Siemens has become the latest energy and engineering giant to throw its weight behind energy tech start-up and blockchain specialist LO3 Energy.
Late last month LO3 confirmed that Siemens had participated in a Series A funding round, strengthening a partnership that was more than two years in the making.
Siemens and LO3 have been working together on microgrid projects since late 2015, collaborating on notable projects such as the Brooklyn Microgrid. LO3 is also benefitting from insights gained by Siemens from its microgrid project in Wildpoldsried, Germany.
Meanwhile Siemens’ energy management division is also benefitting from the partnership through the adoption of LO3’s Exergy platform, also launched in 2017.
Lawrence Orsini, chief executive at LO3, said Siemens’ partnership had been “integral” to the success of LO3’s flagship project in Brooklyn and described the investment as a “vote of confidence”.
“Siemens will further support LO3 with its experience in grid management, data analytics and complementary technology portfolio facilitating the integration of blockchain into state-of-the-art power grids,” Orsini said.
The new investment came less than two months after Centrica confirmed that it was to invest in LO3 under its Centrica Innovations unit established earlier on in 2017 to “identify, incubate and accelerate” emerging energy technologies.