peaq Network Adds penomo, Enabling Monetisation of Green Energy Usage

Summary:
• peaq will provide the platform for penomo to operate, enabling the functioning of electric vehicles and other green projects as DePINs.

peaq, the L1 blockchain that drives the Economy of Things, has added the penomo monetization platform to help green energy storage companies monetize their energy usage. With penomo, EV batteries will function as a decentralised physical infrastructure network (DePIN). This will create a reward structure for the global Web3 investor community through the earning of new revenue, like the sale of carbon credits to businesses aiming to reduce their carbon footprint.

How penomo fits into the peaq ecosystem

Penomo’s DePIN of tokenized batteries will drive enterprise adoption of peaq and let the Web3 community participate in green energy projects and receive rewards for conserving energy.  Since peaq is a layer-1 infrastructure designed specifically for DePINs, it is well suited to hosting this type of venture. This is largely down to its abundance of useful pre-existing functions and cost-effective design.

Businesses that store renewable energy can quickly and easily monetise by using penomo to sell their batteries. Penomo enables these companies to tokenize their batteries, allowing them to receive funding from the global Web3 investor community in exchange for a share of their future earnings. Essentially, they get to monetize their positive impact on the environment by selling carbon credits or carbon credit futures to businesses on the blockchain.

Evyon is one of four energy storage and recycling startups that have signed letters of intent with penomo, an incubation of EoT Labs, the company developing peaq as an open-source layer-1 blockchain. At least 10 major companies, including notable automakers and energy businesses, have endorsed it. Furthermore, discussions on paid proof-of-concept and co-development are underway with two major multinational enterprises.

To implement the fractional ownership mechanism that drives its DePIN, penomo will use peaq and its basic features, such as self-sovereign multi-chain peaq IDs and peaq pay, peer-to-peer machine payments. Tokenizing the batteries, automatically dividing the rewards among investors, and facilitating the sale of carbon credits and, optionally, battery data are just a few of the use cases of penomo’s app, which is used by businesses that connect their batteries to the penomo DePIN.