Sustainable Energy-based Blockchain Project IOEN Raises $2.8M by leading Investors

Sustainable Energy-based Blockchain Project IOEN Raises $2.8M by leading Investors
Photo by Noah Buscher / Unsplash

It is no secret that many countries in the world are suffering from power problems. Even though technological advancements have pushed the world forward this century and last, multiple areas of the world remain in near darkness due to poor infrastructure, bad governance, and a lack of access to locally appropriate technology. Even in countries with decent infrastructure, electricity distribution sometimes leaves much to be desired with whole communities sometimes being left without power for days and even weeks at a time.

Separate from the problem of availability, how we produce and distribute electricity is also a problem. The industrial revolution brought with it advancement in almost every area of society, including using fossil fuels to produce electricity. The world saw expansion on an unprecedented scale and economies have been built on it. With these benefits though have come heavy costs to the environment. Rising sea levels, forest fires, global warming, and many more are all symptomatic of a bigger problem brought by the revolution and rising power needs.

To combat rising electricity requirements and the distribution problem, renewable energy has progressed over the past few decades to a point where it is both reasonably reliable for everyday needs, and the cheapest form of electricity production in many places in the world. But before it can be mass adopted to reach a net-zero global goal by 2030, it will require heavy investment.

One organisation trying to scale up this adoption, is the Internet Of Energy Network,  a project developed by the makers of RedGrid to link devices and use the Holochain platform to increase efficiency in energy distribution. Efficient distribution will largely drive down operating costs in many areas of the world as power will be used where it’s needed the most and less power overall will be needed to power city grids.

IOEN's Vision Attracts Industry Heavy Hitters

To further progress its goals, the project is raising awareness and attracting big players from the crypto sphere. It seems IOEN’s goal of cleaner, more accessible energy worldwide is shared by quite a few people who have deemed it fit to throw their hat into the ring.

SL2 Capital led the round, bringing in other heavy hitting names such as Polygon (Matic), Skyman Ventures, Holo, Mashable, Black Dragon, Insignius Capital, Twin Apex, Exnetwork Capital, Bullish Unicorn, AU21, Dizer Capital LLC, Solidum, and Extrwatts. It remains to be seen how well the funds raised will be used but the background of the team in RedGrid a similarly ‘green’ project raises hopes that they can duplicate their success with IOEN.

RedGrid is a project spearheaded by the same IOEN team, which consists of Oxford doctorate holder Adam Bumpus and a slew of other talents. While it is similar to IOEN in its general aim of creating better power consumption in communities, it is unlike IOEN, a profit-oriented venture. IOEN on the other hand is a not-for-profit enterprise. Redgrid also aims to integrate IOEN into its infrastructure in the future.

Adam Bumpus, IOEN Director & Co-Founder of Internet of Energy Network said,

"Since 2018, releasing the Internet of Energy Network has always been a part of our vision. Instead of launching immediately, we took the time to develop our technology, and test what works with world-leading corporate clients, through our business, RedGrid. Our technology and our products are creating value for households and virtual microgrids in Australia. It is now time to realise that vision, open our technology to the world, and rapidly accelerate the transition to a fully renewable energy future that’s accessible to everyone."

How IOEN Works

IOEN is a project built on Holochain. Holochain, unlike its more popular competitors, uses far less energy and has cheaper transaction costs. IOEN is leveraging this to create mini power grids in local communities worldwide. Each grid will consist of interconnected devices communicating to determine points on the grid where energy is needed the most. These grids will then connect between themselves to create a worldwide virtual grid of an energy value exchange marketplace.

If IOEN is successful it could significantly change the way energy is used in countries worldwide. Making energy not only less harmful to the environment but also efficiently distributed is a vision that could only be positive.

The project also intends to give some measure of power to local agents worldwide that will manage the grid. Agents will be able to acquire the IOEN token, and IOEC community currency, which among many other benefits will help them cover costs incurred in the running of each local grid.

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