Japanese energy conglomerate TEPCO has invested in in blockchain startup Conjoule's €4.5m funding round.
The Germany-based startup, which is focused on developing peer-to-peer energy trading solutions using blockchain, also received funding from the Innogy Innovation Hub, which incubated the project from its inception. Of the amount announced, TEPCO contributed €3m, according to an official statement from the firm.
The round's closure, announced today, marks a major foray into the blockchain space for TEPCO, which was among a group of energy firms taking part in a blockchain energy initiative in May. A growing number of energy firms have moved to test blockchain in the past year, exploring the tech in an effort to bild more decentralized energy trading tools.
Shin-ichiro Kengaku, managing executive officer and head of TEPCO's global innovation and investments unit, said in a statement:
"Blockchain technology will redefine what is possible within the energy ecosystem. We look forward to partnering with Conjoule and the innogy Innovation Hub to gain hands-on experience and drive the transformation of the energy industry."
The Conjoule team will use the new funds to expand its tech team, as well as advance its platform to commercial scale. The startup said that it has been piloting its solution "in selected markets in Europe" since the start of the year.
Image via Shutterstock