Energi Mine launches Token Sale
Date published: 01 December 2017
Omar Rahim, CEO at Energi Mine
On the day virtual currency Bitcoin hit a record high, Manchester-based Energi Mine has revealed plans to raise £12 million for its new cryptocurrency, ETK Tokens.
Energi Mine - a Blockchain-based business that uses Deep Learning Artificial Intelligence models to trade and manage energy - has launched its Token Sale after months of travelling the globe talking to governments, corporations and the general public to make them aware of its initiative to reduce global energy consumption.
A Token Sale is an event in which a new Blockchain project sells part of its protocol tokens to early adopters and enthusiasts in exchange for money. Energi Mine is the first UK business outside London to undertake a Token Sale.
Energi Mine has shunned VC investment in pursuing a Token Sale, a fundraising method more commonplace in the US and Asia.
The company has launched a blockchain-based platform that aims to decentralise the global energy market by incentivising energy conservation
The newly launched platform is aiming to change the market by encouraging consumers and organisations to reduce their energy consumption. It hopes to achieve this by issuing ETK Tokens to reward energy efficient behaviour, such as taking public transport or buying energy efficient appliances.
Token holders can redeem ETK Tokens on the Energi Mine platform to pay for energy bills, electric vehicle recharging, exchange them for fiat currency instead, or trade them directly with transport authorities to pay for their trip. With the process designed to be as frictionless as possible, users will receive their tokens via a simple-to-use App, which they will receive from local transit authorities such as the Transport for London. It is hoped that behaviours can be influenced via rewards.
Furthermore, through Energi Mine’s decentralised platform, excess energy from a consumer can be sold to a different consumer at transparent market prices, rather than sold to a power supplier at a rate determined by the power supplier.
In recent weeks, the business has also been appointed to develop the UK’s first crypto currency payment system for Electric Vehicle (EV) charging points.
Energi Mine’s advisory board includes Lord Rupert Redesdale who has an extensive history in the energy sector having been the Liberal Democrat spokesman for Energy in the House of Lords. He has been a member of the House of Lords since 1991, has worked on a large number of energy related pieces of legislation and has tabled more Private Members Bills on energy regulation than any other Peer.
Omar Rahim, CEO at Energi Mine said: “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. There is interest in this project from around the world.
“The ultimate goal is of course to reduce global energy demand. It is very difficult to change human behaviour and at the start of any movement it is necessary for there to be a financial reward. In the long term, wasting energy will become taboo - but we are not there yet.”
Energi Mine has a three-stage fundraising plan, with tranches at £4 million, £8 million and £12 million.
“The funding will go towards the building of the platforms to allow energy saving behaviour to rewarded, plus our peer to peer trading exchange,” added Omar Rahim.
Energi Mine is being advised in the UK by EY and Gateley plc.