Shell has invested in LO3 Energy, joining a raft of corporate investors, to support the US firm’s global development of blockchain-based community energy networks.
The firm has developed a transactive energy platform which, it has said, will overcome the challenge of integrating distributed energy resources (DERs) into supply networks and democratise the energy industry – ensuring people are able to consume and produce electricity at home and business. On 10 July, LO3 Energy announced that Shell Ventures and Sumitomo Corporation had both made “major investments” to support this work. Centrica has already invested in the company.
LO3 Energy CEO Lawrence Orsini spoke of how energy is engaging in a “revolution” with renewable DERs increasingly picking up market share. However, Orsini stressed to successfully integrate efficiently will require a reinvention of energy networks.He added: “These investments will help us accelerate the roll-out of less carbon intensive microgrids, which help all stakeholders benefit through distributed, decentralized and decarbonized local energy transactions and demand response energy management on a building-by-building level.”