Germany-based decentralized venture capital group Iconiq Lab announced on Thursday its latest addition to its ICO accelerator program – Verv, the machine-learning startup behind the VLUX token. The firm confirmed that this new addition comes in as a move to acknowledge and further the universal need for renewable energy through Verv’s peer to peer energy trading platform.
According to Iconiq Lab, Verv has created a peer-to-peer renewable energy trading platform that is based on its IoT smart hub device which can obtain a comprehensive and real-time overview of the electricity consumption of a home using artificial intelligence. Verv’s trading platform allows homeowners with renewable energy sources like solar panels to sell any excess energy directly to their neighbors via the blockchain at the best value for both the ‘prosumer’ and the consumer. In April of 2018, Verv executed the UK’s first physical peer-to-peer trade of energy on the blockchain at this very community. Verv’s goal is to bring down energy bills, especially for those most in need, and this is a great example of their work and commitment to the cause as they look to expand globally.
Speaking about the addition of Verv, Patrick Lowry, CEO of Iconiq Lab, stated:
“Iconiq is always looking for quality projects led by outstanding teams that solve real-world problems through the integration of blockchain. Verv’s new data marketplace secures and monetizes personal energy consumption data for consumers and families, bringing revolutionary blockchain into the home.”
Peter Davies, CEO & Founder of Verv, then added:
“We’re delighted to be working with Iconiq Lab as we work towards revolutionizing the energy industry as it stands, changing the role that data plays across the sector in favour of the consumer and bringing electricity bills down to 0. We’re excited by the expertise that they have to offer and can’t wait to move forward with our project and multifaceted VLUX token with their valuable support to hand.”