Blockchain Startup EnergyXchain Receives $225K USD Grant From National Science Foundation

Blockchain, News | April 10, 2019 By:

Blockchain startup EnergyXchain has received a $225,000 grant from the National Science Foundation (NSF) Small Business Innovation Research (SBIR).

Formed in May 2018, EnergyXchain is creating blockchain technology to transform the natural gas industry’s transaction processes.

NSF is an independent federal agency tasked with keeping the United States at the leading edge of discovery in areas from astronomy to geology to zoology. The agency awards startups and small businesses through the Small Business Innovation Research (SBIR)/Small Business Technology Transfer (STTR) program, also known as America’s Seed Fund. In addition to funding research in the traditional academic areas, the agency also supports “high-risk, high pay-off” ideas, novel collaborations and numerous projects that may seem like science fiction today, but which the public will take for granted tomorrow.

Once a small business is awarded a Phase I SBIR/STTR grant (up to $225,000), it becomes eligible to apply for a Phase II grant (up to $750,000). Small businesses with Phase II grants are eligible to receive up to $500,000 in additional matching funds with qualifying third-party investment or sales.

EnergyXchain said that its founders have started more than 20 businesses, but this is their first time utilizing NSF funding.

“I just returned from the SBIR Bootcamp where 190 other grant-awardee companies presented our Lessons Learned,” said Rob Norris, CEO and co-founder of EnergyXchain. “Being vetted by NSF is great confirmation of your ideas, but I was even more impressed with the NSF leadership and shared access to programs that give EnergyXchain a far better chance to succeed.”

Graciela Narcho, Acting Director of the Division of Industrial Innovation and Partnerships at NSF, said that the NSF supports startups and small businesses with the most innovative, cutting-edge ideas that have the potential to become great commercial successes and make huge societal impacts.

“We hope that seed funding will spark solutions to some of the most important challenges of our time across all areas of science and technology,” said Narcho.