The creator of a unique energy market just for renewables has announced that it has a turnover pipeline of 拢22m for the next 12 months.
UrbanChain runs the peer-to-peer (P2P) energy exchange which enables consumers to place an exact order for electricity and for generators to meet that order.
The energy technology company鈥檚 turnover is set to grow well beyond 拢22m, with 1 TWh (terawatt hour) of renewable energy generation now available in the P2P energy exchange.
In March 2023 the Department for Energy Security & Net Zero (DESNZ) awarded UrbanChain 拢430,000 to introduce electric vehicle charging stations and batteries to its renewable energy trading market.
Already a part of its established P2P energy exchange are generators of renewable energy, private companies from multiple sectors, local authorities, social housing associations, manufacturers, energy suppliers and households.
UrbanChain CEO Dr Somayeh Taheri said: 鈥淪uch is my belief in UrbanChain that I plan to do an IPO within the next five years.
鈥淗aving 1TW of renewable energy generation from solar, hydro and wind in the pipeline is no small matter and we won鈥檛 stop here.
鈥淭he energy market has for too long been broken in the UK and we are changing this by enabling a clearer pathway toward reaching net zero greenhouse gas emissions by 2050.鈥�
UrbanChain鈥檚 P2P energy exchange is the only trading platform for renewable energy in the UK.
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 per cent local green energy and save up to 50 per cent on energy bills.
Renewable energy generators have no need to sell to intermediaries and intermediaries don鈥檛 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.
Since launching in 2017 Manchester-based UrbanChain has been awarded more than 拢2.1m in funding from Innovate UK and various government bodies.
Taheri added: 鈥淕reen, clean and traceable energy has to be open to all. UrbanChain is delivering net zero projects as they are supposed to be delivered.
Landmark UrbanChain scheme sees hotels join P2P energy trading market
鈥淥ur model is lucrative for investors, renewable energy asset owners are making a higher return on investment and we are reducing energy bill prices for businesses and households.鈥