Peer-to-peer energy company Open Utility has secured funding from the Business, Energy and Industrial Strategy department’s Energy Entrepreneur fund to develop an online marketplace.
With a mandate to ‘democratise energy’ this new funding stream gives the company a greater opportunity to progress a new online marketplace for local electricity flexibility trading.
Fresh funding through the BEIS will allow Open Utility to develop online marketplaces like Airbnb and Uber, which “combine intuitive web design with scaleable resource optimisation algorithms to lower barriers to entry and unlock the value of under-utilised assets”.
Ian Marchant, former CEO of SSE and investor in Open Utility, said:”As the energy system evolves into one that is decentralised and decarbonised the role of the local distribution companies will change fundamentally.
“Local and peer to peer energy and flexibility markets with play a leading role in this change and I am delighted the BEIS are sponsoring this key piece of preparatory work with Open Utility”