Blockchain startup LO3 signed a partnership with Power Exchange

Blockchain startup LO3 Energy has scored a partnership with the European Power Exchange, known as EPEX SPOT, to link local electrical microgrids to wider wholesale markets.

13.Dec.17 2:40 PM
By Daria Zaytseva
Photo Toinnov.com

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Blockchain startup LO3 signed a partnership with Power Exchange

Both organizations said on Tuesday that they signed a memorandum of understanding, pledging to find ways to connect local energy markets to larger energy networks using a blockchain-based platform.

EPEX SPOT is a power trading company based in France and covering Germany, the U.K., the Netherlands, Belgium, Austria, Switzerland and Luxembourg. This allows users in each country to buy or sell surplus power to each other.

Jean-François Conil-Lacoste, the company's chairman, said in a press release that the energy business is facing problems of "unprecedented dimension."

LO3 will deploy its technology on community microgrids, for example, the one that it helped develop in its headquarters city of Brooklyn, N.Y., while EPEX SPOT will use its international electricity trading infrastructure to create a wider source of availability.

In fact, consumers will be able to buy and sell surplus energy from neighbors or distant strangers. LO3 has already been working on this, developing a platform called Exergy to facilitate local trading.

Among other traders, the partnership aims to help owners of solar panels sell their excess energy back to a network that will be stored in batteries operated by these two groups, while consumers can purchase this excess energy as needed.

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