The first community-owned, web3 green energy grid to be built, according to anode labs. React Network, a community-owned network connecting energy storage assets to markets that value them, aims to modernize the nation’s power grid.
What Does React Network Do?
The developers of React Network, Anode Labs, revealed today that they have raised $4.2 million to create the first community-owned, decentralized Web3 platform in the world, which will pay individuals and small companies cash and tokenized incentives for connecting their energy storage assets. In order to be compensated for the relative contribution of their particular assets, participants in React’s network will be able to link their home batteries to the company’s Web3 network. Venture capital firms Lerer Hippeau and Lattice jointly led the initial funding round, with additional involvement from other illustrious investing companies like VaynerFund, CoinShares, and Digital Currency Group.
The platform of React is designed to add a layer of flexibility over power grids, giving it the support it needs to continue decarbonizing the larger electric network. According to the International Energy Agency (IEA), people will need ten times as much flexible load by 2030 if they want to reach Net Zero by the year 2050. Participants with home batteries and EV chargers will be able to connect their devices to the React Network. Thus, they earn compensation in the form of cash awards and token incentives with React’s community-connected ecosystem.
About React Network
Through the development of a community-owned network that links energy storage assets to markets that value them, The React Network seeks to upgrade the country’s electrical infrastructure. In order to avert power disruptions brought on by climate change, the United States is working to update its electrical infrastructure. By supporting the energy grid and battling climate change, Anode is giving regular homeowners a chance to earn compensation.
About Lerer Hippeau
Early-stage venture funding company Lerer Hippeau was established and is run out of New York City. Since 2010, they have supported business owners who exhibit the audacity, tenacity, and winning mentality of the city. In addition to Guideline, MIRROR, Blockdaemon, K Health, Allbirds, ZenBusiness, and Thrive, their portfolio includes more than 400 other renowned enterprise and consumer companies.
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