Electron has promoted Paul Massara to the position of chief executive as the blockchain tech company prepares to grow in both the UK and internationally with new investment.
Massara, formerly CEO of Npower and executive committee member of both RWE and Centrica, was appointed to Electron’s board in April 2017 but has now joined the executive team.
He will take over from Paul Ellis, who co-founded the company with chief operating officer Jo-Jo Hubbard, who will stay in post while Ellis becomes executive chairman.
“Paul Massara has been a part of the board as a director for some time now so I’m delighted to be able to finally welcome him into an executive role as our new CEO. Paul brings a wealth of experience from the energy industry that will be invaluable to Electron as we capitalise on the momentum we have built,” Ellis said.
In addition to his tenures at the RWE and others Massara also served as CEO of Northstar Solar, was a member of the Fuel Poverty Committee at the Department of Business, Energy and Industrial Strategy and has experience in the US and European markets.
He said: “I am delighted to be joining the executive team as we expand the business both here in the UK and internationally. The potential for the business is huge with strong international demand for the flexibility platform that we have developed.”
“A single point of truth”
Electron specialises in applying blockchain technology to the energy sector, using its co-ordinated digital architecture to build a ledger able to record transactions, contracts and track assets within a defined network and provide “a single point of truth”.
Speaking at an event last month, operations director Vidia Pallaram explained that Electron’s approach could help simplify the rules of the energy sector through the use of its share infrastructure platform.
“In the 21st century our focus is to have a smart flexible energy system and infrastructure on a blockchain will help simplify the rules – fairer rules through the use of a common language and shared data that provide the same opportunities for everybody.
“By having shared infrastructure on a blockchain that includes smart contracts, a single point of truth and transactions that can’t be changed, this will lead to change in culture that will become second nature,” she explained.
The company secured the backing of government via a grant back in September 2017 as well Japanese utility Tepco with an investment in January this year.
This week the company also secured further investment from investment and advisory firm SYSTEMIQ which will help to commercialise the company’s products and aid its international expansion.
Irena Spazzapan, SYSTEMIQ partner and head of energy, said: “We believe in the energy system adopting increasing levels of electrification with a complex set of supply points, storage installations and new consumption points such as EVs.
“Centralised balancing systems are already struggling to effectively manage such complex national and regional power networks. Electron has developed a unique collaborative solution to this challenge, and we are excited to support the execution of our common vision in the UK and beyond.”
“We welcome the investment from SYSTEMIQ, which brings both funds and also a strategic partnership in forming consortiums worldwide. This is our second strategic investment following on from TEPCO’s investment last year and represents a further vote in the confidence of our platform,” Massara added.
