Web3 energy company Tesseract has raised $78 million in a funding round with participation from Balderton, Low Carbon, Ribit Capital, former Formula One driver Nico Rosberg and others, according to report by The Block.
Tesseract was founded this year to generate affordable renewable power and help solve climate change. Its co-founders, Alan Chang and Charles Orr, were early employees at Revolut, a British financial technology company. They have raised $78 million from top tier investors like Balderton, Lakestar, Accel, Creandum, and Ribbit. The startup is now valued at $145 million.
London-based Tesseract aims to tokenize the energy business. Each Tesseract token will act as a power purchase agreement (PPA) and correspond to a right to access power targeted at 1 watt of capacity on the company’s network. The startup claims commission-free 100% renewable energy that is up to 10 times cheaper.
The company claims that instead of installing expensive solar panels, customers can now buy a ‘virtual’ solar panel or wind turbine on the app, which could cut their bill by as much as 100% and allow them to capitalise on selling excess energy.
The annual energy bill for a typical household in the UK is £1,971. From October 1, however, that’s due to rise 80% to £3,549, according to the BBC.