Are you a renewable energy producer? If yes, this might be of interest to you.
There is no other way around climate change but to take action. In order to reduce greenhouse gas emissions, we have to switch to green energy, give up fossil fuels, become more mindful about our actions and make better decisions in our daily life. What we have seen until now is that no matter how conscious we are about our actions, change is not something we can implement easily, especially for big corporations, manufacturers, and other similar industries.
We have all internalized the need, the urgency, and the big picture of what we need to achieve. What is still to be determined is how we will get to that point. We have understood the goal and the mission, but the exact action model, the steps to take are different for every individual, company, and country.
If we begin to change parts of our day-to-day and divide that immense task before us into smaller steps, we all have a chance to succeed. Companies will be able to reduce their carbon footprint and users will make better decisions on their daily consumption habits. Along with consuming green energy, companies are able to participate in different projects that help reduce CO2 emissions in a structured system with integrated metrics. Most of all, companies need to be a part of a profitable project that allows them to be visible and to make a difference at the same time.
In order to address the increasing preoccupation with this issue, Restart Energy has pioneered in its field of expertise (renewable energy) the first CO2 offsetting system based on blockchain technology. This system will help companies and consumers reduce their CO2 footprint while allowing green energy producers to be rewarded for their efforts in a clear, trusted environment, backed by the transparency of the blockchain. The structured system can be accessed through the RED Platform. The green energy producer is the starting point for building this process. Let’s discover the details about this role in the RED Platform.
The Green Energy Producer on the RED Platform
The green energy producer can be a company that owns a solar-panel field, wind farm, etc. or a prosumer who installs solar panels at his/her house and desires to register the production on the RED platform.
Why would energy producers register their production points on the platform?
By doing so, they will be able to request REO-G NFT tokens that prove the origin of their produced energy. After proving the origin of their green energy, producers will have the possibility to sell the tokens to consumers or companies interested in reducing their CO2 footprint. Once the companies acquire the tokens they can claim the issuance of a Green Certificate demonstrating their contribution to the CO2 offset by supporting green energy producers.
How do energy producers register on the RED Platform?
In order to register on the platform, you need to take the following steps:
- Download the RED App*:
- Android: https://play.google.com/store/apps/details?id=com.red.platform2
- IOS: https://apps.apple.com/ro/app/red-platform/id1595542534
2. Open an account on the RED Platform.
3. Access the My Powerplants section.
4. Click Add production point.
5. Fill the information fields and upload the required documents.
6. Press the Send request button.
Once the application is completed, a RED staff member will review it and will approve it or contact you for more information if needed.
Which are the conditions for registering?
There are only 2 conditions for a green energy producer to be able to register their production points on the RED platform:
- You need to own a production point.
- You can register the energy production for the last 12 months.
The process of registering a production point
After you have created your account in the RED app, you will need to fill in the required information, as follows:
- Choose the type of green energy you produce.
- Input the Installed power (KW).
- Select the location of the production point.
- Insert the production for the last 12 months:
- Input the address of your production point.
- Add the information and documents regarding your power station. If your production point is registered as a business, add the required information for your business.
- If your production point is a Household, add the information under this option.
- Add your personal information and bank details.
- Personalise your Energy Producer profile on the RED platform.
- Add photographs of your production point.
- Add videos of your production point.
- Agree to terms and send the request!
What Is REO-G?
Linking producers to the blockchain database
REO-G is an ERC-721 NFT token that will allow energy producers to prove the origin of the energy they produced. The token can be claimed for the energy that was produced no longer than 12 months before the claim.
1REO-G means that 1 MWh of renewable energy has been produced.
Because REO-G is an NFT token, each minted REO-G will contain the following data:
- The energy source from which the energy was produced and the start and end dates of production;
- Whether it relates to:
- Gas, including hydrogen;
- Heating or cooling;
- The identity, location, type and capacity of the installation where the energy was produced;
- Whether the installation has benefited from investment support and whether the unit of energy has benefited in any other way from a national support scheme, and the type of support scheme;
- The date on which the installation became operational;
- The date and country of issue and a unique identification number. Simplified information may be specified on guarantees of origin from installations of less than 50 kW.
One of the issues that companies encounter when they try to decide how to offset their CO2 is the assurance that the payment actually goes to the project they have selected to participate in. It is not easy to gather proof that the project has been implemented and if it will continue from that moment on. With blockchain technology, the user deciding to offset CO2 using REO-G will have written proof with the NFT tokens that their contribution is made to a certain energy producer in a known area and with a production that has already been checked by professionals in the field of renewable energy.
REO-G Usage Cases
REO-G can be transferred to other users on the RED Platform and can be traded on the RED Exchange.
REO-G can also be withdrawn in personal Ethereum Wallets and on third-party exchanges.
REO-G can be used to prove your sustainability and carbon footprint. It will work as a blockchain based Guarantee of Origin providing untampered traceability for green energy.
Owning 1 REO-G means approx. 750 kg of CO2 were avoided in the EU (*this number is different in each EU country).
Users can sell REO-G on the RED Exchange or other third-party Exchanges.
Users can withdraw REO-G in their personal Ethereum wallets.
Users can send/transfer REO-G to other platform users.
In order to be able to store your REO-G, you will also need to own MWAT. The storage ratio for REO-G is: 1MWAT allows the storage of 1 REO-G.
REO-G Marketplace and Green Certificates
On the RED platform you will find a special section for purchasing REO-G. This section is cold REO-G Marketplace.
REO-G tokens can be purchased and stored on the RED Platform or personal wallets or they can be purchased for a Green Certificate issuance request.
The companies or individuals who desire to own a Green Certificate that will prove their carbon offset will need to own REO-G in their wallet. When the certificate is issued, the REO-G tokens will be burned and the quantity of CO2 offset will be inscripted on the certificate that will be given to the user who requested it.
REO-G claim process
Once you have registered your energy production for each month, you will be able to request REO-G tokens based on your energy production. The claim you make will be registered on the platform and in order to be processed will need to be approved by a validator.
A validator is a franchise owner on the RED platform that has passed a special test of knowledge in the renewable energy field in order to be able to validate token claims. He/she will have to verify that the REO-G claim is accurate.
The validator has fixed fees for every validation process. The fees will begin at 1 MWAT and can be as high as the quantity of staked MWAT that the validator has on the platform. The validators can only approve claims in the country where they open a RED franchise.
This mechanism allows the creation of a secure and fair minting system for all users on the RED platform, involving them in the growth process and repaying them for their efforts.
At RED we have always found the involved parties to be the essence of the project. As all of the parties come together to find their own path to success, they contribute to the growth and development of the entire ecosystem from energy production to energy consumption. Green energy production is the future of energy and we congratulate you for choosing RED as a part of your journey! Great new paths are waiting to be opened and we are sure you will want to be onboard for them. If you haven’t seen the RED platform yet, come join us now on the path to the democratisation of energy.
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