Anode Labs has secured $4.2 million in a seed round to establish a decentralized network that will compensate people and small businesses for their energy storage assets.
According to a corporate release, the round is co-led by Lerer Hippeau and Lattice Capital. VaynerFund, CoinShares, and Digital Currency Group are among the other investors.
Anode Labs, co-founded by Jason Badeaux, Dallas Griffin, and Evan Caron, is building the React Network, which will allow individuals and small businesses to connect their storage batteries to the network and earn passive income in the form of cash and tokenized assets in exchange for their contribution.
React’s technology is created to provide a layer of flexibility that blankets our power grids, enabling further decarbonization of the larger electric network. The International Energy Agency (IEA) believes that we will need ten times the existing amount of flexible load by 2030 to keep on pace for Net Zero by 20501. Participants with home batteries and, in the future, EV chargers will be able to link their gadgets to the React Network and earn compensation in the form of cash and token awards.
Dallas Griffin, Jason Badeaux, and Evan Caron are the company’s co-founders. Griffin joins from Piper Sandler, a world-renowned investment banking business, where he was a Managing Director in the Energy & Power Group. He received his MBA from The University of Texas, where he was also captain of the Texas Longhorns football team and winner of the William V. Campbell Trophy, which is given annually to the college football player who has the best combination of academics, community service, and on-field performance.
