The US Department of Energy (DoE) has awarded a USD 1 million grant to blockchain-backed energy grid company Grid7.
The grant came during the DoE’s Small Business Innovation Research (SBIR) program as one of 95 businesses that passed the second stage, as announced by the DoE on Monday. Colorado-based Grid7 was chosen for its part in advancing the nations energy security, with the grant intended to fund the project for the following two years.
Grid7 comprises a three-person team, with the business aiming to develop an energy grid backed by blockchain technology for solar power sources. The decentralized nature of the product means that any data can be shared easily from buildings to electric grids, offering an improvement to standard power supply efficiency in a more secure fashion.
Data provided by the SBIR programme shows that Grid7 already benefited from funding that reached approximately USD 150,000 last year, allowing the project to complete the program’s first stage. Startups were required to demonstrate ”technical feasibility for innovations“, as well as provide a prototype during this phase in order to progress.
All together, 80 businesses across 26 states received the remaining capital from the DoE that totaled USD 95 million.
Blockchain in Colorado
Colorado is one of several states in the US that is championing the development of blockchain technology. Earlier this year, the state passed a bill employing blockchain tech in government record keeping and cybersecurity as a way of improving data collection and maintenance processes.
The innovative blockchain news startup partnered with Civil Media Co also began in Colorado last month. The project is looking to overturn corporate and advertising pressures news outlets find themselves subject to, with the hopes of offering ad-free, fake news-free source for readers. Their new model would rely solely on compensation received directly from readers.
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