Energi Mine aims to become the first UK business outside London to raise funds through a Token Sale to decentralise global electricity markets.
The Oldham-based company aims to raise $15 million through the crypto-currency sale to fund a block-chain-based business that uses deep learning artificial intelligence models to streamline the energy procurement process.
In the energy industry, blockchain technology** offers an opportunity to create disruptive business models in trading, supply chain management and retail. It might also be used to reduce operational risk and transactional costs, as well as to increase compliance; (** see link to BP vision, below)
Energi Mine aims to decentralise the $2 trillion global electricity markets which it says are closed and controlled by a handful of large players – with energy companies incentivised to sell more energy at the highest possible price.
Instead, the company is creating a platform that matches customers with smaller generators, as well as creating a global eco-system whereby users are rewarded with Energi Tokens for energy-efficient behaviour. Its prime market is selling and managing energy sales on behalf of corporates, but will also provide demand-side management services to non-traditional generators.
Energi Mine chief executive Omar Rahim previously managed over $3 billion worth of energy for energy giants which included Engie and Vattenfall before founding and successfully exiting his commodity trading business.
He said:“When it comes to energy, reward mechanisms must have a financial benefit to the user before behavioural change occurs. Therefore, we believe that the tokenisation of the market will be the only real driver to create a more energy-efficient system.
Energi Tokens can also be earned by energy saving behaviour, such as commuting via public transport, buying a BPV (electric car) or consuming less energy at home or in the workplace.
Chief operating officer Momin Hashmee – who previously acted as Global App Store Manager for Nokia – explained: “There is a direct correlation between an individual’s energy usage and their impact on the environment.
“Essentially, when a person consumes less energy, they reduce the number of toxic fumes that need to be produced by power plants in the first place to create that energy. This then conserves the earth’s natural resources and protects natural ecosystems from destruction.
“Each individual step a person takes to reduce their energy intake directly reduces their carbon footprint thus creating a more eco-friendly environment for us all.
“We plan to revolutionise the energy sector – changing the way energy is both traded and consumed.”
BP names blockchain technology as one of six next-generation technologies that matter for the energy industry
28 Sept 2017