The creator of a unique energy market just for renewables has announced that it has a turnover pipeline of £22 million 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’s turnover is set to grow well beyond £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 £430k 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: “Such is my belief in UrbanChain that I plan to do an IPO within the next five years.
“Having 1TWh of renewable energy generation from solar, hydro and wind in the pipeline is no small matter and we won’t stop here.
“The 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.”
UrbanChain’s 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% 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.
Since launching in 2017 Manchester-based UrbanChain has been awarded more than £2.1m in funding from Innovate UK and various government bodies.
On receiving funding from DESNZ in March, CEO Taheri committed more than £100k to the grant.
“We will continue to innovate our P2P energy exchange services for all potential members,” she said.
“To encourage greater use of green energy from the closest source we are aiming for our technology to be contained within a microchip that can be inserted into a smart energy meter.
Taheri added: “Green, clean and traceable energy has to be open to all. UrbanChain is delivering net zero projects as they are supposed to be delivered.
“Our 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.”
