EnergyXchain, LLC has been awarded a National Science Foundation (NSF) Small Business Innovation Research (SBIR) grant for $225,000 to conduct research and development (R&D) work on Blockchain technology for use in transforming the natural gas industry processes.
EnergyXchain was formed in May 2018 for the specific purpose of creating technology to transform the natural gas industry’s midstream transaction processes. Its founders possess considerable knowledge of and experience in the natural gas industry, the technology community and university research.
“The National Science Foundation supports startups and small businesses with the most innovative, cutting-edge ideas that have the potential to become great commercial successes and make huge societal impacts,” said Graciela Narcho, Acting Director of the Division of Industrial Innovation and Partnerships at NSF. “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.”
EnergyXchain founders have started more than 20 businesses, but this is their first time utilizing NSF funding. “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.”
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.
NSF accepts Phase I proposals from small businesses twice annually in June and December. Small businesses with innovative science and technology solutions, and commercial potential are encouraged to apply. All proposals submitted to the NSF SBIR/STTR program undergo a rigorous merit-based review process.