LO3 Energy - specializing startup in creating "smart grid" based blockchain on for trading. electric power
The system developed by LO3 is based on blockchain technology, including Ethereum, which will automate the exchange of electricity in real time between peer-to-peer networks.
LO3 users install a high resolution meter that can monitor the use of electricity at a specific time of day, or with specific devices.
The startup offers an app that allows you to set requests for the purchase and sale of certain types of electricity, such as solar power or wind. LO3 generates revenue from the transactions received, and also allows you to use this user data to connect your microsets to large utility systems.
2021: Attracting $11 million investment
In mid-March 2021, the developer of smart power systems based blockchain on electricity trading LO3 Energy announced the attraction of $11 million in investments as part of the Series B round. Round led the fund. Shell Ventures
LO3 Energy will direct the funds raised to further develop the Pando solution, which uses blockchain technology to create a market for renewable energy for distributed energy resources (DER), such as solar panels.
The new investor is the Japanese company Shikoku Electric Power, which joins existing shareholders Braemar Energy Ventures, Sumitomo Corporation, Centrica and others. Thus, the total amount of financial support for LO3 Energy is $17.6 million, which is impressive for the company, whose sales by March 2021 are just under $1 million (according to Nikkei).
 | The company has turned from a small startup into a stable operator in the fast-growing field of power supply network management, "said LO3 Energy co-founder and CEO Bill Collins. - The funds raised will give us the opportunity to scale quickly both in the USA and abroad. |  |
According to Collins, Pando allows grid operators to "offer new energy solutions to their customers, as well as help them influence and consider how energy is produced, consumed, stored and sold on the grid."
One of LO3 Energy's most notable projects was its first microgrid project in Brooklyn, New York. The company also carried out projects in other US states, European countries, Australia, as well as LO3 Energy collaborated with the industrial conglomerate Marubeni and Kyocera Corporation in Japan.
| | We are seeing the transition of global energy markets to more decentralized, distributed systems, as well as the development of platforms that will provide new forms of consumer participation, said Shell Ventures investment director Kirk Coburn.[1] | |
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2017: Siemens Investment
On December 24, 2017 , German concern Siemens announced its intention to invest in LO3 Energy. The amount of investments and the estimated value of the LO3 business are not disclosed. According to Fortune, LO3 have been cooperating with Siemens since the end of 2016. Their first joint project was the construction of a small intelligent power grid in New York's Brooklyn neighborhood.
In this case, the LO3 system is used so that "producing consumers" can buy and sell energy, for example, generated using solar batteries mounted on the roof, to their neighbors.
According to the joint press release of the companies dated December 20, 2017, cooperation with LO3 is extremely profitable for the Siemens Energy Management division, since the Exergy LO3 platform is based on a blockchain system that uses cryptographic technology to save data in a way protected from unauthorized access, and also allows automatic execution of contracts.[1]
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