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    Blockchain-as-a-Service (BaaS) for stranded electricity in North America and Europe


    January 17, 2022 - Oslo Bors Newsfeed

     

       Harmonychain sees BaaS as a central part of our diversified strategy in blockchain. We have now expanded our business line BaaS to include services for stranded energy. Blockchain verification can be seen as a «battery» for electricity producers that cannot get rid of their electricity production, due to grid limitations. Several power producers have expressed interest in this. The current differences in electricity prices within a country, clearly demonstrates that electricity get stranded when national grid lines are full. In several countries, there is idle power capacity that is in effect stranded. Harmonychain is pleased to announce that our subsidiary Arctic Core AS has signed a non-exclusive service agreement for North America and Europe with a private company within the High Performance Computing indstry. The client we will represent has has an industrial-scale mining setup in Asia, with a total of more than 300,000 modern, high-capacity mining machines. The Arctic Core AS service will include sourcing locations that fit certain economic criteria, providing a consulting role between power companies that have available electricity, and our client that can use such electricity. If a PPA (power purchase agreement) is signed with our services, Arctic Core will be entitled to 50% of the savings per kilowatthour of power used by the client on a project-by-project basis compared to a fixed pre-agreed power price per kWh including grid rent and taxes. Service payment will be on an electricity billing basis. The contract opens up for the possibility that we get paid directly from power company, instead of the client if the PPA parties prefer this. The contract is on a no cure - no pay basis. If a PPA is entered into, the economic impact for Harmonychain is correlated to power usage. In layman's terms, no PPA or a small PPA will have no or small financial impact for Harmonychain. A PPA of for example 50-100 MW or even more, may have a significant financial potential for Harmonychain. If a PPA is entered into, this will naturally be communicated to the market. Ola Stene-Johansen comments «We are pleased that our value-creation models attracts promising international interest. The challenge is always to get the first client to understand our profit value adding model. We hope to expand this part of our business .» For more information, contact: Ola Stene-Johansen, CEO Harmonychain AS, osj@lokotech.no www.harmonychain.com This information is subject to the disclosure requirements pursuant to Section 5-12 in the Norwegian Securities Trading Act.

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