UrbanChain secures £430k Government boost to power UK towards netzero

UrbanChain will introduce electric vehicle charging stations and batteries to its renewable energy trading market following a £430k award from the Department for Energy Security & Net Zero through the Net Zero Innovation Portfolio (NZIP).

The company’s peer-to-peer energy exchange already includes private companies across multiple sectors, renewable energy generators, local authorities, social housing associations, manufacturers, energy suppliers, and households.

CEO Somayeh Taheri stated:

“Our peer-to-peer energy exchange is the only trading platform for renewable energy in the UK.”

She noted that UrbanChain has committed over £100k in matching funds to continue developing its services.

Taheri emphasised the initiative’s importance:

“The addition of electric vehicle charging stations and batteries to our trading platform is an important move for the UK economy.”

She added that the funding would help introduce balancing and settlement capabilities while welcoming more participants.

“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.”

Thirty-six British companies shared £19m in grant funding through Round 9 of the Energy Entrepreneurs Fund from the Department for Energy Security and Net Zero.

UrbanChain, founded in Manchester in 2017, has received £2.1m total funding. The company uses AI and blockchain technology to match consumers with renewable energy generators, enabling customers to save up to 50% on energy bills while purchasing 100% local green energy.

Renewable energy generators benefit with at least 25% better margins compared to traditional wholesale arrangements.

UK Energy Minister Graham Stuart noted the funding would “drive forward cheap and sustainable low-carbon technologies” and “deliver green jobs.”