Interview with Genr8
genr8 – Q & A
27 January 2018
1. a) How do you see the renewable energy industry developing in 2018 and beyond?
The Renewable Energy industry has already reached the grid parity in many places around the world and more locations will join soon, especially thanks to the PV solar panels reduction in cost. We are on track to the point where it will be more economical to buy your own solar panels than to get the electricity from the grid.
1. b) What are the key trends do you think will shape the industry ?
This grid parity will start to develop decentralized household prosumers that will start selling to the grid. This new trend is developing in a way where the traditional Utilities Companies will eventually become less powerful and the power being distributed amongst residential units and businesses. We also believe in a ideal world electricity can become a human right with technology developing rapidly and unlimited energy sources being provided from the universe. no one should ever lack of it anymore. That’s one of our ultimate goals.
2. How is genr8 positioned within the energy industry? What makes your solution unique?
genr8 is coming in a time where the cost of solar panels and batteries are significantly being reduced. However we find that there are still many communities in the world that have no access to electricity. Genr8 is combining the best technology with renewables in an aim to solve some of the worlds most pressing energy problems. Our solution is distinct because we are developing partnerships in countries that have a poor energy infrastructure. We believe these are the areas that need our solutions the most. We want to cause a ripple effect across the globe in regards to energy neutrality and the best way to do that is to first help the areas that are deprived of power.
3. How does the blockchain technology help to solve the renewable energy problem? Could you expand on the technology behind genr8?
Through Blockchain technology, individual sources producing renewable energy will be able to trade it directly with other consumers in a peer-to-peer network, getting paid in tokens. The pros: this technology is transparent, in real time, and secure thanks to the distributed ledger.
Considering how the current electricity industry works, a centralized grid management or utility, which keeps track of energy consumption manually and bill it through estimations, will no longer be needed. Using our smart technology the industry could evolve by measuring and billing energy consumption and production instantly. By utilizing blockchain we can tokenize green energy to create and enhance existing grid networks.
4. Your a startup with most of the team being based in Dubai. Do you see a bigger role for genr8 in the blockchain ecosystem in the UAE?
The Blockchain ecosystem in Dubai is phenomenal. Having a futuristic mindsetfor governments is rare, but we see this here in Dubai as the government is embracing this technology and supporting startups in the field. Fortunately, we are seeing the benefits of working out of Dubai already materializing. There is a big community of blockchain enthusiasts in Dubai and by tapping into these networks and expertise we can extend our reach and improve upon our know-how. By utilizing our UAE partnerships we can become blockchain leaders in the UAE.
5. What are some of the milestones for you in 2018 and beyond?
We have a busy and challenging year ahead, but the team is motivated by the outcomes the positive pressures will bring us.
In the following weeks we will mainly focus on finishing up and testing our prototype platform.
Despite its importance to moving forward, we won’t shift our focus away from reaching important agreements in areas where we want to launch the platform.
In parallel with some of our other milestones, we will be improving our software to set it up and be ready for launching our Pre-ICO round.