December 1, 2023

penomo builds the smart contracts to power real-world energy asset tokenization

What’s happening? 

penomo, an energy real-world asset (RWA) platform, has completed the smart contracts that will enable green energy companies to tokenize their batteries on peaq and people to invest in them.

Why is it important? 

penomo makes another major stride towards its launch on peaq, unlocking green energy asset investment for individuals and communities and expanding revenue streams for energy storage companies.

What does it mean for the community?

penomo’s platform will use peaq’s core functions like self-sovereign multi-chain peaq IDs and peaq pay, which means more on-chain activity and more value for the entire ecosystem through sustainability efforts.

penomo aims for a greener tomorrow through energy RWA tokenization

Don’t let critics fool you — sustainability is a crucial focus in Web3 these days, and for peaq especially, as it runs on the greenest stack in Web3. But the quest for sustainability doesn’t end on-chain, as beyond Web3, there’s the whole real world where blockchain and decentralized physical infrastructure networks (DePINs) can make an impact. 

Let’s take lithium-ion batteries, for example, — they power our everyday devices and the increasingly-popular electric vehicles, and are a vital part of sustainable power grids. However, these batteries require the extraction of lithium, which is damaging to the environment, and as we’ve covered before, businesses recycling these batteries often struggle with insufficient income streams. 

penomo joined the peaqosystem to help businesses and people monetize lithium-ion batteries while offering the Web3 community an opportunity to earn rewards for supporting tokenized green energy assets. Now, it has made strides towards launching on peaq, completing major milestones. 

penomo has built the smart contracts that will power the business logic of its energy real-world asset platform, where people can connect revenue streams, tokenize them, list battery tokens for financing, and use wallet functions. The community will be able to use the platform to monitor revenue flows, crowd-finance renewable energy assets, and earn a share of revenue from battery utility services. All of this will enable battery owners to unlock new revenue streams such as data monetization and carbon credits.

A view of penomo's Web3 platform for tokenizing energy RWAs.

penomo has also designed the community-facing platform that will work as the key touchpoint for people looking to connect batteries and invest in them. The platform will offer the community an extensive interface to manage their assets and rewards, giving them a full overview of the revenue flows of every energy asset. 

Milestone 2 of the peaq Grant Program has been unlocked.

"Sustainable energy transition isn’t just an option, but a necessity a for reaching the wider sustainability goals as it fuels virtually every aspect of our lives. We are accelerating this transition, and we are excited to be moving fast towards penomo's launch on peaq, which leverages the greenest tech stack in Web3, and look forward to spearheading the green paradigm shift together."

— Jasvir Dhillon, co-founder and CEO of penomo.

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