Centrica invests in US energy blockchain firm

A New York-based start-up specialising in blockchain-based solutions for the energy market has secured investment from Centrica. LO3 Energy is working on a commercialised blockchain-based platform that would enable peer-to-peer […]

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By Priyanka Shrestha

A New York-based start-up specialising in blockchain-based solutions for the energy market has secured investment from Centrica.

LO3 Energy is working on a commercialised blockchain-based platform that would enable peer-to-peer energy trading and help accelerate the transition to a distributed energy future.

The use of blockchain enables LO3’s platform to store and validate data that allows consumers to generate, store, buy and sell energy through trackable transactions that need no external monitoring.

The firm previously worked on a microgrid project in Brooklyn, which was said to have been the world’s first to use blockchain technologies.

Centrica is providing the investment through its innovations unit, Centrica Innovations, which was set up in February this year.

Another investor Braemar Energy Ventures is also backing the project but terms of the deal have not been disclosed.