RENEX, which is a joint venture involving Thailand-based tech venture Sertis and domestic energy industry giants MEKHA V and WHAFE, has now developed its ‘Peer-to-Peer Renewable Energy Trading Platform’, along with a new business model, which will facilitate renewable energy trading among energy producers, consumers, and prosumers, through the help of AI and blockchain.
RENEX has been recognised as the “Most Innovative Energy Trading Service Platform – Thailand 2023” by International Finance. The platform allows buyers and sellers to trade solar energy at their desired price and quantity. This is achieved through a two-sided auction scheme, which ensures safety and stability. The system also includes a matching, price bidding, and invoice issuing process which is confirmed by the Provincial Electricity Authority (PEA) in Energy Regulatory Commision Sandbox (ERC Sandbox) for accurate electricity volume.
“RENEX Technology has also adopted the ‘BCG Economy Model’ as a backbone design idea for RENEX development; Circular economy by delivering excess energy from over-supplied prosumers to demanded consumers; Green economy by encouraging renewable energy usages in Thailand’s industry towards to national declaration of being a carbon neutrality state within 2050 in COP26,” the venture remarked.
Knowing RENEX in detail
Mr. Charn Kulpatnirum, M.D. of Mekha V Co., Ltd, who oversaw the signing of the joint venture agreement between the Sertis, MEKHA V and WHAFE, stated that the formation of RENEX was aligned with his company’s investment strategy to embark on the energy and other businesses.
PTT’s flagship company Mekha V has expertise in fields like AI, robotics, and digitalisation, whereas WHA Utilities and Power Public Company Limited (WHAUP) and Sertis specialise in managing energy innovation.
The collaboration of these three giants saw the creation of RENEX in March 2023, whose business model was developed further through real-world testing in the ERC Sandbox programme to support the future growth of the energy industry.
“This investment is a significant step in promoting the use of clean energy and driving the country towards achieving carbon neutrality and net-zero emissions. PTT is committed to utilising new technologies and innovations to respond to the country’s new economic development needs and meet the demand from businesses for environmentally friendly energy sources,” Dr. Rattanasombat stated further.
Mr. Somkiat Masunthasuwun, CEO of WHA Utilities & Power Public Company Limited, while talking about RENEX, remarked, “As a provider of public utility and energy systems both within and outside of WHA Group’s industrial estates, the company focused on developing solutions for public utility businesses and continuously developing new renewable energy sources. This investment aims to align with WHAUP’s approach of investing in solar energy business in conjunction with developing various technologies to increase the stability and reduce the cost of electricity.”
WHA Utilities is also known for promoting the usage of clean energy among its customers.
Mr. Thuchakorn Vachiramon, CEO of Sertis, revealed that this joint venture with Mekha V and WHAUP was one of the company’s objectives to become “The Trusted AI Engine for the World.”
“This objective is likened to a core driving force to drive the various business groups with artificial intelligence (AI) and other digital technologies to promote and expand business opportunities, especially in the energy industry, which is considered a key industry at the national level, as well as other areas that can enhance the potential of business operations with technology,” the official stated further.
“Moreover, the amount of electricity is also verified by the Provincial Electricity Authority (PEA). We hope that this platform will not only benefit users but also be an integral step in supporting policies on clean energy use and achieving the goal of reducing net greenhouse gas emissions to zero,” the official concluded.