Oil giant Shell invests in US venture capital LO3 Energy to explore blockchain power platform

LO3 Energy, a US-based blockchain startup, is working to “democratize the energy industry,” the company has raised from the oil multinational Shell and the Japanese business giant Sumitomo Corporation Group. Disclosure of funds.

Windrader-1048981_1280

Image source: pixabay

In a statement released on Wednesday, LO3 Energy said it has developed a "tradable energy platform" to track energy from different sources in the supply network.

Shell Ventures investment director Kirk Coburn said.

“As we enter a low-carbon future, Shell's goal is to invest in innovative companies that help transform the energy industry. LO3 Energy is right for this area.”

With the LO3 system, a mobile app allows users to choose from different local sources of energy, allowing them to select a specific supplier.

When the power is normally output to the grid, a “private licensed blockchain” tracks the details of the energy source and purchase agreement.

According to its white paper, LO3's “Exergy” blockchain is designed to “optimize the coupling between local power generation and efficient evaluation, acquisition, storage and utilization of power generation parties”. The resulting transactions will be conducted in a participatory market-driven environment, operating as close as possible to the edge of the grid, and using increasingly automated contracts on distributed ledgers to achieve higher levels of automation.

The company said its products can power a range of business use cases, including "P2P energy trading, enterprise energy hedging, virtual power plants, dynamic charging of electric vehicles and demand response."

Lawrence Orsini, CEO of the startup, said:

“The energy industry is undergoing a revolution, and the market share of renewable distributed energy will increase. But in order to effectively integrate, we need to re-engineer our energy network.”

LO3 has previously received investments from Braemar Energy Ventures, Centrica and technology giant Siemens.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

Wu's Weekly Picks CoinEX attacked, FTX's coin selling rules, Binance US layoffs, and Top 10 news (September 9-15)

Author | Wu's Top 10 Blockchain News This Week. US August Unadjusted CPI Annual Rate 3.7% Core...

Blockchain

Decentralized exchange Newdex strength to play "fake"

From the earliest decentralized exchanges in the EOS ecosystem, it has grown and steadily occupied the top spot of EO...

Blockchain

Eat Reason Rationally | Who is the real winner of the Steem incident?

Sun Yuchen VS Steem community was the most discussed topic in the industry last week. On February 14, Sun Yuchen comp...

Blockchain

HKEx will start blockchain bidding

As one of the world's major exchanges, the HKEx is actively embracing the new wave of technology. “Every ...

Blockchain

ChainsMap Weekly Report: Data Decrease During Long Holiday, Binance Bitcoin Inflow Declines 44%

Beijing Lian'an focuses on blockchain security and data services. The following is a weekly report on the Bitcoi...

Blockchain

Babbitt exclusive | imToken built-in DEX upgrade independent, August will have heavy news release

Babbitt News, July 31, imToken built Tokenlon officially upgraded to an independent decentralized exchange (DEX) . It...