Siemens invests in blockchain tech start-up LO3 Energy

Siemens invests in blockchain tech start-up LO3 Energy

Siemens invests in blockchain tech start-up LO3 Energy Energy Storage Journal

 

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.