Oldham’s Energi Mine raises remaining £4 million of ICO target in just 81 minutes

Omar Rahim, CEO at Energi Mine

Oldham-based Energi Mine has successfully raised the remaining £4 million of its £12 million Initial Coin Offering (ICO) target.

Having raised £8 million during the pre-sale period, Energi Mine opened its ICO to the public at 10 am yesterday. 81 minutes later at 11:21 am, the £12 million cap had been reached and the ICO was closed. Energi Mine is the first UK business outside London to successfully complete an ICO.

Energi Mine founder and CEO, Omar Rahim said: “The global interest in this ICO has been astounding.

"Investors have bought into our vision to revolutionise and reinvigorate the stagnant energy market using blockchain.”

In total, Energi Mine’s ICO has attracted contributors from over thirty countries with a mix of investors from larger crypto funds and the general public.

Energi Mine will now launch its new cryptocurrency, ETK Tokens, which reward people for consuming less energy, incentivising them to engage in energy-saving behaviour that will have a positive impact on the environment.

Omar said: “Until now there has been no incentive to save energy. Our blockchain solution will create a platform to reward energy efficient behaviour. The ETK Token will offer incentives for a range of energy-efficient behaviours from taking low-carbon transport to buying energy-efficient appliances. ETK Tokens can then be reused in the eco-system to help pay towards electric bills or even to charge electric vehicles.”

Energi Mine is set to announce a number of global partnerships in the coming weeks. The company is already developing the UK’s first crypto currency payment system for Electric Vehicle (EV) charging points.
Energi Mine shunned VC investment in pursuing an ICO, a fundraising method more commonplace in the US and Asia.

Omar 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. The hard work starts now.”

Energi Mine has also announced it is opening offices in Japan, the United States, South Korea and Germany.