Energy Start-up Grid Raises $40 Million

Energy Start-up Grid Raises $40 Million

ConsenSys raised about $40 million during the initial coin offering (ICO) presale for Grid+, its commercial electricity retail business and eventual e

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ConsenSys raised about $40 million during the initial coin offering (ICO) presale for Grid+, its commercial electricity retail business and eventual energy-sharing marketplace.

As cryptocoinnews.com wrote, the Grid+ ICO will launch to the general public next month, and is reportedly relying on the efficencies of the Ethereum blockchain to automate billing and payments.

According to the article, customers will pay for their electricity in real time using a BOLT, a USD-backed token. Alex Miller, Grid+ co-founder, spoke to cryptocoinnews.com:

“Transformation of the energy sector comes down to a shift in economic incentives. By exposing customers to market-driven pricing, which is traditionally obfuscated, next-generation utilities like Grid+ incentivize consumers to purchase distributed energy resources (DERs), such as photovoltaics and batteries, and turn them into revenue streams”

“Blockchains like Ethereum connect these DERs through a natively p2p transactive layer. The end result is a shift of supply from upstream generators to local prosumers who transmit their power over much shorter distances.”, as he added.

Grid+ has plans to expend its business into an energy-sharing markerplace where customers can sell surplus solar or battery power to other users of the network.

To build its user base, the company is selling one-time use GRID tokens that will give customers discounts on electricity purchased from Grid+, according to cryptocoinnews.com. The idea is that users will be given the chance to exchange each GRID token for the right to purchase 500 kWh of electricity at the wholesale price.

The presale was closed by the team after selling the 45 million tokens allocated to it, as the online media commented. The presale was open to the public, but participants had to make a minimal contribution of $50, 000 and complete a KYC process. Cryptocoinnews.com noted in their report that  token prices are fixed, but presale contributors received volume discounts of up to 35%.

The official Grid+ ICO is to start on October 30.

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