Conjoule Raises €4.5M in Funding Round
Germany-based blockchain energy startup Conjoule has raised €4.5m in its Series A funding round, led by Japanese energy conglomerate TEPCO.
Conjoule also received funding from the Innogy Innovation Hub, which incubated the project from its inception. Of the amount announced, TEPCO contributed €3m.
Conjoule is developing a peer-to-peer marketplace for producers and consumers of renewable energy, as well as owners of batteries and other sources of flexibility, to transact with each other without the need for traditional intermediaries. Using blockchain technology, the Conjoule team aims to enable new transactional models in energy.
The platform and launch product, which allows residential prosumers with solar photovoltaic installed on their homes to sell excess electricity to local consumers, are currently being piloted in two German cities.
The company will use the funds to continue to grow its technical team and to commercially launch the platform and initial product, as well as to start the development and testing of the next products in Conjoule’s product roadmap.
“Blockchain technology will redefine what is possible within the energy ecosystem,” said Shin-ichiro Kengaku, Managing Executive Officer and Chief of the Global Innovation & Investments at TEPCO. “We look forward to partnering with Conjoule and the Innogy Innovation Hub to gain hands-on experience and drive the transformation of the energy industry.”
