Energi Mine appointed to develop the world's first cryptocurrency payment system for EV charging points

Date published: 06 November 2017

Energi Mine has been appointed to launch the world’s first cryptocurrency payment system for Electric Vehicle (EV) charging points.

The Oldham-based business has secured a contract with electric truck company, Electra Commercial Vehicles, to develop the payment system for its fleet of electric trucks.

Energi Mine has launched a blockchain-based platform to incentivise energy conservation with digital currency and decentralise the energy market. A new Energi Token (ETK), is at the core of Energi Mine’s energy efficiency reward system, with users rewarded for energy saving behaviour.

“This is a hugely significant appointment for the business and opens up a world of opportunities,” said Energi Mine CEO, Omar Rahim.

“There is a global push towards energy conservation while cryptocurrencies are becoming increasingly mainstream.

“Our initial aim is for Energi Tokens to be adopted as a common currency for all EV charging points in the UK. Our intention is then to work with our network of partners to roll this out internationally.”

Mr Rahim added: “As an example, a vehicle manufacturer may buy Energi Tokens to give away with a brand new EV charging point. This is effectively giving the customer some credit towards running their purchase. The idea being that those who are most dramatically reducing their energy footprint should benefit the most.”

This year’s Queen’s Speech introduced plans to make motorway service and major petrol station chains install EV charging points and earlier this month Shell opened its first EV charging points at three gas stations in Britain.

Last week, the House of Commons also debated the Automated and Electric Vehicles Bill, with Transport Minister John Hayes saying the Government would discuss changing planning rules to ensure more EV charging points were in place.

Mr Rahim said: “Electric vehicles are here to stay.

“The transport sector makes up 30% of global energy consumption but everything is moving towards decreasing energy consumption.”

Energi Mine was named as one of the world’s most exciting blockchain start-ups at this year’s Initial Coin Offering (ICO) Summit in Zurich, where Omar Rahim launched the company’s new digital token, ETK.

The company is currently preparing to raise funds through a Token Sale, the new way for companies to raise money through cryptocurrency.