Lo3 Energy, the blockchain energy startup has raised funds from the giant Shell Ventures and Sumitomo Corporation group. It will use the investments to develop a transactive energy platform to track energy sources.
This blockchain-based microgrid will help to excess renewable energy across different networks. With the use of this system in a mobile app, users can select specific suppliers from different energy resources. The blockchain energy startup can track the sourcing details and purchase agreement of the energy while the electricity passes from these grids.
LO3’s systems are based on its permissioned blockchain platform ‘Exergy’. It aims to streamline the generation of local electricity to the members. These parties can also conduct P2P transactions.
The parties can produce, consume and sell this energy to other members of the system in a transparent manner. Spared energy can be saved in the microgrid batteries for later transactions.
The Shell Ventures investment director says that the firm intends to invest in companies with innovative ideas of the energy transition like LO3 Energy.