Role: 1105

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A Non-Executive Director (Non-Exec) with a background in technology with experience of Blockchain Hyperledger Fabric is required for our client who is based at Imperial College in London.

The business concept is to be an “Energy as a Service” provider (EaaS) where users can host solar panels for a discount on their energy bills plus commissions on surplus energy. 

The aim is to make renewable energy affordable for every home and business using Blockchain technology.

The company has recently strengthened their Board with the appointment of three Non-Executive Directors and is now looking to add one more.

It now seeks to fill this key role which will provide oversight, strategy and help build out the development team to continue to take forward this patentable technology.

The Non-Executive Technology Director will be encouraged to become a shareholder in the Company to align the incoming Non-Exec’s interest with that of the existing Directors who are all shareholders.

Business Concept:

Our client was formed in 2019 at Imperial College, London with the idea of offering consumers the opportunity to have renewable green energy by using a Peer 2 Peer network run using Blockchain technology.

  • Power generation is a leading contributor of greenhouse gas emissions.
  • Fuel poverty in the UK is on the rise, Ofgem reports a 10% increase in energy bills from 2017. Going off-grid is expensive, Households cannot afford solar installations.
  • There are no current incentives for solar installation in the UK which has fallen 94% since the halt of the feed-in-tariff.
  • Our client will provide their energy subscribers with freely installed solar panels, making it one of the top “Energy as a Service” providers (EaaS) in the UK and ushering in the era of peer-to-peer energy trading.
  • Company mission: to make renewable energy affordable for every home and business through energy sharing, powered by virtual solar farms and Blockchain technology.

 

Tremendous progress has been made in creating a next generation digital solution that will enable the trading of electricity in a myriad of ways (e.g. peer to peer, V2G, V2X, SEG and self-consumed). This disruptive solution is at the heart of the business model which will create a new type of clean energy provider, based around virtual solar farms.

The company has a working prototype which it is about to deploy in a series of real-life trials to be overseen by Imperial College. It has successfully raised early stage capital from investing non-executive directors and advisory board members demonstrating the interest and excitement around both the solution and the sector in which they operate. 

Market & Opportunity: 

  • The UK has over 21 million energy consumers. Energy accounts for 3.9% on average, of the UK household’s total expenditure. Ofgem reports Households and Businesses spend £55 billion on gas and electricity annually.
  • If our client is able to secure just 1% of the market their annual revenue would be well over £550,000,000.

 

Proposition: 

  • The company has raised close to £200,000, which provides working capital and matched funding for a £400,000 IUK grant application. There are further grant / competition applications under consideration and a number investors contemplating adding additional funding. The funding will be deployed in the following way:
    • 50% product – Blockchain development incl. team, energy supply licence, Patent filing
    • 35% Operations – Grant match funding, App and website development, Billing and CRM development
    • 15% marketing – Product demos (B2B), PR, Advertising, Social media

 

Non-Exec Director Role/Requirements/Expertise:

  • The company seeks a Non-Executive Director with technology experience as an advisor, who will help build and coach a team in the development of the Blockchain solution.
  • The Non-Executive Director is also likely to be the company spokesperson on technology matters and be involved in discussions with industry bodies together with other members of the Board (e.g. Ofgem)
  • You will have a strong conviction to a greener future.
  • Experience as a statutory Director, preferably of a growth company (plc not necessary).
  • Experience of all aspects of digital technology and a knowledge of Blockchain.
  • Constructively challenging but supportive style.
  • Suggested initial investment of £25k minimum.
  • Sufficient time to prepare well and attend Board and strategy meetings.
  • It is expected that the role will require approximately 3 - 5 days per month – more in the early stages.
  • The Non-Exec will be encouraged to become a shareholder in the Company to align the incoming Non-Exec’s interest with that of the existing Directors who are all shareholders. The company will be registered for the EIS scheme which provides 30% tax relief and up to 100% capital gains relief subject to status.

 

Closing Date:  Friday, 20th November 2020

 


 

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