Yesterday LO3 Energy announced the first close of its $11 million Series B led by existing investor Shell Ventures. The funding will be used to further develop Pando, the solution that uses blockchain to create a community renewable energy marketplace for distributed energy resources (DERs) such as solar panels.
A new investor is Japan’s Shikoku Electric Power, which joins existing shareholders Braemar Energy Ventures, Sumitomo Corporation, Centrica, and others, increasing their investment. This brings LO3’s total backing to $17.6 million, which is impressive for a company that currently has sales of just under $1 million (according to the Nikkei).
“The company has moved from being a small startup to an established operator in the rapidly growing area of grid management,” said Bill Collins, LO3 Energy co-founder and CEO. “This capital will provide us with the opportunity to scale rapidly both within the USA and internationally.”
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
