Web3 energy startup Tesseract closes $78 million funding round

According to The Block, Tesseract, a Web3 energy startup founded by former Revolut chief revenue officer Alan Chang, has completed $78 million in financing, of which $30 million is equity financing, and the remaining financing is completed through token sales. Participating investors in the round include Balderton, Lakestar, Accel, Low Carbon, Ribit Capital, Box Group and former Formula 1 driver Nico Rosberg. Tesseract is a vertically integrated renewable energy company that buys energy from power plants at a fixed price and delivers it to consumers. Tesseract plans to tokenize the Power Purchase Agreement (PPA), with one token corresponding to one watt of electricity in the network.