DoE Supports 80 Businesses and $1M Grant For Grid7
In a recent announcement, the US DoE plans on awarding almost 100 grants totally at $95M to 80 businesses within the United States. Among every awarded grant, Grid7, a blockchain-based firm will be awarded one million dollars by the DoE.
As part of a prior stage of the DoE grants, Grid7 was initially granted $150K in funds last year. This year, the same company will receive a grant worth almost $1 million by the same governmental authorities. Based in Colorado, Grid7’s goal is to develop an accessible platform designed to provide full security for energy-related transactions.
Their database states that Grid7 will design a platform with the purpose of tackling vital cyber-threats to enhance control over power plants and their systems. The aim of Grid7 includes control systems of Industries, CPS and more maximizing on the technology of blockchain and any other innovations designed to aid cybersecurity. Other uses of the platform will allow safe transactions of energy as well as enhanced security and eventually an energy framework that is completely decentralized.
As explained by the company, once the electric network makes its transition from a centralized to a distributed system, DERs will gather as Nano and Microgrids which include solar energy distribution as well as power storage and more.
The 95 plus grants that were distributed by the DoE were based on projects that displayed the proper environments for growth and development during the DoE’s first granting phase. Should Grid7 qualify for a third funding round, it would eventually be granted governmental funding which is essentially unlimited in resources.
Through dedicated monitoring, the Department of Energy has realized the importance of startup projects in terms of additional employment and technology development. The grants were initiated as a means of accelerating development within federal institutes with a possibility of a blockchain-operating government in the future.
Startups receiving grants must also license the government and present them royalty-free passes. The platform was initially considered as a securities offering by the SEC after classifying Ethereum as a non-security.