US-headquartered blockchain-based community energy platform LO3 Energy has won backing from two global energy giants, namely Shell Ventures, and Japan’s Sumitomo corporation.
LO3 Energy has developed an energy platform that allows for the integration of distributed energy resources (DERS) including renewables like solar and wind, and battery storage with supply networks on the grid.
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The technology, first integrated into the Brooklyn microgrid, will enable residential homes and businesses to produce, consume and sell electricity across other community-networks, and similar projects are underway in the UK, Australia, Japan and Colombia.
Shell Ventures and Sumitomo join investors Siemens, Centrica and Braemar Energy Ventures amongst others.
LO3 Energy CEO Lawrence Orsini said: “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. Energy is going through a revolution with renewable distributed energy resources increasingly picking up market share – but to integrate them efficiently we need to re-invent our energy networks.
“These investments will help us accelerate the roll-out of less carbon intensive microgrids, which help all stakeholders benefit through distributed, decentralised and decarbonised local energy transactions and demand response energy management on a building-by-building level.”