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Startups from the energy have already started studying blockchain technology and exploring the ways to utilize it to track and monitor energy products. Now, another energy startup called LO3 Energy flashed into the blockchain news as two global corporate giants, Shell Ventures and Sumitomo Corporation Group, invested in the company to develop a blockchain-based platform.
LO3 energy has announced the investment in a press release, saying that the support from these global energy firm will help LO3 to expand its energy networks. LO3 Energy is a Brooklyn-based blockchain development company that builds blockchain-based platforms, enabling peer-to-peer energy sharing and other related technologies in the fields of energy, clean tech and utility system.
LO3 energy announced that the global energy firms Shell Ventures and Sumitomo Corporation Group will support the firm in the global development of its blockchain-based community energy networks. The company’s latest innovation allows integration of distributed renewable energy resources (DERs) into local energy grids. In other words, the company is the first to develop a system that enables peer-to-peer energy transactive platform.
The platform allows users to consume and produce energy at their home. In order to take this platform to a higher level, the company has also raised funds from Braemar Energy Ventures, Centrica, and Siemens.
Lawrence Orsini, the CEO of LO3 Energy, stated:
“The investment from Shell and Sumitomo represents a landmark moment for LO3 Energy as we begin to scale our blockchain-based energy networks around the world.”
He added that the current energy networks need to be reinvented and make them ready for the upcoming revolution in field of energy as renewable distributed energy resources are picking up the momentum. He said:
“These investments will help us accelerate the roll-out of less carbon intensive microgrids, which help all stakeholders benefit through distributed, decentralized and decarbonized local energy transactions and demand response energy management on a building-by-building level.”
Kirk Coburn, Investment Director at Shell Ventures stated:
“As we move into a less carbonized future, Shell aims to invest in innovative companies that will help enable the energy transition. LO3 Energy fits right in that space.”
Norihiko Nonaka, Executive Officer of Sumitomo Corporation, also commented that his firm will support LO3 to develop future ready energy networks resulting in great benefits.