TYMLEZ picked as partner for large-scale green energy project in Netherlands
The blockchain tech company also considers a partnership deal for a regional NSW renewable energy project.
Enterprise software and technology company TYMLEZ Group (ASX: TYM) has revealed positive news on its operations including being picked as a consortium partner for a large-scale, multi-year project with a leading Dutch construction company.
Headquartered in the Netherlands and listed on the ASX since 2018, TYMLEZ provides a commercial-grade smart blockchain platform that enables businesses to fast track the design, development and deployment of highly scalable blockchain applications.
In today’s announcement, the company said it has been selected as partner in a consortium for the project with “the largest Netherlands’ construction company, district system operator – the national telco, [software integrator] ICT Group and others”.
The project aims to speed up green energy transmission and TYMLEZ will be responsible for the development and delivery of carbon emissions trading via its energy marketplace platform.
The company said is in the process of finalising details in order for the agreement to be signed by the end of the third (and current) quarter. The project is due to start in November and will continue for four years.
Establishing a presence in the Australian energy marketplace
In its June quarter report, TYMLEZ announced it had set up a subsidiary in Australia – TYMLEZ Energy – to further drive its Australasian green energy strategy.
Today, TYMLEZ confirmed the completion of the subsidiary’s incorporation and announced the appointments of Daniel O’Halloran as managing director and Wayne Clay (current TGOOD Australia chief executive officer) as chairman.
“We aim to take advantage of legislative environments that enable us to trial and run our platform in a different geographical location and be ready for the two-way energy marketplace by end of 2021,” TYMLEZ stated.
This is more than a year ahead of similar European legislation that will go in effect 1 January 2023.
“To capitalise on this momentum, TYMLEZ Energy will focus its efforts on the marketing and sales of the energy marketplace in Australia and Asia,” the company said.
NSW energy project
Also in Australia, TYMLEZ has inked a letter of intent to enter a partnership with private company Tyalgum Energy in regional New South Wales to install and pilot its decentralised green energy marketplace.
The Tyalgum energy project proposes to power the entire rural town of Tyalgum in the state’s northeast with 100% renewable energy. It also plans to eventually begin selling excess power generated by its prosumers (consumers who also produce energy) to the wider local area on a peer-to-peer basis.
The partnership is of great significance to TYMLEZ, as it is the company’s first official use-case in the Southern Hemisphere to track, trace and trade green energy units.
“There is real significance in this trial as not only is it the first in the Southern Hemisphere but, once proven successful, we will be scaling the technology into commercial and industrial applications to further impact the carbon neutral target for big energy consumers,” TYMLEZ said.
TYMLEZ and Tyalgum Energy are expected to enter binding formal agreements following the completion of Tyalgum community electrical infrastructure upgrades due to be completed this quarter. The partners must also reach final agreement of key terms and pricing.
Other recent initiatives
TYMLEZ has reported on progress made in the development of a peer-to-peer telematics marketplace for trading and securing consumer data in real-time. This relates to a consultancy project awarded to the company earlier in the year in the automotive industry and involves drivers storing and trading car data.
In addition, the company has filed an application for a $1.36 million government grant together with the Vrije Universiteit (“free university”) of Amsterdam and Sydney’s Macquarie University to develop and test the marketplace for medical supplies and personal protective equipment (PPE).
The results of the grant application processes are anticipated this month.