ElectronX, a Chicago, IL-based energy exchange created to help accelerate the U.S. grid transition to renewable sources, raised $10M in strategic funding.
The round, which brought the total amount to $25M, was led by Systemiq Capital, with participation by Equinor Ventures, Shell Ventures and Innovation Endeavors.
The company intends to use the funds to expand operations and its development efforts.
Led by CEO Sam Tegel, ElectronX (EXI) is an electricity exchange for the energy transition, providing power market participants with innovative trading products to manage price risk against short-term volatility. With offices in Chicago and New York, it is building the U.S.-regulated financial infrastructure necessary to support increased investment in clean energy development.
When approved by the CFTC to operate as a regulated derivatives exchange, ElectronX will offer granular derivatives products, featuring fully collateralized and centrally cleared contracts, that allow electricity market participants of all sizes to more precisely hedge intraday price risk on a highly accessible platform.
FinSMEs
19/02/2025