OVO has invested in energy technology firm Electron, teasing that it is the first in a series of strategic investments.
Electron is to develop flexibility trading platforms in Switzerland and South Korea as the energy blockchain specialist expands its smart platform technology into international markets.
EDF Energy has completed a 2MW trade of a Capacity Market obligation (CMO) with UK Power Reserve (UKPR) utilising a digital trading platform underpinned by blockchain technology.
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.
Electron wants to create more alignment in the UK power sector, which it said is much needed if energy and flexibility trading is to realise its full potential.
A consortium of companies from the energy, flexibility, technology and engineering worlds has been formed in a bid to bring a flexibility trading platform to market.
Tokyo Electric Power Company (Tepco) has confirmed it has invested into UK-based blockchain start-up Electron.