October 11, 2023

penomo joins the peaqosystem

What’s happening?

penomo is joining the peaqosystem to help businesses and people monetize lithium-ion batteries while offering Web3 investors and the community the opportunity to earn rewards for energy preservation.

Why is it important?

Lithium-ion batteries power our everyday lives, but the extraction of lithium is detrimental to the environment. penomo enables businesses that produce, operate and recycle electric batteries that store sustainable energy to monetize their batteries efficiently through tokenization, carbon credits sales and more. In the future, this will extend beyond the business sector.

What does it mean for the community?

Because of the nature of the assets in question – batteries – penomo is not your typical DePIN, and yet it fits the DePIN model. More on that in this blog, but long story short – there’s a new opportunity coming to members of the peaqosystem. Beyond this, by leveraging peaq as its layer-1 blockchain for tokenizing batteries and enabling carbon credits and futures sales, penomo promotes peaq’s adoption in the sustainable energy industry and brings more on-chain activity, resulting in more value for everyone. 

Lithium-ion batteries power your life. Every day. From the smartphones you doom-scroll on, to the laptops you play games on during work hours (we’re not judging), the humble li-ion battery is with us throughout most of our day. 

They also power electric vehicles, the increasingly-popular mobility option, and are a crucial component of sustainable power grids. These batteries store spare energy when no sun rays reach solar powers and no breeze spins wind turbines. 

But, and this is a big but, the extraction of lithium carries a damaging cost to the environment, and businesses dedicated to finding a better sustainable solution often aren’t able to set up sufficient income streams. This is a massive hurdle for those fighting for eco-friendlier energy and mobility industries. 

Enter penomo. 

penomo unlocks tokenization of real-world energy assets

penomo enables businesses that recycle electric vehicle batteries and accumulate sustainable energy to monetize their batteries quickly and efficiently. In other words, businesses can tokenize real-world energy assets (RWA) and offer the Web3 community a portion of future revenues to raise funds, turning these batteries into liquid assets. Additionally, they can sell carbon credits to other companies on-chain. 

penomo will also deploy a DePIN approach. penomo is a different kind of DePIN, because it has to be. DePINs typically use tokens to incentivise people to deploy hardware to offer services and earn. In penomo’s case, those assets are large and expensive, and that’s where tokenization becomes a tool of the people, and a way to scale.

In penomo’s case, the community is incentivized by the token they earn (representing the assets) for offering a service (in this case via a third party) by directing another party’s hardware to a network. Same, but different.

penomo’s approach to tokenization extends the concept of RWAs beyond on-chain stand-ins for traditional financial instruments like stocks and gives Web3 investors direct access to tangible assets driving sustainability.  

“It’s encouraging to see so much demand for penomo’s solution. Decision-makers from relevant companies are reaching out to us, even though we’re yet to begin marketing penomo. We are thrilled to be building a solution that embraces the regenerative finance ideal by merging sustainability with business innovation. As a layer-1 built for DePINs, peaq is the perfect home for a project like this, bringing handy pre-built functions and tailor-made economics to the table”

— Jasvir Dhillon, co-founder and CEO of penomo

On peaq, penomo will use core Modular DePIN Functions that include self-sovereign multi-chain peaq IDs and peaq pay to set up the fractional ownership mechanism powering it. When businesses add their batteries to penomo, they will outfit the hardware with peaq IDs through penomo’s app, which will also use peaq to tokenize the batteries, automatically distribute the rewards between stakeholders, and manage sales of carbon credits. 

At the current stage, penomo already has 4 letters of intent with energy storage and recycling companies, including Evyon. It is also in talks on paid proof-of-concept and co-development with two major multinational enterprises and has been endorsed by at least 10 major companies, including prominent automakers and energy businesses. Jasvir co-manages KI2L, a project led by Fraunhofer HHI, part of one of Europe’s largest research organizations; the project taps AI to make electric vehicle batteries more sustainable. 

By bringing a network of tokenized batteries to peaq, penomo is helping to advance peaq’s industrial adoption. It will also bring in an array on new machines and devices creating real-world value and drive up peaq’s network activity, resulting in more value for everyone.

‘penomo is addressing a major pain point for businesses working to make energy storage more sustainable. Its DePIN of tokenized batteries will enable the Web3 community to invest in sustainable projects and earn rewards from energy preservation, while also driving enterprise adoption of peaq.’

— Till Wendler, co-founder of peaq
‘penomo’s launch and success down the road represents somewhat of a watershed moment for DePIN. It’s a demonstration of how the DePIN model – which is by definition a community-first bootstrapping and scaling method – can and must extend to larger assets, in this case batteries. More access, to more assets, to more people. This is a good thing.’

– Max Thake, co-founder of peaq

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