US DoE Grants Grid7 $1 Million For Decentralized Energy Grid Development
The United States Government Will Be Backing a Decentralized Energy Grid
Blockchain technology seems to be backed by governments. This time, the United States Department of Energy (DoE) announced it will award over $1 million dollars to a blockchain startup. The main intention is to develop a decentralized energy grid.
The information has been announced by the DoE back on Monday July the 16th. The company known as Grid7 is located in Colorado and is one of the 95 different grant recipient benefited by the DoE.
These companies won the second phase of the Small Business Innovation Research (SBIR) program sponsored by the department. The grants provided by the U.S. government have been created to to fund the winning projects for over two years.
As the DoE reported, Grid7 will receive $999,363 dollars, of the $95 million that the DoE had to give to other small business in 26 different states. The main intention behind it is to improve the energy system around the country by embracing new revolutionary technologies.
Grid7 has a three-person team that has already received a grant of over $150,000 dollars back in 2017 during the first phase.
According to the DoE startups that showed ‘technical feasibility for innovations during the first Phase I’ of the program ‘competed for funding for prototype or processes development during Phase II.’
The official website of Grid7 says that the project aims to develop a decentralized solar power system which will be sharing energy data from homes, buildings and electric grids in a distributed manner. Furthermore, with this implementation it will be possible to improve power supply efficiency and have security against cyber attacks – which have been very active during the last months.
Back in January, the Colorado Senate passed a special bill that uses blockchain technology so as to replace state’s existing data collection and improve security. Later, the bill was approved by the Senate in May.