The REO-G is an NFT token that has been available on the RED Platform since its launch, in 2021. It has been claimed by renewable energy producers and used to offset users’ carbon footprint.
REO-G was implemented for tracking the renewable energy production sources to offer value to energy producers that desire to prove on the blockchain the origin of their energy production and to connect producers with final customers who desire to offset their carbon footprint.
1 REO-G represents 1 MWh of renewable energy produced and injected into the grid. On the RED Platform, each REO-G offsets 750 kg of CO2 produced by the usage of energy from conventional sources. For companies, REO-G can be used to offset their Scope 2 emissions. Individuals can, as well, offset their emissions from energy usage by purchasing and retiring these tokens into sustainability certificates.
How it works
The process for REO-G issuance on the platform is straightforward and it will require a set of documents that you already have at hand:
- Access the functionality in the app menu ”My powerplants”. At this point, you will pass the KYC process where your powerplant will be approved based on the documentation and licenses provided. In addition, you will have to sign a declaration through which we will avoid double counting this type of environmental attribute.
- Integrate your SMA or Huawei inverter for the automated mint of REO-G based on production.
- In case you do not possess any of these 2 types of inverters, you will be able to manually claim your tokens based on the documentation from your system operator.
- Once you have the REO-G tokens in your account, you can list them on the REC Marketplace on the platform for users to purchase.
- You can manage the tokens, claims and purchases directly from the options tab in each powerplant you own.
All the processes are closely monitored by our back-office team which will analyze and answer your inquiries.
Improvements and automatization
Use of REO-G
As we mentioned before, REO-G tokens maintain the same minting requirements, but they will be used differently than they have been until now:
- REO-G tokens will now be available in your wallet in the NFT tokens section, separated from ERC-20 tokens. REO-Gs will also contain extensive NFT metadata shown in the token inside the wallet, including a link to the blockchain hash of your transaction.
- REO-G tokens can only be purchased from renewable energy producers on REC Marketplace and cannot be sold after purchase. They can be used for tracking renewable energy production and for offsetting the carbon footprint related to energy consumption.
- REO-G transactions will now be available in FIAT, with a complete billing flow through which producers will have access to invoicing and sales history. Crypto payments will also be available for this feature in the following months.
- REO-G transactions on the RED Exchange will not be available anymore, as the token will now have full traceability and metadata available as an NFT token.
Renewable energy producers and prosumers can register their production points on the RED Platform for receiving REO-G tokens for the energy injected into the grid. The tokens can be used for offsetting the carbon footprint of the owner or sold on the REC Marketplace.
Individuals and companies can use REO-G tokens to offset their carbon emissions produced by energy usage.
For the RED Frachises, REO-G tokens represent a new product that can be offered in offset options to companies. Franchises will earn commissions from the sale of the tokens.
Existing REO-G tokens on the platform
Since the REO-G token was already held in wallets by various of our platform users, it is important to specify that those tokens will be replaced by the new NFT version of the REO-G, with clearer traceability and metadata.
All REO-G tokens issued until December 31st, 2023 will expire and be burnt on January 31st, 2024.