RedGrid Launches Internet of Energy Network (IOEN) Protocol in Collaboration with Monash University
In 2020, as part of the groundbreaking ARENA-funded Smart Energy City project, RedGrid, the Monash eResearch Center (MeRC), and Monash University’s Net Zero initiative collaborated to research, develop, and demonstrate energy transactions from transparent microgrids.
The Microgrids Project at Monash University’s Clayton Campus aimed to establish a test bed for research and industry-led experiments, including how an agent-based distributed energy market connects and optimizes the energy assets of large buildings to solar photovoltaic systems.
One of the many experiments was to explore the scalability and performance of RedGrid’s unique agent-based software approach when applied to a grid-scale commercial “transactive power market.”
Since then, and based on the work done in this collaboration, RedGrid has developed the software to release it as the Open Source Software Protocol IOEN v1.0.
Using learnings from the RedGrid collaboration with Monash, the IOEN protocol focuses on approach accessibility. The protocol allows developers and clean energy industry players to record peer-to-peer energy trading transactions so they can then apply them to different market scenarios. It also includes peer-to-peer energy value transfer solutions that pave the way for new products, services and innovations aimed at accelerating the clean energy transition and enabling the decarbonization of energy around the world.
“RedGrid making these learnings accessible to energy innovators through the open IOEN protocol is a great demonstration of the research sector sharing with SMEs the technology development needed to deliver disruptive solutions to grand challenges,” said Monash Deputy Director eResearch Center, Dr. Steve Quenette.
“The implementation and development of the protocol through RedGrid’s work with Monash has been a huge stepping stone to providing seamless energy transaction services between devices and users. Our deployment and testing as part of the Smart Energy City project show how an agent-based approach could scale and directly create multiple markets and bidders that meet real-time grid needs,” said Dr. Adam Bumpus, IOEN Director of Energy and CEO of RedGrid.
“The IOEN protocol is quite unique in its agent-based architecture and approach. Over the past two years at RedGrid, we have worked closely with the MeRC team to explore and develop innovative solutions to real-world problems through the use of our open source code. We at RedGrid are excited to now be able to publish this knowledge and continue to grow it with Monash as well as a world of open source creators and energy innovators around the world,” said Simon Wilson, CTO of RedGrid.
What is IOEN?
The Internet of Energy Network (IOEN) is an international non-profit organization providing the next generation of web3.0-based digital energy management and optimization. IOEN technology enables an interconnected system of virtual microgrids that facilitate transactions within and between local energy ecosystems: from the device level to energy production, storage and consumption.
We are the backbone of the new token energy ecosystem, building the global clean energy ecosystem wherever you are, device by device.
For more information on the IOEN protocol, visit https://www.ioen.tech/
What is Red Grid?
RedGrid is a Melbourne-based clean energy technology company. Our software seamlessly partners with household appliances to save them money and use renewable energy more often. RedGrid delivers its software across property developments, neighborhood battery initiatives, solar sharing facilities, and electric vehicle charging stations.
For more information visit https://www.redgrid.io/
What is the Monash Electronic Research Center?
Monash eResearch Center (MeRC) accelerates research by applying computing and edge computing to impactful research problems. It partners with individual researchers, research institutes and facilities, and global research communities to co-design and cooperate on what digitization means for them. It also consolidates the needs of thousands of researchers, leading to a world-class engineering team that designs and operates high-performance compute, cloud, and data (storage/lifecycle) facilities.