As part of our role in academia, we were involved in a number of projects looking at fuel poverty and energy policies. We measured not only their direct impact on economy, but also their rebound effect on healthcare and education systems. The moment we understood 43k people die due to cold homes every year, we aimed to end to energy poverty.
Three post-doc and system thinkers came together with skills in market design, system development and commercilisation of innovation + £10k Innovation Optimiser Support from UMIP + a research on how to automate and integrate business processes in energy market with blockchain and AI technologies + initial talk with Ofgem Innovation Link.
We designed two first products based on their potential impact on energy industry: eChain & AI4FP. Our attempts to secure funding were not successful. This made the founders more determined to think innovatively about their business operation and find new solutions. Innovation needed to be applied in every aspect of business.
Our MVPs are here now, tested on the historical data. We reached more than 80% accuracy in our AI4FP product, and eChain was offering 10.5p/kWh to the consumers in the system. We won 14 awards in 2018: Innovate UK, Venture Further, VentureFest NW, Tech Incubator, Innovation Vouchers, EEN, etc. to cover our costs.
The directors are investing on the business. We proved a massive international market opportunity for our products. The first market, Australia, expressed its interest to do the market research. We won the first project with a council in Scotland. Because of the awards, we are now on the first page of google search.
Won Innovate UK grant to fully commercialise eChain. Communication with Ofgem Innovation Link resulted in the potential registeration of eChain as a B-Supplier. We are about to run the trial in North West and South East. More and more customers are registering their interests, we continue to win national and international awards and grants.
We are now a team of six, and known as a disruptor. We have designed the structure of creating local energy markets with eChain, and tested our business model with Ofgem. The necessacity partnerships (technical, commercial and legal) are in place. We set up UrbanChain Hub CIC to provide AI4FP solution as part of creating local energy markets.
eChain is fully commericialised. We are open in differnet locations in England. Energy-intensive consumers have massive savings on their bills. We are even making renewable technologies viable without subsidies. The legal templates of the energy markets of the future are developed. Our second set of products are in the pipleline and a new international market interest is here.