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While the bitcoin blockchain lets users track the flow of value without the need of banks to audit the system, LO3’s platform, called Exergy, is designed to track the flow of energy as it is added to a shared, local energy network, giving the neighbors who purchase the energy absolute certainty it really came from a windmill, a solar panel or a gerbil running on a treadmill.
The investment announced today is part of a larger bridge investment round also joined by Sumitomo Corporation Group based in Japan. Details of the investment are not being disclosed, though Coburn says he’ll be joining LO3 as a board observer as part of the round and could come on as a full board member pending possible future investments.
LO3 now employs 35 people, with most of its engineers joining Conte in Portland, Oregon, and other staff in Australia and Tokyo. The company plans to spend the investment to prepare for its full launch next year. When the project emerges from its beta testing, users will be able to set preferences on a mobile app, choosing how and when to use the local energy resources and exactly which sources to purchase from.
Since then, LO3 has raised capital from Braemar Energy Ventures in New York, Centrica energy in the United Kingdom and Munich-based Siemens . Coburn joined Shell in 2017 and says he was impressed with LO3’s ability to gain support across different jurisdictions beholden to a wide range of regulatory oversight.
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Source: Forbes - 🏆 394. / 53 Read more »
Source: Forbes - 🏆 394. / 53 Read more »