Blockchain Startup LO3 Energy Teams With Japanese Trading Giant Marubenibr>
Headquartered in Tokyo, Marubeni engages in various business activities worldwide. It operates in 6 key sectors: food, consumer products, chemical and forest products, energy and metals, power business and plant and transportation, and industrial machinery.
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 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.
The partnership will see LO3 Energy administer a blockchain energy marketplace to connect a number of Marubeni’s power production facilities, including renewables, with offices and factories around Japan in a virtual marketplace in order to test ‘simulated’ energy transactions intending to create a full-scale commercially operational network in the future.
Yoshiaki Yokota, Chief Operating Officer of the Marubeni Power Business Division, said that the way they produce and consume energy in Japan is changing radically, and the company wants to be at the forefront of that change, which is why they are partnering with LO3 Energy for this project.
LO3 Energy’s transactive energy platform, which was pioneered in the creation of the Brooklyn Microgrid, combines standard electricity meters with blockchain-enabled TAGe computer devices to measure useful energy data and power quality information and communicate with other devices on the network to activate energy transactions.
“This is a significant moment for LO3 Energy as it further expands our global net, giving us presence in Asia alongside our other projects in Australasia, Europe and the USA,” said LO3 Energy CEO Lawrence Orsini. “Initially this project is internally focused, but it is very much driven by the desire from Marubeni to explore the opportunities that blockchain management systems can offer in the transaction of energy throughout Japan.”