The world is moving towards a new energy system characterized by increasingly de-centralised renewable energy sources and changing patterns of consumption, as seen with the increasing demand for electric vehicles. This is creating the need for a new market infrastructure that can efficiently accommodate new devices, technologies and consumption models, and enable greater system flexibility. Distributed ledger technology, commonly known as blockchain, offers a collaborative, secure and efficient solution to meet these demands. Electron is pioneering a unique blockchain solution that can build a transparent register of energy supply points, enable coordination and cooperation across multiple players, and facilitate valuable data exchange without the need for a central clearing mechanism.
Founded in 2015, Electron has already received numerous grants totalling £1m in grant funding from BEIS and Innovate UK, has partnered with the National Grid and Siemens, and recently announced the launch of a blockchain energy consortium to develop a flexibility trading platform in the UK market joined by EDF, Shell, Open Energi and other leading energy players.
SYSTEMIQ’s investment will help Electron’s ambition to expand its team, commercialise their first products and expand overseas.
“SYSTEMIQ’s mission is to enable good disruptions through our work with corporations , investors and early-stage companies,” said Irena Spazzapan, SYSTEMIQ Partner and Head of Energy. “We believe in the energy system adopting increasing levels of electrification with a complex set of supply points, storage installations and new consumption points such as EVs. Centralised balancing systems are already struggling to effectively manage such complex national and regional power networks. Electron has developed a unique collaborative solution to this challenge, and we are excited to support the execution of our common vision in the UK and beyond.”
“We welcome the investment from SYSTEMIQ, which brings both funds and also a strategic partnership in forming consortiums worldwide,” said Paul Ellis, CEO of Electron. “This is our second strategic investment following on from TEPCO’s investment last year and represents a further vote in the confidence of our platform.”