Buoyed by government recognition, energy trading platform UrbanChain is set to add EV charging stations and batteries to its renewable energy trading market.
It comes after the Department for Energy Security & Net Zero awarded the company £430,000 through the Net Zero Innovation Portfolio (NZIP).
UrbanChain CEO Somayeh Taheri – pictured – described the funding as a fundamental step for the future of the UK’s energy market.
“We are delighted to receive funding from a scheme that enhances the opportunity for world-leading innovative solutions to be used for the greater good,” she said.
“Our peer-to-peer energy exchange is the only trading platform for renewable energy in the UK and the support from the Department for Energy Security and Net Zero will assist us in our plans.”
“The addition of electric vehicle charging stations and batteries to our trading platform is an important move for the UK economy and its carbon footprint. The return on investment will be maximised and payback time of the assets minimised.”
Taheri added: “People and businesses are facing a plethora of challenges at the moment and we help them by driving down their energy costs, boosting their energy security while also placing them firmly on the path to hitting net zero goals.
“It’s pleasing that the Department for Energy Security and Net Zero have placed such trust in us as we know that what we are doing is fundamental to the future of the UK’s energy market.
“With this funding we will further introduce balancing and settlement to our peer-to-peer energy market while continuing to drive forward our customer offering and welcoming more participants to the peer-to-peer exchange.”
Thirty-six other British companies received a share of £19m grant funding awarded in Round 9 of the Energy Entrepreneurs Fund (EEF) administered through the D-ESNZ, and forming part of the government’s wider plans to bring down the cost of energy.
Energy minister Graham Stuart said: “This funding will see the next generation of energy pioneers drive forward cheap and sustainable low-carbon technologies.
“This will not only deliver green jobs and lower the costs of energy to businesses but also foster world-leading solutions to net zero and economic growth.”
Through its AI and blockchain technology, UrbanChain profiles consumption behaviours and production patterns, in quest of the best match between consumers and renewable energy generators. Once registered on the peer-to-peer exchange, consumers buy 100% local green energy. Savings up to 50% on energy bills are promised.
Renewable energy generators have no need to sell to intermediaries and intermediaries don’t then sell to the wholesale market.
Founded in Manchester in 2017, UrbanChain has now received £2.1m in government funding, including from Innovate UK.