Siemens invests in blockchain tech start-up LO3 Energy

Published on: January 11, 2018 10:50 amBy: Jade Beevor

 

Lawrence Orsini, CEO of LO3 Energy.

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.

Read More Industry Latest

Analysis and Features

  • UK decentralized energy stalwart receives award from the Queen

    Industry

    January 11, 2018 11:06 am by Jade Beevor

      Sustainable energy expert Joanne Wade was awarded an OBE for her work in promoting energy efficiency in the Queen’s New Year honour’s list, it was announced on December 29. Wade, the former CEO at the UK’s Association for the Conservation of Energy, is the incoming deputy director at the Association for Decentralized Energy as read more

  • UK’s largest lithium ESS commissioned as part of EFR tender

    Industry

    January 11, 2018 10:57 am by Jade Beevor

      Commissioning of two lithium ion energy storage systems totalling 50MW has been completed in the UK by VLC Energy Facilities using Japanese firm NEC Corporation’s grid storage technology, it was announced on January 8. The portfolio by VLC Energy, a joint venture between renewable energy investment company Low Carbon and VPI Immingham, includes a read more

  • Siemens invests in blockchain tech start-up LO3 Energy

    Industry

    January 11, 2018 10:50 am by Jade Beevor

      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 read more

  • Plans for Europe’s biggest ESS to be built in Ireland

    Industry

    January 11, 2018 10:45 am by Jade Beevor

      Ireland could be home to Europe’s biggest electro-chemical energy storage system if plans for a 100MW lithium ion project by Greener Ideas,  a joint venture set up between Bord Gáis Energy and Mountside Properties, are approved on February 13. If approved by Kilkenny County Council, the project in the county would beat the previous read more

  • India set for large-scale ESS deployment in 2018, says IESA

    Industry

    January 11, 2018 10:40 am by Jade Beevor

      India is set to deploy a number of megawatt-scale lithium ion energy storage systems in the next six months in both the renewable, commercial and industrial sectors, according to a statement by the Indian Energy Storage Alliance on January 3. The organization’s executive director Rahul Walawalkar said the country will see megawatt-scale deployments during read more

Read More Analysis and Features

technology feature

Finding the sweet spot for business

After focusing our early efforts on producing lithium ion batteries to serve the power tool market, we built an integration team for the purpose of exploring other areas where their chemistry read more

company profiles

What is SOLARUNITED?

SOLARUNITED is the premiere association supporting and enabling Upstream Solar and energy storage professionals worldwide. read more

//Elsie change ***********************************