The role of renewable energy is expanding in many power systems around the world. The enhanced ability of power systems is to integrate increasing shares of variable renewables. The Genr8 solution is based on the ability of digitizing the power sector.
“Genr8 is here to promote clean energy neutrality through the means of a distributed exchange system” adds CEO Abdullah Al Mansoob.
Genr8 is a start-up and the local winner of the Hult Prize Intra Competition. The Hult Prize is a start-up accelerator for impact entrepreneurship, which brings together the brightest college and university students from around the globe to solve the world’s most pressing issues through pitching ideas and launching companies. It’s the biggest and most prestigious start-up event in the world.
Applying blockchain to the current structure and operation of power systems will allow Genr8 to overcome century long barriers. Data and analytic components of digitalization will provide solutions to the social energy dilemmas we are facing today. These solutions will help to reduce costs, enhance the lives of the lowest income brackets and enable a greater range of freedom optimization.
“By utilizing our App, users on the platform will be able to harness and sell renewable energy instantly at much better rates than by using traditional methods,” says COO Aitor Aguirregabarria.
By 2025 Genr8 plans to flip the conventional energy generation industry through the occurrence of the robin-hood effect. Distribution of power and wealth in this sector will ubiquitously advance the quality of life for millions of people.
The second quarter of 2018 will see Genr8 launch their first round of Pre-ICO funding.