversion process, particularly inverters, which are responsible for converting the electricity generated by solar panels into usable power for the grid, contribute significantly to power loss, with inverter outages accounting for 40% of power loss.
Introducing the SunDAO Network
Blockchain Power’s solution, the SunDAO Network, offers data security and software services tailored for solar asset owners. By collecting and analyzing data, the platform helps optimize equipment performance, reduce risks for insurers, and maximize returns for stakeholders. SunDAO Network leverages Distributed Ledger Technology (DLT) to ensure cybersecurity. Additionally, the SunDAO Data Token System incentivizes asset owners to share their solar data, promoting a collaborative and data-rich environment.
The platform also features an educational component, Metaverse Solar, which provides technical training resources for solar asset owners. Myers mentioned that the product would be sold to asset owners, with plans to implement a membership model for users.
Building a Foundation in North Carolina
Myers, who grew up in Chapel Hill, has held various roles in the solar industry. He connected with co-founder Ness on LinkedIn several years ago, leading to a collaboration on an extensive report on data usage in the solar industry and the importance of DLT for data security. This collaboration laid the groundwork for SunDAO.
North Carolina, a leading producer of solar energy in the U.S., has been instrumental in Blockchain Power’s development. Myers and Ness leveraged local partnerships, participating in the Launch Chapel Hill accelerator through the Innovate Carolina program and completing First Flight Venture Center’s Propeller program. Blockchain Power is now headquartered at First Flight, a crucial support system for their venture.
Myers credited First Flight Venture Center for their belief and support, which he deemed pivotal to their current success.
Funding and Future Plans
Last month, Blockchain Power received a $10,000 grant from the NC IDEA MICRO grant cycle, aimed at providing project-based grants to emerging startups. The grant will be used to gather user feedback, which will be integrated into the technical development cycle as the startup approaches its launch.
To date, the startup has raised $400,000 in pre-seed funding, with a goal of securing an additional $2.1 million through equity sales. Blockchain Power has also achieved recognition, placing third at 1871’s Web3 Innovation Lab in Chicago and first at Hedera’s Beyond Blockchain Hashgraph Incubator in 2023.
Pioneering a New Era in Solar Energy
Blockchain Power’s SunDAO Network represents a significant innovation in the solar industry, addressing critical performance issues and fostering a collaborative environment for data sharing. As the company prepares for its official launch, it stands poised to make a substantial impact on the efficiency and profitability of solar energy assets, leveraging advanced blockchain technology to drive the industry forward.
