UrbanChain has been awarded £430k through the Government’s Net Zero Innovation Portfolio.
The Manchester firm’s CEO, Somayeh Taheri said the support was a “fundamental step” for the future of the UK 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 added.
“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 company would be using the cash to add electric vehicle charging stations and batteries to its renewable energy trading market. It will also be committing £100k to innovate its peer-to-peer energy services.
“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,” she explained.
“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.
Founded in 2017, UrbanChain has received a total of £2.1m in funding via Innovate UK and other government bodies.
It uses AI and blockchain technology to profile consumption behaviours and production patterns in order to secure the best match between consumers and renewable energy generators.
