Energy Web Foundation – or just Energy Web for short – describes itself as a global not-for-profit organization that has a stated goal in bringing blockchain technology used in cryptocurrency to the energy sector.
What Is Energy Web Foundation?
Energy Web, according to its website was co-founded by the Rocky Mountain Institute (RMI), a US-based think tank, and Grid Singularity, a blockchain energy developer for the energy industry located in Austria. Energy Web’s President is Hervé Touati, RMI’s Managing Director; Energy Web vice-president is Grid Singularity CEO and co-founder Ewald Hesse.
Energy Web has partnered with many corporate entities such as Shell, SPgroup, Statoil, TWL, and other international energy producers, resulting in $2.5 million in initial funding.
Energy Web Foundation Product
The “product” that Energy Web offers affiliated companies is access to the fruits of its research and development projects, which are designed to reduce the costs of creating and delivering energy across the globe.
Other products that Energy Web plans to supply to its affiliate corporate partners include access to its open-source blockchain-centric platform, a managed ecosystem of energy sector tech providers and app developers to power the development of commercial applications of this platform, and education materials for standards makers and regulators to aid in the adoption of this new energy-centric blockchain technology.
Energy Web Foundation Opportunity
The opportunity presented by Energy Web is on a macro scale – companies, presumably those involved in energy, technology, or both – can apply to become affiliate with Energy Web in order to be on the forefront of pushing new technologies and ways of managing and delivering energy to the forefront.
While it’s not specified, it is likely that becoming an affiliate involves investing (possibly heavily) in the Energy Web’s not-for-profit company. These investments then power the research and development efforts of Energy Web, providing the fruits of this labor to its corporate affiliates.
This makes Energy Web’s opportunity a long-term one that’s ideal for large corporations, but much less so for individual investors.
Energy Web Foundation Verdict
Energy Web’s pedigree is legitimate, making it clear that there’s no sort of subterfuge going on here in an attempt to bilk investors out of millions of dollars. The Rocky Mountain Institute, for example, began as a sustainability think tank in 1982 and has since grown to an organization that has more than 150 staff members and an annual operational budget of around $30 million – hardly some fly-by-night operation that’s playing fast and loose with investor funds.
That being said, unless you’re high up in the corporate food chain of an energy or technology company that could benefit from the increased sustainability that converting to a blockchain-based ledger system can bring, there’s little to get excited about. There’s no real avenue for individual investors as a result of this, making the impact of Energy Web’s investment opportunities relatively limited.
However, considering how revolutionary blockchain-based technologies have the potential for being, and how sustainability and advanced technology goes hand in hand, it may not be long before Energy Web begins work on truly game-changing energy applications.