Colorado based energy tech company, Grid7 has been awarded almost $1 million USD in grant money by the US Department of Energy to fund its efforts to develop a decentralized energy grid.
The news was announced in a government press release, Monday. The company is one of 95 grant recipients, which the DOE said will advance national and energy security.
Grid7's project, E-Blockchain: A Scalable Platform for Secure Energy Transactions and Control, aims to use blockchain technology to address power plant cybersecurity issues and explore how a decentralized approach can improve the reliability of energy networks.
The exact sum being awarded is $999,363 USD, part of the total $95 million USD made available to 80 small businesses across the US, as part of the DOE’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.
Grid7 was among the selections for a Phase II research and development grant, having demonstrated the technical feasibility for its innovation during phase one of the process. It had to compete for this additional funding, which will be over a period of two years. Grid7 had already received a $150,000 USD grant from the earlier phase, according to the DOE data.