German company Envion, which is developing green energy solutions using blockchain technology, has raised €1 million in seed funding and plans to launch an initial coin offering (ICO) for further funds.
The investment comes from Quadrat Capital, the private investment firm of Evion’s CEO Matthias Woestmann, with participation from other angel investors.
Envion builds mobile mining units (MMUs) for mining cryptocurrency that accesses local clean energy sources and uses its own cooling system. This, the company claims, is a greener way of mining coins that reduces CO2 emissions and energy costs. Cryptocurrency mining is notoriously hard on electricity.
The company expects it will reach mass production of its MMUs next year and has signed a partnership with Germany’s Fraunhofer Institute for Solar Energy Systems (ISE) to examine how the MMUs can be integrated into the German electricity system.
As well as the funding round, the company is launching an ICO for its own token that it says could raise $100 million hard cap.
“Our goal is to provide the lowest cost structure in the blockchain mining industry,” said Matthias Woestmann.
“As clean energy becomes more preponderant globally, and becomes less expensive to operate, we see blockchain mining becoming a decentralized industry, and Envion’s blockchain token is structured to leverage the ever-decreasing costs of producing and distributing our mobile mining units globally,” the CEO added.