- Alan Chang thinks web3 can solve the current energy crisis.
- The renewable energy company recently raised $78M in a funding round.
- Tesseract’s proposal includes enabling consumers to purchase virtual solar panels or wind turbines through their app.
Tesseract, a sustainable energy firm founded by former Revolut CRO Alan Chang and backed by a $78m round headed by Balderton and Lakestar, aspires to shake up the energy market. Prior to this, Chang had said on Twitter that their plan was to have energy cost the same as water if they were successful in transitioning to renewable energy sources.
Speaking on the topic, Chang said:
The energy industry plays a fundamental role in people’s lives yet regularly leaves customers dissatisfied. It is ripe for disruption in the same way as the banking sector was.
Since March of this year, Alan Chang and Charles Orr, who was employed at Revolut, have been working on the development of Tesseract. Chang was the third person to join the Revolut team and was generally regarded as the CEO Nik Storonsky’s right-hand man in his job as chief revenue officer. Between the years 2018 and 2020, Orr served as the strategy head at the company.
Tesseract’s financing approach will also allow energy consumers to pay energy producers without going via the huge brokers that are at the center of the existing system.
While stating the benefits of bypassing the broker, Change said:
By going directly to customers, we bypass the brokers. We can not only improve margins by doing that but also sell energy much more competitively than everyone else.
Tesseract’s mission includes enabling consumers to purchase virtual solar panels or wind turbines through an app, which the company claims could slash expenses by as much as one hundred percent. This is in place of customers purchasing solar panels for their residences in person.
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