Launched in 2017, the Manchester headquartered energy technology company runs the leading peer-to-peer (P2P) energy exchange in the UK, a unique energy market and trading platform for renewables.
UrbanChain has previously received significant investment from Innovate UK and the Department for Energy Security & Net Zero.
Powered by an integrated blockchain and AI system, it matches generators of renewable energy and consumers on a half hourly basis - and continues to disrupt the market by reducing bill prices for businesses and households. Through its P2P exchange, the company enables access to true affordable green energy for everyone while driving forward the net zero agenda.
Following the conclusion of the Series A, UrbanChain will expand into new international markets, starting in Ireland. The firm will also enhance its technology infrastructure and grow its workforce from 10 to 21 by December 2023.
With 150 GWh (gigawatt hours) of power under management and almost 1.2 TWh (terawatt hours) in the pipeline, UrbanChain’s turnover is set to grow well beyond £22 million over the next 12 months.
The deal sees Eurazeo become UrbanChain’s major shareholder.
“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” said UrbanChain CEO Dr. Somayeh Taheri.
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