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EnergyXchain has been awarded a $225,000 National Science Foundation (NSF) Small Business Innovation Research (SBIR) grant to conduct research and development (R&D) on transforming the natural gas industry processes using blockchain technology.
Formed in May 2018, EnergyXchain is a blockchain transaction management platform that aims to transform the natural gas industry's midstream transaction processes.
The NSF is an independent federal agency that aims "to promote the progress of science; to advance the national health, prosperity, and welfare; to secure the national defense..." It awards startups and small businesses through the Small Business Innovation Research (SBIR)/Small Business Technology Transfer (STTR) program, also known as America’s Seed Fund.
Graciela Narcho, Acting Director of the Division of Industrial Innovation and Partnerships at NSF, said that the NSF supports startups and small businesses with cutting-edge ideas that have the potential to become great commercial successes and make huge societal impacts.
"We hope that seed funding will spark solutions to some of the most important challenges of our time across all areas of science and technology,” Narcho added.
Once a small business is awarded a Phase I SBIR/STTR grant (up to $225,000), it becomes eligible to apply for a Phase II grant (up to $750,000). Small businesses with Phase II grants are eligible to receive up to $500,000 in additional matching funds with qualifying third-party investment or sales.
"I just returned from the SBIR Bootcamp where 190 other grant-awardee companies presented our Lessons Learned," said Rob Norris, CEO and co-founder of EnergyXchain. "Being vetted by NSF is great confirmation of your ideas, but I was even more impressed with the NSF leadership and shared access to programs that give EnergyXchain a far better chance to succeed."
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