Investment & Fund Management
a venture capital firm backed by the European Investment
Full Credential Description
FlexiDAO, a company specializing in software for the energy sector, faced significant challenges in providing transparency in the green energy market. Many consumers were misled into believing that purchasing green energy certificates guaranteed the sustainability of their energy consumption. However, the lack of transparency meant there was no direct correlation between consumer actions and the actual production of green energy, leading to concerns about the authenticity of green energy claims.
To address these issues, FlexiDAO developed a software solution that utilizes blockchain technology to enhance transparency in the energy grid. This software acts as a digital notary in real-time, ensuring that there is no double-counting of green energy and establishing a direct link between each unit of green energy produced and its carbon impact. This added layer of information allows energy retailers to provide consumers with reliable data, enabling them to make more environmentally impactful decisions.
The tailored solution not only improved transparency but also positioned FlexiDAO as a valuable partner for energy suppliers like EDP and Total, who can now offer a more reliable Corporate Social Responsibility (CSR) service to their clients. In 2019, FlexiDAO received an equity investment from SET Ventures, a venture capital firm backed by the European Investment Fund (EIF) under the EUs Investment Plan for Europe. This funding facilitated the hiring of additional software engineers and allowed the company to focus on international growth and sales.
As a result of these strategic initiatives, FlexiDAO has expanded its presence to nine countries and is poised to leverage blockchain technology further to address energy flexibility challenges, aiming to optimize grid efficiency amidst the variable supply and demand of renewable energy.