IOTA Smart City Project Wins €20M Funding From EU

IOTA Smart City project aims to carry out experiments with peer-to-peer and Blockchain technology across 7 EU cities. The +CityxChange consortium has won €20M funding from EU.

9 July, AtoZ Market – The +CityxChange consortium has been granted a bid to lead a new smart city lighthouse project under the EU research and innovation program. The organization also includes IOTA Foundation. 

 IOTA Smart City Project Wins €20M Funding From EU

There has been a total of €20 million Euros worth of backing committed to this project. The funding mainly came from the EU in a bid to facilitate the experiment of smart energy innovations in 7 EU cities. A total of 25 firms and organizations fomed the +CityxChange consortium. The group has been led by the Norwegian University of Science and Technology (NTNU). It has competed against 11 other proposals to become the lighthouse project for advancing energy independent cities.

Trondheim, Limerick, Alba Iulia, Pisek, Sestao, Smolyan, and Voru will be experimenting with using digital services over the next 5 years. The experiment will include peer-to-peer and Blockchain technology. The key aim of the experiments is to advance the quality of life and create more energy than the cities can consume. 

The experiences will be then shared with cities across Europe to further facilitate the development of the smart cities.

EU “Positive Energy Districts”

The funding will be provided by the European Research and Innovation program Horizon 2020. Furthermore, it is expected that some of the partners will contribute another €10 million Euros to the wider project of “Positive Energy Districts” across Europe.

The energy solutions that are offered comprise local authorities and residents “involving the entire district energy value chain, extending to high-level policymakers and cities, universities, large enterprises, distributed network operators, SMEs, and not for profit organizations.”

The project is described as “100% aligned” with the IOTA Foundation’s DNA. The Head of Business Development at the IOTA Foundation, Wilfried Pimenta, has commented on the development:

“Smart cities is one of the fastest growing cross-sectorial arenas of innovation for IOTA. Building on our work and partnerships across mobility, energy or data marketplace, these smart city ecosystems bring it all together.”

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