Energy company launches fundraise as it moves to Manchester Science Park base
UrbanChain, the company behind peer-to-peer energy exchange is moving headquarters as it undergoes a Series A fundraising campaign.
Staff will make the switch to the 91,000 sq ft Base at Manchester Science Park, a £21m will be a hub for Industry 4.0, computer engineering, energy technology and low carbon, robotics, light manufacturing, materials science, gaming and animation businesses.
Dr. Somayeh Taheri, UrbanChain CEO, said: “We are delighted to be taking these next steps in our journey.
“Base aligns with us as a company and is of course on the Oxford Road Corridor, one of the top five innovation districts in Europe.
“After UrbanChain was founded in 2017 we went on to win all 30 competitions that we entered which was a non-traditional way of fundraising an early stage business.
“We are in dialogue with a number of investors at present as we continue to embark on a Series A fundraiser which will enable us to implement our growth strategy.”
UrbanChain is behind the only renewable energy market, the P2P (peer-to-peer) Exchange.
Through AI and blockchain the exchange assesses an energy buyer’s needs and finds renewable energy producers that can match them half-hourly.
The P2P Exchange ‘de-couples’ renewables from the gas market and enables direct transactions with corporate consumers.
The model sees corporate entities save on their energy bills while achieving 100% NetZero goals while ‘significantly increasing renewable assets’ return on investment.’
Towards the end of last year UrbanChain welcomed Together Housing Association to its P2P alternative energy market. Two hotels were also onboarded in 2021, joining a long list of corporate companies to have already made the switch.
added: “UrbanChain’s P2P green energy exchange model enables consumers to place an exact order for electricity and for generators to meet that order. They buy and sell green energy amongst themselves in an alternative, safe and unique energy market.
“Rising energy bills are playing a significant role in the cost of living crisis. And the UK’s complex energy market model has for too long remained the same.
“Through technology we have the solution and are well positioned to onboard corporate companies given the amount of renewable energy generators we have in our exchange.”