Blockchain: Energi Mine raises £10.6m

Omar Rahim: Now has the money to build a platform

Energy consultancy Energi Mine has raised $15m (£10.6m), with $4m coming in an hour and 21 minutes.

The firm, which plans to use the money to develop an energy token and trading platform, used an initial coin offering (ICO) approach, a fund raising method popular with cryptocurrency developers.

The firm raised $11m in a pre-ICO sale and reached its $15m cap in minutes of opening a public sale.

Under Energi Mine’s plans, people who bought its EnergiTokens (ETKs) will be able to trade them for goods and services or cash.

“The hard work begins now, as we buckle down and build a platform,” said CEO Omar Rahim.

“We’re in this for the long haul, not for the hype. We are creating a platform that will revolutionise the energy industry from top to bottom.”

Rahim added that the firm will state which exchanges its currency can be traded on “as soon as we can”.

Rahim, formerly an energy trader at large utilities including SSE, Vattenfall and third party intermediary (TPI) Inenco, was also a co-founder of TPI LG Energy Group.

He founded Energi Mine a year ago with the concept of coupling artificial intelligence and blockchain to make energy buying more efficient and transparent.

Correction: This article originally stated that Energi Mine raised the entire £10.6m in 81 minutes. The headline, first and third paragraph have been amended.

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