Slovenian blockchain-powered energy trading platform SunContract has recently entered into a strategic partnership with Italian energy company Tecnoapp.

Under a cooperation agreement signed by SunContract and Tecnoapp, the parties are to work on the market expansion of SunContract Energy Marketplace and decentralization of the energy market in Italy.

SunContract is an energy trading platform that directly connects energy producers and consumers into an energy pool based on smart contracts, according to the platform’s website. Through the platform, Slovenian households are currently witnessing electricity cost reductions of up to 40% while also choosing environmentally friendly energy sources, SunContract says.

The blockchain technologies are implemented into existing energy distribution systems without changing the general energy regulation framework, according to SunContract’s website.

Tecnoapp has more than 20 years of experience in the field of energy and a wide network of Italian partners and contractors, SunContract said, noting that Italy, the EU’s fourth-largest economy, represents an immense potential for the platform’s expansion and customer acquisition. Italy has already managed to install more than 770,000 solar power plants which indicates a clear determination of Italian consumers to shift towards sustainable, renewable sources and self-sufficiency, SunContract said.

“Our long term goal is clear: we want SunContract to be a global energy marketplace solution. Thanks to the signed agreement with Tecnoapp S.r. we are entering with blockchain technology into the Italian energy sector. We expect to benefit greatly from this cooperation. With new customers on the energy marketplace, new experiences and promotions, this partnership will open doors to new markets,” said Gregor Novak, cofounder and CEO of SunContract.

“We are very proud to work with SunContract Energy Marketplace. We look forward to decentralizing the Italian energy market with renewable sources of energy. We are working on different business approaches to make photovoltaic, storage and energy exchange systems even more attractive for Italian communities,” said Alessandro Basilico, CEO of Tecnoapp S.r.