January 26 (Renewables Now) - Chinese firm Comtec Solar Systems Group (HKG:0712) today said that a newly established company in Singapore, in which it will indirectly hold 70%, will do research and development in the field of blockchain technology.
The aim is to use blockchain technologies, and related infrastructure, in the distribution of power generated by solar arrays. C&I Singapore Renewable and Innovative Tech Pte Ltd has been established to pursue such a direction. It will be wholly owned by a 70/30 joint venture between Comtec Solar and engineering services company ISDN Holdings (SGX:I07).
If successful, the work of C&I Singapore will provide a more efficient and decentralised platform for solar energy trading and distribution among a diverse community of producers and consumers, Comtec Solar said. It sees synergies with its core business of building, managing and investing in distributed generation solar projects and energy storage solutions.