News

UrbanChain, Blockchain Energy Trading Platform, Has Raised £5 Million From Eurazeo

Key Points:
  • UrbanChain, an energy technology business, has raised £5.25 million in a Series A funding round headed by Eurazeo, a worldwide investment group specializing in climate and smart city technologies.
  • In the United Kingdom, UrbanChain operates a peer-to-peer (P2P) energy exchange that uses blockchain and AI technologies to link renewable energy suppliers with customers on a half-hourly basis. The money will be used to grow into overseas markets, improve technical infrastructure, and hire more people.
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!”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Chubbi

Coincu News

Chubbi

Recent Posts

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

17 minutes ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

1 hour ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

2 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

3 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

5 hours ago

Bonk’s ICO Was Just the Start: Why BTFD Coin’s Stage 7 Price Rollback Is Your Second Shot at Crypto Glory

BTFD Coin is offering a chance to relive the glory days of meme coin investing,…

6 hours ago

This website uses cookies.