The major Japanese conglomerate Marubeni is partnering with blockchain energy startup
LO3 Energy for an energy pilot in Japan. The project will connect Marubeni-owned energy producers including renewables with consumers in Marubeni group offices and factories. LO3’s network involves a virtual marketplace that simulates energy transactions. The experiment is with a view to a commercially operational network in the future.
U.S. startup LO3 Energy is backed by UK energy giant Centrica and New York’s Braemar Energy Ventures. It raised $5.7 million in December 2017.
The company’s first high profile project was a Microgrid initiative in its own backyard, Brooklyn. Although the electricity flows through the grid in the usual way and the system uses conventional electricity meters, there’s an attached computer device. This enables the measurement of power usage and quality. Additionally, it allows communication between other devices connected to the permissioned network, thereby enabling transactions. Consumers can select preferred energy sources through a mobile app.
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