UrbanChain begins entry into US market

UrbanChain has announced its expansion into the United States, with industry veteran Graeme Cooper leading the initiative. Cooper previously held positions including Head of Future Markets at National Grid and Executive Director at Fred. Olsen Renewables. He recently served as Global Vice President at Jacobs and is based in Boston, Massachusetts.

The company, backed by investors including Eurazeo, recorded £25 million in turnover during 2023-24 and is currently conducting a Series B fundraise. UrbanChain’s technology creates local clean energy markets connecting renewable energy buyers and sellers.

Cooper stated the expansion will “first focus on California, Texas and New England,” targeting what he described as “a country that is energy hungry, has great complexity of size, diversity of thought and one which has multiple energy markets within it.”

UrbanChain CEO and co-founder Somayeh Taheri remarked that “our model is proven and has been tested through major global stress events,” expressing confidence in Cooper’s leadership for this growth phase.

The company’s marketplace matches renewable energy generators with consumers on a half-hourly basis, serving private companies, office buildings, industrial sites, local government organisations, and hospitals. Eurazeo became the major shareholder last year, with additional support from the Department for Energy Security & Net Zero and Innovate UK.