Blockchain Firm Energi Mine, ON5 UK Partner To Make Wasting Energy Taboobr>
Based in the United Kingdom, Energi Mine develops products in the energy management sector. It uses deep learning artificial intelligence models to trade and manage energy. The company has a blockchain-driven platform that decentralizes the global energy market by incentivizing energy conservation. It currently manages over $140 million worth of energy on behalf of over 1,100 sites across Europe with existing revenue of $500,000.
ON5 UK provides digital enabled solutions that help property owners and tenants to save energy. The company’s solutions help address all the challenges and issues that a property owner or a landlord runs into to renovate their property. They also help energy consumers to save energy at home, at work and in transportation. Over the last 5 years, the company’s business models have helped incentivize 400,000 stakeholders to save energy.
The partnership will allow ON5 to integrate the Energi Mine rewards platform into their existing campaigns, which will allow ON5 to offer tangible financial rewards to businesses and individuals for engaging in energy saving behavior in the form of Energi Mine’s EnergiToken (ETK).
“Our goal is to encourage energy saving behaviour through a series of programmes. Over the course of our experience, we’ve found that generating behaviour change is a long and challenging process and so rewards are required to make the changes stick,” Myriam Maestroni, Founder and President of ON5. “EnergiToken for us represents the last piece of the puzzle, helping us provide tangible financial rewards for energy saving behavior.”
The ETK tokens can be used through the EnergiToken app for paying energy bills, charging electric cars or even simply exchanged for fiat currency. Since ETK has a real financial value, it also creates a ‘profit’ motivation for consumers to conserve energy, resulting in people who are naturally motivated to save energy due to the financial reward, and subconsciously reinforcing energy saving positive behaviors.
“The partnership is a natural fit for us as both teams come together with the same passion for generating behavioral change,” said Omar Rahim, CEO of Energi Mine. “We want to make energy overconsumption considered a social taboo, much like has happened with smoking in public places. By pairing something as impactful as tangible financially rewarding good behavior with ON5’s wealth of experience in changing people’s approaches to saving energy, we have the power to shift social norms firmly toward making energy saving behavior an unconscious reflex.”