Blockchain Firm Energi Mine Raises 15M USD in ICO

Announcements, Blockchain, ICO News | February 6, 2018 By:

UK-based blockchain firm Energi Mine has raised $15 million in its initial coin offering (ICO), which closed on February 1. The company raised $11 million in a pre-sale and reached its $15 million cap in the first 81 minutes of the public sale.

Energi Mine is an existing business, based in its own offices in Manchester, UK – run by a team of both energy and tech professionals. The business currently focuses on the business sector, and manages over $140 million worth of energy on behalf of over 1,100 sites across Europe with existing revenue of $500,000.

Energi Mine owns all of its own IP, and has a suite of Deep Learning/Artificial Intelligence models that are operational in relation to its clients’ energy data. The company adds value to its clients by advising on risk management strategies in the procurement of energy as well as using predictive modeling to give clients a unique insight in to their energy consumption.

The company intends to capitalize on its market position and expertise by building a blockchain platform that aims to decentralize the global energy market by incentivizing energy conservation. Its ETK Token will be used as incentives for a range of energy-efficient behaviours from taking low-carbon transport to buying energy-efficient appliances. ETK Tokens can also be reused in the ecosystem to help pay towards electric bills or even to charge electric vehicles.

For example, if a commuter is encouraged to use public transport by the local city authority, they could be rewarded by being given ETK. ETK then has a cash value, but could also be used to pay directly for the commuter’s domestic energy bill, or charge their EV.

Energi Mine is set to announce a number of global partnerships in the coming weeks. Its Tokyo office will open in the coming weeks, with new offices in Korea, Germany and the United States opening in the first quarter of 2018.

“The global interest in this ICO has been astounding,” said Energi Mine founder and CEO Omar Rahim. “Investors have bought into our vision to revolutionize and reinvigorate the stagnant energy market using blockchain. 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. The hard work starts now.”