Shell has become the latest company to back blockchain, investing in US firm LO3 Energy.
The investment comes through the energy giant’s Shell Ventures arm and will support the global development of LO3’s blockchain-based community energy networks. It will help accelerate the roll out of less carbon intensive microgrids, providing local energy transactions and demand response energy management on a building-by-building level.
Shell isn’t the first energy giant to throw its weight behind LO3, with Centrica investing in the firm in 2017. LO3’s blockchain is now being used in Centrica’s Local Energy Marketplace trial in Cornwall.
Siemens has also previously invested in LO3, adopting its Exergy platform into its energy management division.
And Shell wasn’t the only company to announce its investment into LO3, with the Sumitomo Corporation Group also investing.
Lawrence Orsini, CEO of LO3 Energy, said the investments represent a “landmark” moment for the company as it begins to scale its blockchain-based energy networks around the world.
“Energy is going through a revolution with renewable distributed energy resources increasingly picking up market share – but to integrate them efficiently we need to re-invent our energy networks,” Orsini continued.
Kirk Coburn, investment director at Shell Ventures, said: “As we move into a less carbonised future, Shell aims to invest in innovative companies that will help enable the energy transition. LO3 Energy fits right in that space.”