Energi Mine, a global energy solutions company, today announced the launch of its Blockchain-based platform, designed to incentivize energy conservation with digital currency and decentralize the $2 trillion global energy market. A new digital token, ETK, will be at the core of Energi Mine’s energy efficiency reward system.
Energi Mine also confirmed the appointment of Lord Rupert Redesdale to Energi Mine’s advisory board, further bolstering the company’s bench of energy industry leaders. Lord Redesdale is a member of the House of Lords and CEO of the Energy Manager’s Association, Carbon Management Association, and Low Energy Company. He will provide Energi Mine his sharp business acumen and deep knowledge in energy efficiency and energy management.
The current electricity market approach encourages energy companies to sell as much energy as possible, at the highest price possible. It’s a broken and even dangerous approach in a time when the perils of climate change are increasingly evident. Recognizing this paradox, Energi Mine will instead encourage consumer and organizations to reduce energy consumption, by issuing ETK tokens to reward energy efficient behavior, such as taking public transportation or buying energy-efficient appliances.
ETK tokens will have a market value. Thus, token holders may redeem the ETK tokens on the Energi Mine platform to pay for energy bills, electric vehicle recharging or exchange for fiat currency. For example, local city transit authorities, such as Transport for London, would encourage commuters to use public transportation instead of gas-guzzling alternatives by rewarding them with ETK tokens. Once earned, commuters can either cash in their ETK or trade the token directly with the transit authorities to pay for their trip.
Leading the Energi Mine team is Omar Rahim, sporting successful exits for two energy trading companies prior to founding Energi Mine and possessing over 12 years of experience in energy trading for some of the largest energy companies in the world, including Engie and Vattenfall.
“The energy sector needs a bold, new solution, and the Energi Mine Blockchain-platform is it,” said Omar Rahim, CEO of Energi Mine. “Existing energy incentive programs have been met with limited success, because they do not reward good energy practices or increase competition among energy suppliers to drive down prices. Energi Mine does both.”
In most electric power markets today, energy produced by a consumer generator that exceeds what that consumer needs is sold back to the power supplier at a rate determined by the power supplier. However, with Energi Mine’s decentralized platform, excess energy can instead be sold to a different consumer at transparent market rates.
