Microsoft and Google have invested in the blockchain cleantech firm FlexiDAO

FlexiDAO, a blockchain firm, announced a $6.5 million Series A fundraising round today. The financing was led by Dutch cleantech fund SET Ventures, with participation from Google, Microsoft Climate Innovation Fund, and current supporter EIT InnoEnergy. FlexiDAO, which provides tools for corporates to monitor their renewable energy usage, already has Google and Microsoft as clients.

FlexiDAO wants businesses to live up to their boasts of using 100 percent renewable energy. As a result, it offers a blockchain-based energy traceability system that monitors all energy consumption back to its source. Wind and solar energy may not be accessible around the clock, which means that corporations are likely to use fossil fuel energy even if they do not plan to. This is because most contracts are measured annually rather than hourly, as FlexiDAO strives for.

As a result, FlexiDAO offers a blockchain solution that provides a Carbon-free electricity (CFE) score 24 hours a day, seven days a week. It recently completed a pilot with Microsoft for a data center in the Netherlands that used Eneco power. CFE was used by Microsoft for 78 percent of the hours. Vodafone is another client for the 24/7 CFE score.

FlexiDAO, which was founded in Spain, cooperated with Spanish energy corporations such as Iberdrola and Acciona in 2018, with whom it later collaborated to ensure the renewable origin of green hydrogen.

FlexiDAO was named to the top 100 Startup Energy Transition list in 2019. (SET). The German Energy Agency (Dena) and the World Energy Council presented the SET awards.

FlexiDAO is an associate member of Energy Web and leverages their technologies. This means that its technology is built on an Ethereum-derived public blockchain that employs Proof of Authority.