Blockchain Energy Start-Up Gets 4.5 Million EUR

Blockchain Energy Start-Up Gets 4.5 Million EUR

Conjoule is a German-based start-up that is focused on developing a peer-to-peer marketplace for producers and consumers of renewable energy.

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Japanese energy conglomerate TEPCO has reportedly invested in blockchain start-up Conjoule`s funding round A. The investment amounts to 4.5 million EUR.

Conjoule is a German-based start-up that is focused on developing a peer-to-peer marketplace for producers and consumers of renewable energy, as well as owners of batteries and other sources of flexibility, to transact with each other without the need of traditional intermediaries, as Tepco explained in a press release.

“Conjoule has a clear vision to create tomorrow´s energy system: it´s decentralised, digitised and customer friendly. It follows the idea of the ‘sharing economy’ where consumers can buy energy directly from their neighbourhood via Conjoule´s platform. Conjoule is another example of the innogy Innovation Hub portfolio where we found and invest in new companies that have the potential of exponential growth in the future.”, said  Thomas Birr, Senior Vice President Innovation & Business Transformation of innogy SE and leading the innogy Innovation Hub.

As the Managing Executive Officer and Chief of the Global Innovation & Investments at TEPCO explained:

Blockchain technology will redefine what is possible within the energy ecosystem.”

“We look forward to partnering with Conjoule and the innogy Innovation Hub to gain hands-on experience and drive the transformation of the energy industry.”, as he added.

The innology Innovation Hub is part of innogy SE, Germany`s leading energy company, with revenues of about 44 billion EUR in 2016, 23 million customers, and more than 40,000 employees and activities in 15 countries across Europe.

Shin-ichiro Kengaku, managing executive officer and head of TEPCO’s global innovation and investments unit, said in a statement quoted in coindesk.com:

“Blockchain technology will redefine what is possible within the energy ecosystem. We look forward to partnering with Conjoule and the innogy Innovation Hub to gain hands-on experience and drive the transformation of the energy industry.”

The Conjule team is reportedly using the new funds to expand its tech team and advance its platform to commercial scale. The start-up commented that it has been testing the solution “in selected markets in Europe” since the start of the year, as coindesk.com wrote in an article.

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