A blockchain-based startup has won a $ 1 million grant for a project aimed to streamline the creation of a decentralized energy network.
The Colorado-based Grid7 is one of 95 grants sponsored by the U.S. Department of Energy (DoE), as announced on 16 July. The businesses are now at the second grant rate within the department’s Small Business Innovation Research (SBIR) program. The participating projects will benefit financial support from DoE for two years.
“Today, the U.S. Department of Energy (DOE) announced that it will award 95 grants totaling $95 million to 80 small businesses in 26 states. Funded through DOE’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, today’s selections are for Phase II research and development,” announced the DoE.
Grid7 received a $ 999,363 grant
As reported by the DoE, the blockchain-based startup Grid7 received $ 999,363 for its second phase of funding, while the total grants sum up $ 95 million. All winning projects aim to invest in the development of the US energy sector by using advanced tech tools.
Grid7 has a team of only three people, managing to receive in 2017 a $ 150,000 grant as part of the program’s first phase. As the Department of Energy explained, startups that “demonstrated technical feasibility for innovations during their Phase I grants competed for funding for prototype or processes development during Phase II.”
Grid7’s project aims to create a decentralized solar power network that will distribute energy data from buildings in a dispersed way. Furthermore, the startup intends to secure the system against cyber attacks.
“Small businesses play a major role in spurring innovation and creating jobs in the U.S. economy. The SBIR and STTR programs were created by Congress to leverage small businesses to advance innovation at federal agencies,” explained the Department of Energy.