Today blockchain startup FlexiDAO announced a $6.5 million Series A funding round. Dutch cleantech fund SET Ventures led the round, with investment from Google, Microsoft Climate Innovation Fund, and existing backer EIT InnoEnergy. Both Google and Microsoft are already clients of FlexiDAO, which provides solutions for corporates to monitor their renewable energy usage.
FlexiDAO wants companies to live up to claims that they use 100% renewable energy. Hence it provides a blockchain-based energy traceability solution that tracks all energy usage back to the source. Wind and solar energy might not be available 24/7, meaning that, in reality, corporates are likely using fossil fuel energy even if they don’t intend to. That’s because most contracts are measured annually rather than hourly, which is FlexiDAO’s goal.
Hence FlexiDAO has a blockchain solution that provides a 24/7 Carbon-free electricity (CFE) score. It recently ran a pilot with Microsoft for a Netherlands data center using power sourced from Eneco. Microsoft used CFE for 78% of the hours. Another client for the 24/7 CFE score is Vodafone.
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