US blockchain pioneer LO3 Energy has secured $11 million in Series B funding to scale its activities in markets internationally.
The latest funding round was led by Shell Ventures, making its second investment into the company, with Japan’s Shikoku Electric Power as a new investor. Others included other earlier investors Braemar Energy Ventures, Sumitomo Corporation and Centrica.
The company expects with the funding to capitalise on the growing investment in distributed renewables, electric vehicles and storage to expand its activities both within the USA and internationally, particularly in those markets where the investors are present.
LO3 Energy was one of the first to pilot blockchain in the energy sector in the Brooklyn microgrid in New York and subsequently has developed projects elsewhere in the US and in Europe and Japan.
“We have come a long way since our origins in Brooklyn, with proven technology and a number of commercial projects,” says William Collins, LO3 Energy co-founder and CEO.
“We are now looking forward to working commercially with increasing numbers of energy vertical stakeholders to offer their customers new energy solutions while also helping them to impact and account for the way energy is generated, consumed, stored and sold across the grid.”
LO3 Energy’s offering is its Pando cloud-based platform which can be co-branded as a market place to connect utilities and their customers to source and trade local renewables.
Shikoku Electric Power, the electricity provider for Shikoku Island, is the only new investor named in the funding round. In a statement the utility says that it is working to create new services utilising distributed energy resources and expects to acquire knowledge on next-generation electricity trading.
The company also will collaborate on business development of the Pando platform in Japan.
“We look forward to working together with the LO3 family and to see how the world will change,” says Moera Ono, general manager of Shikoku Electric Power.