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.
Founded in Spain, FlexiDAO partnered with Spanish energy firms such as Iberdrola and Acciona in 2018, which it later worked with to guarantee the renewable origin of green hydrogen.
Back in 2019, FlexiDAO made it onto the top 100 list of the Startup Energy Transition (SET). The SET awards were presented by the German Energy Agency (Dena) and the World Energy Council.
FlexiDAO uses Energy Web‘s technology and is an associate member of the organization. That means its technology is based on an Ethereum-derived public blockchain that uses Proof of Authority.