Backed by investment group Eurazeo, the seven year old start-up operates services including microgrid trading of clean power generated on office campuses & industrial estates up and down the country.  Linking generating commercial tenants to consuming companies in neighbouring or adjacent premises is a key offering.

UrbanChain’s founders Somayeh Taheri and Mo Hajhashem, pictured, described the licence grant as a major milestone. It permits UC Energy Ltd to supply to non-domestic premises, elevating the quality of its product array offering to customers, while ensuring more control for its generator clients.

The two originators met at Manchester University and launched Urban Chain in 2017. It is based on the city’s Science Park.

Chief operating officer Mo said: “Obtaining our electricity supply licence from Ofgem ranks extremely high, as you have to pass a very rigorous due diligence process. It’s a major turning point for us.”

“This step will enable us to step up our ability to offer customers a real traceable choice of energy and advance UrbanChain’s plans for granular ESG ( – environmental, societal & governance  – ) tracking.”

UrbanChain’s deeptech platform for peer-to-peer energy exchange uses integrated smart contracts and machine learning to match generators of renewable energy and consumers on a half hourly basis – resulting in secure energy prices and secure physical flows for energy generators.

Local government organisations, companies from across the private sector, generators of renewable energy, energy suppliers and domestic households all trade within the regulated platform.

Two months ago, the company allied with business supplier Equans & Dudley Metropolitan Borough Council to create a virtual power plant (VPP) across council-owned buildings & homes on the West Midlands authority’s Brockmoor estate.

Reacting to Ofgem’s licence grant, the recipient’s portfolio director Garry Pickering explained:

“With UrbanChain now an official energy supplier, it ensures we have full control of our peer-to-peer matching process which enables greater security for generators of renewable energy.

“We will also have clearer transparency on data flows and it will allow us to roll out a new suite of products, ensuring generators have true choice in where their generation goes.”

UrbanChain employs 30 people. This month it revealed it is gearing up for a Series B funding round push towards the end of this year.

It follows last year’s successful raising of £5.25 million, led by Eurazeo.  Further backing comes at present from the Department for Energy Security & Net Zero and Innovate UK.

Somayeh Taheri, UrbanChain CEO, said: “We started UrbanChain with a mission to alleviate fuel poverty and to fix a broken inefficient energy market model.

“Our social responsibility values haven’t wavered and we see ourselves as more than a platform or an energy exchange, our role is to create communities.

“Renewable energy is not just for the well off and we are tackling this. Our goal is to connect as many generators as possible to their regional communities and local businesses.

“Peer-to-peer energy exchange is a choice in itself and if we can help all parts of society become renewable prosumers then we are succeeding in our core missions.”

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Two years ago, far-sighted West Suffolk Council teamed up with Manchester deeptech start-up UrbanChain to create a local market in green energy trading for small firms.

“It’s working and it has developed,” said Andy Oswald, who manages West Suffolk Council‘s energy generation.

“It’s a great result that we are powering our own estate using UrbanChain’s peer-to-peer network. Our partners are consuming 100% locally generated renewable electricity.”

Oswald’s local authority has 272kWp of solar PV installed on 10 commercial buildings based within the council-owned industrial estate. At nearby Exning, the rural council also runs its own 12MWp solar farm.

Peer-to-peer energy trading is a relatively new form of provision in Britain. It enables businesses, organisations and individuals to sell electricity to others directly, without the complexity and multimillion pound cost of paying Ofgem for a supplier’s licence. UrbanChain claims to be Britain’s leading provider of peer-to-peer exchange services.

Being part of UrbanChain’s peer-to-peer exchange has enabled the council’s renewable generators to make offers at least up to 35% better than open market tariffs.

Andy Oswald said: “We identified UrbanChain in 2021 and they were exactly where we needed them to be as they had developed a peer-to-peer platform.

“At first we were looking at it from a business point of view but we soon knew that UrbanChain’s platform could facilitate our long term goal of utilising our own solar farm energy for our estate.

Thurston, straight outta Bury St Edmunds

“What they do is use deeptech (- AI and Blockchain – to match local production with local consumption. That helps lift any worries regarding grid capacity, for example”, Oswald explained.

Self-styled market disruptors UrbanChain currently manage over 200GWh of renewable energy trades. The firm says it has a further 3.3TWh in its pipeline.

