25 May 2023 09:57, UTC
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UrbanChain announced today that it has raised a £5.25 million Series A round spearheaded by top global investment firm Eurazeo through its venture expertise in the Climate and Smart City space.
It does this on a half-hourly basis, using a system that is driven by an integrated blockchain and AI, and it continues to disrupt the sector by cutting bill prices for both commercial and residential clients. The P2P exchange offered by the company makes it possible for anyone to purchase truly affordable green energy while also advancing the goal of reaching net zero.
Following the completion of Series A, UrbanChain will begin expanding into new foreign markets, beginning with Ireland. The company will also improve its technical infrastructure and increase its personnel from 10 to 21 employees by December 2023.
With 150GWh (gigawatt hours) of electricity under management and about 1.2TWh (terawatt hours) in the pipeline, UrbanChain’s revenue is expected to exceed £22 million in the next 12 months.
Dr. Somayeh Taheri, CEO of UrbanChain, stated, “We’re delighted to conclude this Series A led by Eurazeo, which will strengthen our technical infrastructure in response to the scale of exponential growth that we are experiencing.”
“Through the P2P markets, the firm is supporting the development of renewable energy where consumption is, thus limiting drastic impacts on the grid and providing benefits to local communities,” said Pierre Devillard, Managing Director in Eurazeo’s Venture Smart City team. What they accomplish certainly represents the future of electricity markets!”
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