Startup Aims to Tackle Soaring Electricity Prices Caused by Wild Weather

Thanks for keeping up with the CREtech Community in the News! For more news about members of the CREtech Community, follow us on Linkedin. The article below features Montauk Climate, a member of the CREtech Climate Venture Coalition. The Venture Coalition is a collaboration of the leading VCs in the Built World working together to accelerate investments in climate tech startups globally in the race to decarbonize the built environment. 

The article discusses ElectronX, a startup that has raised $15 million from investors, including former Google CEO Eric Schmidt’s venture-capital firm, Innovation Endeavors. Set to launch in 2024, ElectronX, an Exchange and Clearinghouse for electricity derivatives, aims to create a marketplace to help companies manage the volatility in electricity prices caused by intermittent renewable energy sources like wind and solar power, as well as extreme weather events such as the Texas heat waves. With renewable energy supplying a record 23% of U.S. electricity demand in 2023, ElectronX seeks to stabilize prices and mitigate the impact of unpredictable weather on the energy market. Led by CEO Sam Tegal and CTO Zoran Perkov, ElectronX has built a team of industry experts and is backed by leading investors such as Amplo Ventures and Box Group.

Original article posted on June 12, 2024

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