The world’s leading energy company Shell has reportedly invested in LO3, a start-up that employs a modified Ethereum based blockchain that enables its users to purchase and sell energy that has been produced locally.
New York-based LO3 startup has a similar tech to that of the Bitcoin, the platform by tracking the energy flow that is added to the share of the local network of energy that ensures the consumers who bought energy from different sources such as solar panels, windmills and so on.
Although the investment made by Shell has not been revealed yet, the company is sure that this project will promote an environment with low carbon emission. The Venture Investment Director of Shell Kirk Coburn stated that as it is now the ambition of the society to lead a life in an environment that has low carbon emission and the LO3 platform will enable it.
Moreover, LO3 is planning for fundraising via ICO, but for a while, this plan is not being implemented. However, for the sake of incentivizing LO3’s application and access to the distributed energy grid, LO3’s XRG tokens are going to be used after its launch next year. The platform has also been working on a different token Anergy, which will facilitate users to sell their data of energy usage to companies that are the third party.
The Director of LO3 Ben Conte stated that Exergy is an Ethereum based blockchain and its objective is to enable smooth integration the EOS. Furthermore, he stated that the company is creating a custom blockchain by combining the best stuff that has already been accomplished by the existing communities of blockchain.
It is worth noting that other than LO3, Shell has invested in four more blockchain projects, including Vakt, Komgo, and so on.