U.S.-based technology company Anode Labs has raised $4.2 million in a recent funding round to support the development of its blockchain-based React platform that allows small businesses and individuals to cash in on their energy storage assets.
The funding round was led by venture capital firms Lerer Hippeau and Lattice, and included other participants like VaynerFund, CoinShares, and Digital Currency Group.
Anode Labs intends to develop the world’s first community-owned, decentralized Web3 platform, which will allow participants to connect their energy storage assets, such as home batteries – and in the future, EV chargers – to Anode Labs’ next-generation energy cooperative platform, React Network, to support the main power grids and earn cash and tokenized incentives in return.
Anode’s React platform is built to impart more flexibility to the power grids by building a layer of energy storage assets that could be leveraged at critical periods to prevent power outages while supporting decarbonization goals.
“Blockchain applications have historically been extremely hard on the environment,”
Ben Lerer, Managing Partner at Lerer Hippeau, said. “Anode Labs’ React Network tackles the climate issue directly, by using decentralized Web3 technology to conserve energy and modernize how we use the power grid,” he added.
