UK blockchain company Electron has secured investment from SYSTEMIQ, an investment and advisory firm that tackles system failures.
The deal comes just two months after Electron attracted a consortium of nine energy industry heavyweights to work on bringing a decentralized energy trading platform to market.
Last year it also clinched investment from Tokyo Electric Power Company Holdings, Inc. (TEPCO) and won substantial funding from the UK government’s Energy Entrepreneurs Fund.
Irena Spazzapan, SYSTEMIQ’s head of energy, said: “SYSTEMIQ’s mission is to enable good disruptions through our work with corporates, investors and early stage companies.
She added that in the energy sector this meant “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.”
Electron chief executive Paul Ellis said: “We welcome the investment from SYSTEMIQ, which brings both funds and also a strategic partnership in forming consortiums worldwide. 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.”
In February, Electron established a nine-firm consortium aimed at commercializing its software, which is planned to facilitate the trading of balancing power and other grid-quality products.
In the development stage, the project was supported by Siemens on technical implementation and National Grid on market design. Both firms continue to participate and the nine firms in the consortium are Baringa, EDF Energy, Flexitricity, Kiwi Power, Northern Powergrid, Open Energi, Shell, Statkraft and UK Power Networks.
Paul Massara, the former head of RWE npower, joined Electron’s board in April 2017 in a move that was widely seen as a testament to the energy sector’s growing recognition of the opportunities represented by blockchain.
VIDEO: Electron’s chief operating officer Jo-Jo Hubbard explains blockchain.