Conjoule closes Series A investment from innogy Innovation Hub and TEPCO
11 Juillet 2017 - 8:30AM
JCN Newswire (English)
Conjoule GmbH, a start-up developing peer-to-peer energy markets
enabled by blockchain technology has closed a EUR 4.5 million
Series A investment round from two strategic investors, the innogy
Innovation Hub and Tokyo Electric Power Company Holdings, Inc.
(TEPCO).
Conjoule is developing a peer-to-peer marketplace for producers and
consumers of renewable energy, as well as owners of batteries and
other sources of flexibility, to transact with each other without
the need for traditional intermediaries. The platform and launch
product which allows residential prosumers with solar photovoltaic
installed on their homes to sell excess electricity to local
consumers are currently being piloted in two German cities.
The Co-Founder and Managing Director of Conjoule, Sam Warburton, is
a former employee of the innogy Innovation Hub. With a 20-year
record in trading-based energy systems he and his team are ideally
placed to develop new products for the decentralised energy world.
Using blockchain technology, the Conjoule team are building one of
the most exciting technology developments to enable new
transactional models in energy.
With this investment Conjoule will continue to grow its technical
team and to commercially launch the platform and initial product
that have been in pilot during 2017 in selected markets in Europe,
as well as to start the development and testing of the next
products in Conjoule's product roadmap.
"Conjoule has a clear vision to create tomorrow's energy system:
it's decentralised, digitised and customer friendly. It follows the
idea of the 'sharing economy' where consumers can buy energy
directly from their neighbourhood via Conjoule's platform. Conjoule
is another example of the innogy Innovation Hub portfolio where we
found and invest in new companies that have the potential of
exponential growth in the future," said Thomas Birr, Senior Vice
President Innovation & Business Transformation of innogy SE and
leading the innogy Innovation Hub.
"Blockchain technology will redefine what is possible within the
energy ecosystem," said Shin-ichiro Kengaku, Managing Executive
Officer and Chief of the Global Innovation & Investments at
TEPCO. "We look forward to partnering with Conjoule and the innogy
Innovation Hub to gain hands-on experience and drive the
transformation of the energy industry."
About Conjoule
Conjoule GmbH is a venture capital backed start-up that is building
the decentralised energy marketplace of the future where all
participants are able to transact electricity and flexibility
amongst each other as peers without the need for traditional
middlemen.
We are building disruptive new digital business models that
fundamentally redesign the way that energy market participants
interact with each other. Our first product, which is currently in
pilot testing, enables residential solar photovoltaic owners to
sell their excess electricity to local consumers on our
blockchain-enabled platform. The platform will provide market
access for grid edge assets to market energy, capacity and
flexibility.
Our investors include two of the world's leading utilities - innogy
with its Innovation Hub and Tokyo Electric Power Company Holdings,
Inc. (TEPCO). For more information visit http://www.conjoule.de
About Conjoule's Investors
Conjoule is backed by two of the world's largest utilities:
About the innogy SE and the innogy Innovation Hub
The innogy Innovation Hub is part of innogy SE, Germany's leading
energy company, with revenues of around EUR 44 billion (2016), 23
million customers, more than 40,000 employees and activities in 16
countries across Europe. With its three business segments Grid
& Infrastructure, Retail and Renewables, innogy addresses the
requirements of a modern, decarbonised, decentralised and digital
energy world.
At the innogy innovation Hub we are committed to drive
gaming-changing ideas to evolve an innovation portfolio for innogy.
Our purpose is to build, found or invest in new companies that have
the potential of exponential growth in the future, with the innogy
Innovation Hub as partner of choice. We focus on 'Machine Economy',
'Urban Exponentials', 'Smart & Connected', 'Disruptive Digital'
and 'Big Data'. Get more insights here:
https://innovationhub.innogy.com/
For more information visit http://www.innogy.com/en
Tokyo Electric Power Company Holdings, Inc. (TSE:9501),
headquartered in Tokyo, Japan, is the largest utility in Japan
serving millions of homes and businesses. Worldwide the company has
more than 34 subsidiaries and 32 affiliates in 8 countries and
employs approximately 42,060 people. Consolidated revenue for the
fiscal year ending March 31, 2017, totalled 5.3 trillion Japanese
yen. The company was established in 1951 and is listed on the First
Section of the Tokyo Stock Exchange. TEPCO's recent venture capital
investments include United Wind Inc., Via Science, Inc. and Moixa
Energy Holdings, as well as participation in the Energy Web
Foundation. For more information visit
http://www.tepco.co.jp/en/
About Conjoule
For enquiries about Conjoule please contact info@conjoule.com
For press enquiries please contact the following:
- For Conjoule: press@conjoule.com
- For innogy SE: Alexander Stechert-Mayerhofer, innogy SE,
alexander.stechert-mayerhoefer@innogy.com
- For TEPCO:
https://www4.tepco.co.jp/en/other/contact/media-e.html
Source: TEPCOConjoule GmbHinnogy Innovation Hub
Copyright 2017 JCN Newswire . All rights reserved.