Peer-to-peer (P2P) exchange company UrbanChain has received £430,000 from the Department for Energy Security & Net Zero (DESNZ) to introduce EV charging stations and batteries into its trading market.
The funding, which has been provided via the government’s Net Zero Innovation Portfolio (NZIP), will allow UrbanChain to add further technologies to its established renewable energy trading market.
This platform is used by private companies from multiple sectors including generators of renewable energy, local authorities, social housing associations, manufacturers, energy suppliers and households.
UrbanChain disclosed it will commit more than £100,000 of the funding to continue the development of its P2P energy exchange services for all potential members.
“The addition of EV 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,” said UrbanChain CEO Somayeh Taheri.
“It’s pleasing that the DESNZ 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.”
Through its AI and blockchain technology UrbanChain profiles consumption behaviours and production patterns and secures the a match between consumers and renewable energy generators.
Once part of the P2P energy exchange, consumers are able to buy 100% local green energy and save up to 50% on energy bills, the company said. Renewable energy generators then have no need to sell to intermediaries and intermediaries do not need to 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.”
In July 2022, Energy supplier Rebel Energy and UrbanChain announced a “landmark” partnership to bring green energy to UK households, via the use of local and traceable renewable energy.
In 2020, Current± caught up with Taheri and UrbanChain’s CCO Mo Hajhashem to discuss the benefits of a P2P market and how the blockchain infrastructure that underpins it works.