Role: 1106

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An Advisory Board Member with a commercial legal background ideally with a knowledge of the energy sector 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) through the creation of virtual solar farms using proprietary technology, where prosumers and consumers benefit from a discount on their energy bills plus revenue on surplus energy generated. 

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 four Non-Executive Directors and two Advisory Board members. 

It seeks to fill this key role with someone who is a practising or recently retired commercial who ideally has experience of the energy markets and in particular PPA (power purchase) agreements.

The Advisor will be encouraged to become a shareholder in the Company to align the incoming Advisory Board Members interest with that of the existing Advisors and Directors who are all investors / 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 proprietary 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

 

Advisory Board Member/Requirements/Expertise:

  • The company seeks an Advisory Board member with experience of being a commercial lawyer ideally with knowledge of the energy sector and PPA (power purchase agreements).
  • You will have a strong conviction to a greener future.
  • Suggested initial investment of £25k minimum.
  • Sufficient time to prepare well and attend Advisory Board meetings.
  • It is expected that the role will require approximately 2-3 days per month – more in the early stages.
  • The Advisory Board member will be encouraged to become a shareholder in the Company to align themselves with the position of the existing Directors, Non-Executive Directors, and Advisory Board members who are all investors / 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, 27th November 2020

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