Paul Massara, the former chief executive of Npower has been appointed CEO of British blockchain company Electron, as it looks to grow with new investment.
Massara has been a director on the company’s board for a year and takes over from Paul Ellis who will become executive chairman, while Jo-Jo Hubbard remains as chief operating officer.
Most recently chief executive of North Star Solar, Massara joins with more than 25 years’ experience in the energy sector across the UK, Europe and North America.
He said: “I am delighted to be joining the executive team as we expand the business both here in the UK and internationally. The potential for the business is huge with strong international demand for the flexibility platform that we have developed.”
Ellis added: “Paul Massara has been a part of the board as a director for some time now so I’m delighted to be able to finally welcome him into an executive role as our new CEO.
“Paul brings a wealth of experience from the energy industry that will be invaluable to Electron as we capitalise on the momentum we have built.”
Massara has previously been an executive committee member of both RWE and Centrica and is a member of the committee on fuel poverty at the Department for Business, Energy and Industrial Strategy (BEIS).
On Tuesday (17 April) Electron revealed it has secured investment from SYSTEMIQ, an investment and advisory firm that tackles systems failures.
Ellis said: “This is our second strategic investment following on from TEPCO’s investment last year and represents a further vote in the confidence of our platform.”
The deal follows the company having launched a consortium of key energy players in February, which aims to bring a decentralised flexibility trading platform to the market.
It includes EDF Energy, Flexitricity, Kiwi Power, Northern Powergrid, Open Energi, Shell, Statkraft, UK Power Networks, Baringa and Electron.