Blockchain Startup LO3 Energy Partners With Energy Web Foundationbr>
Based in New York, LO3 Energy is building platforms to enable decentralized business models and innovative technologies related to energy, cleantech, and utility systems. The company builds tools and develops projects to support and accelerate the proliferation of the distributed energy, utilities, and computation-sharing economy of the future. LO3 Energy is the creator of Exergy, a distributed ledger system combining software and hardware layers, a token system for permitting data, and an architecture that advances market design and technology in tandem. Exergy creates secure data pathways for decentralized markets, peer-to-peer transactions, predictive analytics, micro-hedging and other applications.
Co-founded by the Rocky Mountain Institute and Grid Singularity, EWF is a global nonprofit that fosters value creation in the energy sector by building and promoting an open, decentralized software infrastructure built around blockchain technology. EWF is building and scaling the Energy Web Chain, the first public, open-space blockchain platform tailor-made for the energy sector. The platform aims to ensure interoperability, reduce costs and complexity, align currently dispersed blockchain initiatives, and facilitate technology deployment through easy-to-implement solutions.
Under the partnership, Exergy will be an affiliate of the EWF and will leverage EWF’s blockchain and ecosystem based on shared values for a democratized energy marketplace. They will collaborate on the Energy Web Chain technology stack, making it an ideal base layer on which Exergy can scale its platform and ensure interoperability, and provide an enhanced standardization of data for EWF.
“The ability to create interlinked local energy marketplaces is one of the key areas in which blockchain can revolutionize the energy sector,” said Jesse Morris, chief commercial officer of EWF. “The rapid growth of distributed renewable energy resources is creating both an opportunity and a need for standardization in this area and by working together, EWF and Exergy can make the blockchain for energy deliver on a global scale.”
“We believe in and endorse what EWF is building with their open-source energy blockchain,” said Lawrence Orsini, CEO of LO3 Energy. “Together we are transcending the physical limitations of the legacy electric grid, and bringing choice to consumers.”
In May of this year, LO3 Energy partnered with British utility Centrica to test blockchain’s potential in peer-to-peer (p2p) energy trading. Using LO3’s data platform, the companies explored a range of energy trading transactions, including multi-party p2p trading between 200 businesses and residential participants.