UrbanChain secures £430k Government boost to power UK towards netzero
Funding from Department for Energy Security & Net Zero will see electric vehicle charging points and batteries become part of UrbanChain’s established renewable energy trading market.
Already a part of UrbanChain’s peer-to-peer energy exchange are private companies from multiple sectors, generators of renewable energy, local authorities, social housing associations, manufacturers, energy suppliers and households.
UrbanChain will introduce electric vehicle charging stations and batteries to its renewable energy trading market.
It comes after the Department for Energy Security & Net Zero awarded the company £430k through the Net Zero Innovation Portfolio (NZIP).
UrbanChain CEO Somayeh Taheri described the funding as a fundamental step for the future of the UK’s energy market.
She also revealed that UrbanChain has committed more than £100k to the grant to continue innovating its peer-to-peer energy exchange services for all potential members.
“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.”
She 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.”
Thirsty-six other British companies received a share of £19m grant funding awarded in Round 9 of the Energy Entrepreneurs Fund (EEF) from the Department for Energy Security and Net Zero (formerly part of the Department for Business, Energy & Industrial Strategy).
Industry contributed £180bn to the UK economy in 2019 and 2.6m jobs in 2022 but needs to decarbonise to achieve net zero by 2050 while protecting competitiveness and creating employment.
Secretary of State for the Department for Energy Security and Net Zero Grant Shapps said the EEF forms part of the government’s wider plans to bring down the cost of energy.
Having been founded in Manchester in 2017, UrbanChain has since continued to disrupt the energy market by reducing the energy bill prices for businesses and households.
The company has now received £2.1m in funding, including from Innovate UK and various government bodies.
Through its AI and blockchain technology UrbanChain profiles consumption behaviours and production patterns and secures the best match between consumers and renewable energy generators.
Once part of the peer-to-peer energy exchange consumers buy 100% local green energy and save up to 50% on energy bills.
Renewable energy generators have no need to sell to intermediaries and intermediaries don’t then sell to the wholesale market.
The result for generators of renewable energy is at least 25% better margins and more money earned in the medium to long term.
UK 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.”
