In the ever-evolving landscape of sustainable energy, lithium-ion batteries have emerged as a linchpin, supporting power grids by storing surplus energy during downtimes in renewable energy generation. They power not only homes but also the increasingly popular electric vehicles (EVs), which are projected to constitute up to one-tenth of road traffic by 2030. However, the extraction of lithium comes at an environmental cost, presenting a significant challenge for sustainable energy businesses striving for greener solutions.
Addressing this challenge, penomo, a battery monetization platform focusing on sustainable energy businesses, has announced an innovative approach. Collaborating with peaq, a trusted blockchain for real-world applications, penomo aims to revolutionize the monetization of eco-friendly energy storage, particularly emphasizing the reuse or recycling of EV batteries.
Penomo’s vision involves the creation of a network of tokenized batteries, forming a decentralized physical infrastructure network (DePIN). This network will not only reward the global Web3 investor community but also generate revenue streams through avenues such as selling carbon credits to companies committed to achieving carbon neutrality.
One of the fundamental features of penomo’s approach is enabling businesses involved in sustainable energy to monetize their batteries swiftly and effectively. The platform facilitates the tokenization of batteries, allowing businesses to offer a share of their future revenues to the Web3 investor community, turning batteries into liquid assets. Moreover, they can sell carbon credits or carbon credit futures, further monetizing their positive environmental impact. These strategies unlock multiple revenue streams, granting access to global capital and ensuring fast liquidity.
To operationalize this initiative, penomo will harness peaq’s essential functions, including self-sovereign multi-chain peaq IDs and peaq pay, a peer-to-peer machine payment system. The fractional ownership mechanism powering DePIN will be set up using these core functions. Businesses incorporating their batteries into penomo’s DePIN will utilize the peaq IDs through penomo’s app, which will also employ peaq to tokenize the batteries, distribute rewards to investors, and facilitate sales of carbon credits and, optionally, battery data.
Currently incubated by EoT Labs, the developers of peaq as an open-source layer-1 blockchain for real-world applications, penomo has already secured significant interest. With four letters of intent from energy storage and recycling companies, including Evyon, and ongoing talks for proof-of-concept and co-development with major multinational enterprises, the initiative is gaining traction. Notably, it has received endorsements from ten major companies, including prominent automakers and energy businesses.
Jasvir Dhillon, the co-founder and CEO of penomo, highlighted the alignment of penomo’s efforts with the regenerative finance concept, combining sustainability with innovative business models. Additionally, he emphasized the symbiotic relationship between penomo and peaq, with peaq providing an ideal foundation for penomo’s objectives, integrating sustainability with tailored economics.
Till Wendler, co-founder of peaq, acknowledged penomo’s pivotal role in addressing a critical pain point for businesses aiming to enhance the sustainability of energy storage.
He noted that penomo’s DePIN, centered around tokenized batteries, presents an opportunity for the Web3 community to invest in sustainable projects and reap rewards from energy preservation. Furthermore, it encourages enterprise adoption of peaq, amplifying its impact on the journey towards a greener future.
Overall, the collaboration between penomo and peaq showcases a forward-thinking approach to battery monetization, aligning with the global pursuit of a sustainable energy paradigm. The DePIN of tokenized batteries offers an exciting prospect for investors and businesses alike, propelling the trajectory towards a more eco-friendly and sustainable future.