ELECTRICITY DERIVATIVES EXCHANGE ELECTROX SECURES A SEED INVESTMENT worth USD 15 million

Once approved by the U.S. Commodity Futures and Trading Commission (CFTC) to operate as a regulated derivatives exchange, ElectronX will offer granular derivatives products featuring fully collateralized and centrally cleared contracts that will enable electricity market participants of any sizes, hedge risk and monetize energy resources on a highly available platform.

Additional seed investors in ElectronX include DCVC, Amplo, BoxGroup and Lightning Capital, as well as individuals from the trading and energy industries. The company has also appointed a number of respected industry leaders to its regulatory and advisory boards, details of which can be found below.

“As more renewable energy sources such as wind and solar power are added to the U.S. grid, their intermittent nature – combined with the nation’s rapidly growing demand for electricity – has created a volatile pricing environment throughout the day, especially during severe weather events in large population centers areas such as Texas AND California,” he said Tegel herself, CEO of ElectronX. “Our products will help manage this short-term price risk across a wide range of industry sectors, including energy generation and storage companies, large energy consumers, and the growing number of small businesses and households with renewable assets that can benefit from energy monetization of their clean energy investments. We are confident that we can work with respected investors focused on innovative climate solutions who will help revitalize the ElectronX market.”

Sam Smith-Eppsteinerpartner at Innovation Endeavors, commented: “ElectronX both benefits and enables a generational shift in the energy mix towards intermittent and decentralized renewable assets. By developing innovative market infrastructure and financial products, ElectronX will offer much greater detail in electricity derivatives trading. This granularity will enable customers to manage risk more precisely, which will likely improve return profiles and even accelerate the deployment of clean energy assets. We expect ElectronX to play a key role in the financial infrastructure of the energy transition, and we are thrilled to be working with Sam and the rest of the experienced leadership team.”

Members of regulatory boards and corporate advisors

ElectronX also announced today the complete list of regulatory board members and corporate advisors who will work with the exchange to oversee and regulate its innovative marketplace.

“Our team will benefit greatly from the knowledge and guidance of these respected veterans of the regulated markets and energy industries,” he said Tegel herself. “New board members are joining us Eric Nollwho has advised us since last year, and I look forward to working with all of them as we pursue CFTC approvals and continue to develop our platform and regulatory structures.”

ElectronX’s Designated Contract Market (DCM) and Designated Clearing Organization (DCO) board members include:

• Eric NollChairman of the Financial Industry Regulatory Authority (FINRA) Board of Directors and CEO of Stone Ridge Capital Partners; formerly president and CEO of Covergex; vice president of Nasdaq; and various positions within Susquehanna International Group
• Anita Herreraretired solicitor at Nodal Exchange; previously General Counsel, Chief Regulatory Officer and Corporate Secretary at Nodal Exchange and Nodal Clear
• Rick ReddingCEO of the Index Industry Association; previously managing director of the CME Group
• Kim Taylorformer president of global operations, technology and risk at CME Group; former president of CME Clearing
• Warren the Scotformer COO at Options Clearing Corporation (OCC); previously Senior Managing Director, CME Group
  

ElectronX’s corporate advisors are:

• Neil Chatterjeeformer Chairman and Commissioner of the Federal Energy Regulatory Commission (FERC)
• Ben Rogersdevelopment director at Electrada
• John Seo, co-founder and managing director at Fermat Capital Management; Chairman of the Advisory Committee on Risk Sharing Mechanisms (ACRSM) and member of the Federal Advisory Committee on Insurance (FACI) at the U.S. Department of the Treasury
• Marta ZłotnikMember of the Management Board, NRG Energy; previously board member of Just Energy and Crius Energy Trust; and co-founder, COO and CEO of StarTex Power

The members of the ElectronX management board include: Evan Caron, Filip Krym, David Silbert, Sam Smith-Eppsteiner AND Tegel herself.

ABOUT ElectronX

ElectronX is an electricity exchange for the energy transition, providing energy market participants with innovative trading products to manage price risk against short-term volatility. With offices in Chicago AND New York, ElectronX is building the U.S.-regulated financial infrastructure necessary to support increased investment in clean energy development. More information can be found at www.electronx.com.

About innovation efforts

Innovation Endeavors is an early-stage venture capital firm that invests in cutting-edge technologies to drive generational change to solve important problems. The company’s core investment thesis, Super Evolution, combines data, computing power and advanced engineering to transform a range of industries, including health engineering, climate, computing infrastructure, intelligent software, the physical economy and more. Its investments include Afresh, AlphaSense, Atom Computing, Color, Gatik, Eikon Therapeutics, Fabric, Homelight, Kong, Formlabs, Panther, Planet, Replica, SoFi, Uber, Upstart, Vicarious Surgical and more. More information can be found at www.InnovationEndeavors.com.

SOURCE ElectronX