Manufacturing firm Siemens has invested an undisclosed amount of money in US tech start-up LO3 as the German company aims to get first mover advantage in the use of block-chain technology as it explores ways of ensuring a secure future power supply, it was announced on December 19.
The company joined British gas firm Centrica — through its innovations and venture unit Centrica Innovations — and New York-based investor Braemer Energy as LO3 closed out its series ‘A’ funding round. Terms of all three investments remain undisclosed.
Siemens investment follows the company working in collaboration with Brooklyn-based LO on its Brooklyn Microgrid project. That project allows the trading of energy between 60 participants through blockchain technology.
In turn, LO3 Energy has benefited from Siemens’ development of microgrids such as the one that has been operating in Wildpoldsried, a village in southern Germany, since 2014.
A spokesman from Siemens told ESJB that the company would be aiming to roll out similar projects to that seen in Brooklyn across Germany, the US, UK and Australia.
Lawrence Orsini, CEO of LO3 Energy, said: “Over the years, our partnership with Siemens was integral to the success in the Brooklyn Microgrid, and will continue to be for years to come
“Siemens commitment to transactive energy on the blockchain is a vote of confidence for our approach to developing microgrid communities and grid-edge services across the globe.”
“Extracting data from the grid-edge and combining it with Siemens grid technology will create a comprehensive marketplace experience for participants and neighbours to make sound choices about how they intend to purchase, sell and use their energy.”
LO3’s Exergy platform is based on a decentralized ledger that uses cryptographic technology to save data in a safe way that enables the automated execution of contracts in a scalable manner.
Indian headquartered energy storage Ion Energy announced on February 4 it had bought French lithium ion battery management system firm Freemens in a cash and equity deal. Freemens’ engineering and sales employees will join the core team of Ion, with Alexandre Collet, founder and CEO of Freemens, becoming the Indian start-up’s vice president of read more
A ground-breaking ceremony was held on March 3 as construction began on utility Jamaica Public Service Company’s 24.5MW hybrid project using high and low speed flywheels and containerized lithium ion batteries. The project at Hunts Bay Power Plant sub-station, Jamaica, will use the hybrid system for grid stabilization and reliability services as the country read more
Vanadium firm Stina Resources announced on March 5 it had made Brian Ricker president and CEO of its subsidiary Jet Power and Controls to oversee the company’s goal of becoming a vertically integrated manufacturer of redox flow batteries. Ricker will integrate Jet Power’s electronic switchgear technology with Gildemeister’s vanadium redox flow batteries with the read more
A consortium of industry and academic partners will develop vehicle-2-grid technologies in a three-year project to advance the electric vehicle-charging infrastructure on UK roads, the University of Warwick announced on February 23. The £5.6 million ($8 million) project, funded by Innovate UK, is due to begin exploring the technology’s viability and worth to businesses read more
German storage firm Autarsys has delivered and commissioned Cyprus’s first community 75kWh energy storage system, the company announced on February 27, as the country investigates how to scale up grid-connected renewable energy on the island. The Berlin-based company, which has kW to MW-scale systems for on and off grid applications, designed and implemented a read more