The US-based peer-to-peer energy trading platform LO3 has revealed it has secured “major investments” from Shell Ventures and the Sumitomo Corporation Group.
The American tech firm said the investments would support the “global development” of its blockchain-based community energy trading networks.
LO3 is behind the Brooklyn Micogrid platform in New York, which was one of the first peer-to-peer blockchain energy platforms in the world and has also been working with Centrica on its local energy market trials in Cornwall.
The company now runs projects with various partners around the world, including in Colombia, Japan and Australia.
“The investment from Shell and Sumitomo represents a landmark moment for LO3 Energy as we begin to scale our blockchain-based energy networks around the world,” said LO3 Energy chief executive, Lawrence Orsini.
“Energy is going through a revolution with renewable distributed energy resources increasingly picking up market share – but to integrate them efficiently we need to re-invent our energy networks.
“These investments will help us accelerate the roll-out of less carbon intensive microgrids, which help all stakeholders benefit through distributed, decentralized and decarbonized local energy transactions and demand response energy management on a building-by-building level,” added Orsini.
Kirk Coburn, an investment director at Shell Ventures added: “As we move into a less carbonized future, Shell aims to invest in innovative companies that will help enable the energy transition. LO3 Energy fits right in that space.”