April 11 (Renewables Now) - Verv, the London-based developer of a peer-to-peer renewable energy trading platform, has raised more than GBP 6.5 million (USD 8.5m/EUR 7.5m) in its Series A funding round.
Environmental fund Earthworm led the funding round by investing GBP 5 million, while the rest was contributed by sustainable accelerator InnoEnergy, Crowdcube and British energy company Centrica Plc (LON:CNA). Will Brocklebank, the head of projects and partnerships at Earthworm, has now taken a seat on Verv’s board of directors.
Verv, which is the trading name of Green Running Limited, has established a blockchain-based platform that enables homeowners with renewable energy generation such as solar arrays to sell their surplus power directly to neighbours.
Verv was set up in 2015 and in 2017 was selected to participate in Google’s global startup programme Launchpad. To date, it has raised over GBP 10 million and plans to use the newly-secured funds to scale up its peer-to-peer energy trading pilots and enter new markets.
Last year, Verv carried out the UK’s first peer-to-peer trade of energy on blockchain technology at one of its pilot sites in Hackney, London. The start-up aims to create a global network of smart hubs that provide a real-time breakdown of key appliance use and spend.
(GBP 1.0 = USD 1.307/EUR 1.160)