electrify_funding_news

Singapore-based retail electricity marketplace ELECTRIFY today announced that it has raised US$30 million from institutional and individual investors via token sale.

The funding round also included participation of OmiseGo CEO Jun Hasegawa, Ethereum co-founder Wendell Davis, and Japanese venture capital firm Global Brain.

ELECTRIFY provides an online marketplace for customers to buy electricity plan and a peer-to-peer energy trading platform called Synergy.

Since March 2017, the company claimed to have transacted more than 30GWh of electricity for commercial and industrial customers, with a collective value of more than SG$5 million (US$3.7 million).

In a press statement, ELECTRIFY said that it will use the new funding to support international expansion plan to Southeast Asia, Japan, and Australia as more countries have started to “liberalise their electricity markets.”

The company will also use the funding for growth, talent acquisition, and product development.

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In H2 2018, starting in Singapore market, ELECTRIFY plans to host retail electricity smart contracts that will allow consumers to browse and purchase electricity from a variety of energy providers. The smart contracts will be enabled by a digital wallet feature to facilitate transcations such as bill payments and platform service fees.

The startup is also exploring building ecosystem-driven solutions using OmiseGo’s tech and executing it on the blockchain.

“Our vision for ELECTRIFY is to build a better and smarter electricity network, and it starts with an intelligent energy ecosystem,” said ELECTRIFY COO and Co-Founder Martin Lim.

“Built on the tenets of blockchain, our solution will drive down operating costs, ensure the transparency of contracts, and also speed up and streamline contract validation and auditing. As retailers become more efficient, we foresee this translating into greater cost savings and convenience for consumers across the Asia-Pacific market,” he closed.