Web3 energy company Tesseract completes $78 million financing

Chain Catcher news, the Web3 energy startup Tesseract, founded by former Revolut Chief Revenue Officer Alan Chang, has completed a $78 million financing round, with $30 million in equity financing and the remaining funding raised through a token sale. The round was backed by investors including Balderton, Lakestar, Accel, Low Carbon, Ribit Capital, Box Group, and former Formula One driver Nico Rosberg.

Tesseract is a vertically integrated renewable energy company that purchases energy from power plants at a fixed price and then provides it to consumers. Tesseract plans to tokenize power purchase agreements (PPAs), with one token corresponding to one watt of electricity in the network. (The Block)