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peaq and penomo Partner to Tokenize EV Batteries for Green Energy

source-logo  blockster.com 11 October 2023 19:48, UTC

peaq, the pioneering blockchain for real-world applications, is teaming up with penomo to create a network of tokenized batteries. penomo, a platform specializing in monetizing sustainable energy businesses, especially those reusing or recycling electric vehicle (EV) batteries, will transform these batteries into a decentralized physical infrastructure network (DePIN). This network will reward Web3 investors by generating income through avenues like carbon credit sales.

Lithium-ion batteries are vital for green energy storage and EVs but come at an environmental cost due to lithium extraction. Sustainable energy and battery recycling companies struggle to secure revenue and liquidity, hampering the transition to eco-friendly energy.

penomo offers a streamlined solution for eco-conscious energy businesses. By tokenizing their batteries, these businesses can access global capital and liquidity by sharing future revenues with the Web3 investor community. They can also capitalize on carbon credit sales and carbon credit futures, creating three potential revenue streams.

penomo leverages peaq's core functions, including multi-chain IDs and peaq pay, for fractional ownership within its DePIN.
With peaq's assistance, penomo's app tokenizes batteries, distributes investor rewards, and facilitates on-chain carbon credit sales.
penomo, incubated by EoT Labs, already boasts four letters of intent with energy storage and recycling companies, including Evyon. Discussions for paid proof-of-concept and co-development are underway with major multinational enterprises, supported by endorsements from ten prominent companies, including automakers and energy businesses.

Jasvir Dhillon, penomo's co-founder, is also leading a Fraunhofer HHI project using AI to enhance EV battery sustainability. “It’s encouraging to see so much market pull for penomo’s solution,” says Jasvir. “Multiple decision-makers from relevant companies are reaching out to us themselves, even though we’re yet to spend a dime on marketing."

"We are thrilled to be building a solution that embraces the regenerative finance ideas by merging sustainability with business innovation. As a layer-1 built for DePINs, peaq is the perfect home for a project like this, bringing handy pre-built functions and tailor-made economics to the table," added Jasvir.

Till Wendler, co-founder of peaq, recognizes penomo's role in addressing sustainability challenges within the energy storage sector. He emphasizes the opportunity for the Web3 community to invest in sustainability and for businesses to adopt peaq's blockchain.

About penomo

penomo is a monetization platform for sustainable energy storage and EV battery recycling companies. It allows businesses to tokenize their batteries, add them to a decentralized physical infrastructure network, and offer tokens to the global Web3 community. Investors receive a share of battery-generated revenues. penomo also enables the sale of battery data, carbon credits, and carbon credit futures on a borderless Web3 marketplace.

About peaq

peaq is a blockchain designed for real-world applications, empowering the creation of decentralized applications (dApps) and Decentralized Physical Infrastructure Networks (DePINs). It collaborates with industry consortia, such as Gaia-x moveID, to shape the future of smart mobility, energy, connectivity, and other vital real-world industries. peaq aims to democratize abundance in the age of AI-driven automation by enabling ownership, governance, and earnings from the devices and infrastructure used.