The UK’s leading provider of peer-to-peer energy exchange services has joined the Local Energy Markets Alliance (LEMA).
UrbanChain, backed by leading European investment group Eurazeo, said LEMA’s commitment to accelerating local energy systems and driving the net zero agenda across the UK and Europe seamlessly aligns with the Manchester-based CleanTech company’s mission.
Members of LEMA, established in late 2023, include the Greater London Authority, Scottish and Southern Electricity Networks, Energy Systems Catapult and the West Midlands Combined Authority’s Energy Capital.
UrbanChain CEO and Founder Somayeh Taheri said: “Our goal is to create communities by connecting as many generators of renewable energy as possible to their regional communities and local businesses.
“By joining LEMA we become part of an alliance of like-minded businesses prepared to embrace the challenge of commercialising local energy markets throughout the UK and Europe.
“Local energy systems are critical to achieving net zero but they must be commercially viable. By collaborating with LEMA’s growing membership base we can collectively overcome common market barriers, unlock projects beneficial to communities, while accelerating electrification and decarbonisation.”
LEMA, founded by Gemserv and The Traxis Group, focuses on mitigating grid constraints, enhancing energy efficiency, and supporting the growth of local net-zero economies.
UrbanChain, which is also backed by the Department for Energy Security and Net Zero and Innovate UK, uses integrated smart contracts and machine learning to match generators of renewable energy and consumers on a half hourly basis - resulting in secure energy prices and secure physical flows for energy generators.
Local government organisations, companies from across the private sector, generators of renewable energy, energy suppliers and domestic households all trade within the regulated deeptech peer-to-peer energy exchange platform.
Last month, Ofgem granted a supply licence to UrbanChain, which the company said will result in energy consumers accessing a superior variety of products and generators gaining a higher level of control.
UrbanChain Chief Development Officer Charlie Parry said: “Joining LEMA represents a significant step for UrbanChain and we are excited to collaborate with industry leaders to create standardised approaches and frameworks that accelerate the widespread adoption of local energy systems.
“Local energy systems have shown great ability to support the net zero transition by lightening the burden on the grid.
“Working with LEMA members, UrbanChain aims to leverage our proven expertise in peer-to-peer energy trading, improve energy efficiency and reduce costs for consumers, develop local generation assets and create virtual private networks to connect businesses, local authorities, universities and communities to a sustainable and self-sufficient and traceable energy supply.”
Simon Anderson, CEO, Traxis Group & LEMA, said: “The relevance of the local energy burden, or grid edge challenge, is growing every day with the electrification of transport and heating, but also with the new government’s emphasis on a ‘net zero grid by 2030’.
“Encouragingly, forward looking businesses and organisations like UrbanChain are grasping this nettle recognising the importance of collaboration and fresh thinking. We really look forward to working with them and helping them to grow their business.”
