Climate change represents one of the great challenges facing the modern world, but governments have thus far struggled to truly cope with the problems. Treaties and regulations are a start, but innovation may also play a role in decreasing the costs. Having completed the program at the Climate-KIC accelerator, an EU-backed institute managed by the European Institute of Innovation and Technology, British startup Open Utility wants to create an energy market by helping the average person to sell their excess power.
The platform, targeted at those who already operate their own renewable generators, looks to connect energy producers with local potential customers, be it their neighbors, local schools, or possibly their own business. On the other side, the goal of this project is to allow energy consumers to browse through various ‘green’ energy producers and find the most suitable price. For its part, Open Utility currently generates revenue by taking 150 pounds for every report that they create for energy producers.
The startup was founded last year, but it will be a while before the service opens up to the general public. They launched a pilot project in October 2014, but it will last for 16 months and, only then, will the platform officially launch.
Having completed a government-managed accelerator, it is not surprising that they also have external backing from several government programs. In addition to 40K pounds that they picked up from the accelerator, they announced last week that they have hauled in 310K pounds from the British government’s Energy Entrepreneurs Fund and another 150K pounds from the Nominet Trust, which funds innovative projects.
Several months ago, we profiled Ukrainian startup EcoisMe, a project which is doing its own part to combat climate change by aiding people in monitoring the energy usage of various electronic devices.