Oil Giant Shell Invests in Blockchain Startup for Energy Tracking

Jul 11,2019 at 08:14 am



An undisclosed sum has been raised by a U.S.-based blockchain startup from oil multinational Shell and Japanese business giant Sumitomo Corporation Group to “democratize the energy industry”.


In an announcement published on Wednesday, LO3 Energy said it has developed a “transactive energy platform” to address the challenge of tracking energy from different sources across supply networks.


“As we move into a less carbonized future, Shell aims to invest in innovative companies that will help enable the energy transition. LO3 Energy fits right in that space,” said Kirk Coburn, investment director at Shell Ventures.


With LO3’s system, a mobile app enables users to choose from different local energy resources and further allows them to select a specific supplier.


While the electricity passes through the power grid as normal, a “private, permissioned blockchain” tracks the details of the energy source and the purchase agreement.


According to its white paper, LO3’s “Exergy” blockchain is aimed to “facilitate the optimal coupling of local electric generation to parties that can value, procure, store and utilize this generation most efficiently. The resulting transactions will clear within a participative market-driven environment operating as close to the grid edge as possible, with an increasing level of automation by using self-executing contracts on a distributed ledger.”


The company said its product could power a range of business use cases, including “peer-to-peer energy trading, energy hedging for businesses, virtual power plants, dynamic electric vehicle charging and demand response.”


The startup’s CEO Lawrence Orsini said:


“Energy is going through a revolution with renewable distributed energy resources increasingly picking up market share – but to integrate them efficiently we need to re-invent our energy networks.”

Remaining:

BTC $500/one time

Earn an average $54.42/month

Hurry up Limited quantity
  • Hashpower 11 TH/s
  • Mining days: 655
  • Alghoritm: SHA-256
  • Daily Fees: $0.86

You may also like:

How much can you earn with
?

BTC $500 11 TH/s
BTC $1000 21 TH/s
BTC $2500 53 TH/s
BTC $5000 106 TH/s
You can earn an average of $54.42/month
Hurry up Limited quantity
Maximum earning for this package $ 59.862 per month Actual earning for this package $ 51.699 per month Algorithm SHA-256 Daily Fees $ 0.86
You can earn an average of $104.13/month
Hurry up Limited quantity
Maximum earning for this package $ 114.543 per month Actual earning for this package $ 98.9235 per month Algorithm SHA-256 Daily Fees $ 1.55
You can earn an average of $263.46/month
Hurry up Limited quantity
Maximum earning for this package $ 289.806 per month Actual earning for this package $ 250.287 per month Algorithm SHA-256 Daily Fees $ 3.92
You can earn an average of $526.92/month
Hurry up Limited quantity
Maximum earning for this package $ 579.612 per month Actual earning for this package $ 500.574 per month Algorithm SHA-256 Daily Fees $ 7.8