Founded in 2017 by Manchester University PhD Dr Somayeh Taheri and COO Mo Hajhashem, in May this year the company closed a £5.25m Series A investment round led by leading Paris-based global financiers Eurazeo. The six-year old start up also received this year a £430,000 investment from Whitehall’s Net Zero Innovation Portfolio, on top of funding from Innovate UK.

Using integrated blockchain and AI, UrbanChain matches generators of renewable energy and consumers on a half hourly basis.

Local authorities, social housing associations, power generators, private companies from multiple sectors, manufacturers, households and energy suppliers all feature as participants in UrbanChain’s UK renewable energy trading.

CEO Dr Somayeh Taheri said: “We firmly believe that UrbanChain is the future of electricity markets. Mildenhall Industrial Estate is just one example of the multiple benefits our peer-to-peer energy exchange platform provides.

“Put simply, we enable reductions for energy consumers who want to meet Net Zero objectives by consuming 100% clean, local and traceable energy. Every participant in an energy market benefits.”

Embracing public buildings including a leisure centre, a library, NHS and police facilities, the two-year old £39m Mildenhall Hub generates more electricity than it consumes, observed West Suffolk Council’s Oswald.

“Our solar farm, as well as some roof-mounted exported solar, is also feeding into UrbanChain’s peer-to-peer network and we are purchasing our electricity from it“, said the council officer.

“The great thing is that we are able to bring partner organisations on as both generators and consumers, but primarily as consumers.

“I think the electricity industry is now recognising the role of peer-to-peer networks as it is all about using electricity in a smarter way.”

West Suffolk’s energy boss added: “Consumers are recognising this as it can generate financial savings for businesses and organisations because it is a cheaper way to purchase electricity. That’s the bottom line. But it’s also 100% renewable and it is local energy.

“Solar’s downside is that it is cyclical and its generation is time-dependent“, Oswald went on. “But UrbanChain has brought generation assets including wind and hydro into their mix, so that reliable electricity is offered at night and on winter days.

“As a local authority signing up to it we hope that it will give other organisations the confidence to go with it too. It’s a new way of trading and purchasing electricity and we very much advocate it and hope more will take the leap of faith so to speak.”

For more information, contact UrbanChain or their media representatives.

The post SME-to-SME trades of clean solar power ‘cuts bills by up to 90%’ on Suffolk estate appeared first on theenergyst.com.

It comes after the Department for Energy Security & Net Zero awarded the company £430,000 through the Net Zero Innovation Portfolio (NZIP).

UrbanChain CEO Somayeh Taheri – pictured – described the funding as a fundamental step for the future of the UK’s energy market.

“We are delighted to receive funding from a scheme that enhances the opportunity for world-leading innovative solutions to be used for the greater good,” she said.

“Our peer-to-peer energy exchange is the only trading platform for renewable energy in the UK and the support from the Department for Energy Security and Net Zero will assist us in our plans.”

“The addition of electric vehicle charging stations and batteries to our trading platform is an important move for the UK economy and its carbon footprint. The return on investment will be maximised and payback time of the assets minimised.”

Taheri added: “People and businesses are facing a plethora of challenges at the moment and we help them by driving down their energy costs, boosting their energy security while also placing them firmly on the path to hitting net zero goals.

“It’s pleasing that the Department for Energy Security and Net Zero have placed such trust in us as we know that what we are doing is fundamental to the future of the UK’s energy market.

“With this funding we will further introduce balancing and settlement to our peer-to-peer energy market while continuing to drive forward our customer offering and welcoming more participants to the peer-to-peer exchange.”

Thirty-six other British companies received a share of £19m grant funding awarded in Round 9 of the Energy Entrepreneurs Fund (EEF) administered through the D-ESNZ, and forming part of the government’s wider plans to bring down the cost of energy.

Energy minister Graham Stuart said: “This funding will see the next generation of energy pioneers drive forward cheap and sustainable low-carbon technologies.

“This will not only deliver green jobs and lower the costs of energy to businesses but also foster world-leading solutions to net zero and economic growth.”

Through its AI and blockchain technology, UrbanChain profiles consumption behaviours and production patterns, in quest of the best match between consumers and renewable energy generators.  Once registered on the peer-to-peer exchange, consumers buy 100% local green energy. Savings up to 50% on energy bills are promised.

Renewable energy generators have no need to sell to intermediaries and intermediaries don’t then sell to the wholesale market.

Founded in Manchester in 2017, UrbanChain has now received £2.1m in government funding, including from Innovate UK.

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