UK-based energy-saving blockchain platform Energi Mine, which recently completed a USD 15 million fundraising sale of its /ETK tokens, announced on Monday the start of a collaboration with the UK’s Energy Managers Association (EMA), whose members represent some of the largest energy consumers in the country.
The Energi Mine platform financially rewards people and businesses for energy saving behaviour. The company stated that the collaboration meant that employees of EMA firms, including Network Rail, will be financially incentivized to reduce energy consumption and their carbon footprint with the distribution of /ETK tokens as rewards. The tokens are redeemable on cryptocurrency exchanges and accessible via a smartphone app, which can be set against energy bills, to pay for electric vehicle recharging or exchanged into cash, the press release stated.
Lord Redesdale, CEO of the Energy Managers Association, said “Reducing energy in businesses relies heavily on engaging employees, using the ETK reward scheme will incentivise people to save energy at work.”
Today’s announcement comes just weeks after Energi Mine completed a successful fundraising round; the /ETK token sale target was reached in just 81 minutes and a total of USD 15 million was raised, the release stated. The collaboration with the EMA is the first publically announced trial for the employee incentive scheme.
Wendi Wheeler, Chair of the Energy Managers Association and Energy & Carbon Strategy Manager at Network Rail said, in a statement, “A company’s staff is one of the greatest untapped energy efficiency opportunities. Unlocking that potential to realize energy savings and sustaining those savings is often something that companies struggle to achieve. This is an interesting innovation in the employee engagement arena, and I’m keen to see how it can benefit EMA members – and indeed Network Rail – as trials are developed.”
Energi Mine said the /ETK token trial is the first step in its peer-to-peer platform rollout. Ultimately, it plans for global coverage, enabling energy and cost savings worldwide.
“With Energi Mine and by utilising EnergiTokens, we are rewarding energy-saving behaviour,” stated Omar Rahim, CEO Energi Mine. “Everyone knows it’s a good idea to save energy, but it’s difficult to change our habits. With EnergiTokens, we offer incentives for a range of energy-efficient behaviour and we offer these incentives in collaboration with employers. This is the first step towards our larger goal of peer to peer energy trading.”