Bolton tech company launches energy saving ‘cryptocurrency’

Energi Mine, an energy trader that uses AI technology to help clients, has announced the pre-sale of a pioneering digital currency that could revolutionise the way energy efficient behaviour is rewarded.

Posted on 6 December 2017

Energi Mine, an energy trader that uses AI technology to help clients, has announced the pre-sale of a pioneering digital currency that could revolutionise the way energy efficient behaviour is rewarded.

Energi Mine buys and sells energy on behalf of large businesses, using cutting-edge artificial intelligence (AI) to manage energy consumption for over 1,100 sites across Europe.

However, it is the company’s latest project that could be taking the energy sector into wholly new territory. 

Incentivising energy efficiency

Energi Mine has developed ‘Energi Tokens’, a digital currency like Bitcoins, which can be earned or bought by consumers to pay for energy bills or sell to others.

The idea is to financially reward consumers for energy saving behaviour by ‘tokenising’ the energy market through a ‘blockchain’ platform.

For example, local authorities could award tokens to commuters that use public transport, a manufacturer could award tokens for buying energy efficient appliances, or an energy company could award tokens for using less energy at home or in the workplace. 

The Energi Token has a cash value and can be sold by the owner, but could also be used to pay directly for energy bills or using electric vehicle charge points.

‘Interest from around the world’

Energi Mine’s aim is to turn the energy market’s financial incentive to sell ever more energy on its head by incentivising consumers to consume less.

Omar Rahim, chief executive, said: "Since September, our team has travelled the globe talking to governments, corporations and the general public to make them aware of our scheme to reduce global energy consumption. There is interest in this project from around the world.

"The ultimate goal is of course to reduce global energy demand. It is very difficult to change human behaviour and at the start of any movement it is necessary for there to be a financial reward. In the long term, wasting energy will become taboo - but we are not there yet."

The company has now launched its first pre-sale of tokens online to early adopters, with the aim of raising £12 million to develop the platform. 

 

Posted under General Interest and Energy and Renewables on 6 December 2017