Oldham tech startup eyes global expansion after raising £12m

A tech startup based in Oldham has raised a £12m investment through an initial coin offering (ICO).

Energi Mine raised the remaining £4m of its eight-figure ICO target on Wednesday, having already raised £8m during a pre-sale shortly beforehand.

Contributors were based in more than 30 countries and ranged from larger crypto funds to the general public.

The firm has now confirmed plans to open offices in Germany, the US, South Korea and Japan.

Omar Rahim, Energi Mine’s CEO and founder, commented: “The global interest in this ICO has been astounding.

“Investors have bought into our vision to revolutionise and reinvigorate the stagnant energy market using blockchain.”

Energi Mine said it is the first in the UK outside London to complete an ICO.

The company now plans to launch ETK Tokens, a cryptocurrency that rewards people for consuming less energy, potentially promoting energy-saving behaviour that will have a positive impact on the environment.

Speaking further, Omar said: “Our blockchain solution will create a platform to reward energy efficient behaviour.

“The ETK Token will offer incentives for a range of energy-efficient behaviours from taking low-carbon transport to buying energy-efficient appliances. ETK Tokens can then be reused in the ecosystem to help pay towards electric bills or even to charge electric vehicles.

“Since September, our team has travelled the globe talking to governments, corporations and the general public to make them aware of our scheme to reduce global energy consumption. The hard work starts now.”

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