“The vision became to make energy affordable for all - or basically to decouple everybody from the wholesale market and to create alternative markets with renewables,” says Dr Somayeh Taheri, Co-founder and CEO of UrbanChain. This vision drives the Manchester-based energy-tech company she co-founded in 2017 with Dr Mo Hajhashem and Dr Ayesha Naureen. The team are driven by the conviction that access to energy should not be expensive and opaque - dictated by existing monopolies - and instead should be stable, affordable with accessibility to renewable as the mainstream market.

Dr Taheri’s journey began at the University of Manchester, where she worked as a research scientist after completing her PhD. Immersed in projects focused on fuel poverty and climate change, she noticed a significant gap between renewable energy financing and consumer costs. “I could see in the data that there is a huge mismatch between what renewable energy is costing and what people are paying for their energy,” says Somayeh. This insight led her to question the monopoly of the traditional energy market, which relies heavily on volatile wholesale prices.

Determined to find a solution, Dr Taheri envisioned creating local energy markets that connect renewable energy generators directly with consumers. “How can we break down a monopoly? We create local energy markets with local renewables and then enable exchange between those local generators and local consumers and private customers,” she explains. UrbanChain's local energy market systems have been developed in response to traditional wholesale markets. By creating contracts between generators and users, the platform enables secure, transparent transactions, bypassing the traditional wholesale market and helping to stabilise energy prices.

Navigating the energy and technology sectors as a female founder presented its own set of challenges. Dr Taheri often faced biases and scepticism, with her ideas sometimes overlooked due to gender and cultural prejudices. “This happens a lot, but I don’t have the time for that. I just move on. When I’m strong, mentally strong, and not wasting energy on those things, then I’m doing the job right,” says Dr Taheri.

The founding team brings together a powerful blend of expertise. Dr Taheri provides experience in data science and sustainability, while Dr Hajhashem, the Chief Operating Officer, contributes commercial insight from experiences in the medical devices industry. Dr Naureen, the Chief Information Officer, specialises in blockchain, AI, and cybersecurity. Since its inception, UrbanChain has experienced remarkable growth. The team expanded from a handful of employees to over 50, prompting a move to larger headquarters at Manchester Science Park in September 2024. Another major milestone came in June when the company secured its energy licence from UK regulator Ofgem. To fuel its expansion, UrbanChain has raised £10.75m via two funding rounds, with backers including French investment firm Eurazeo.

UrbanChain faces ongoing challenges around educating the market and changing long-standing perceptions. “The market has been running this way for 30 years, so it’s definitely a challenge to change that space,” Dr Taheri acknowledges. However, UrbanChain’s innovative approach has begun to sway sceptics and attract key partnerships with renewable energy generators and technology providers. However, there’s plenty left to be done. “We want to make energy affordable for all, not just in the UK but internationally,” says Dr Taheri.