Siemens is investing an undisclosed amount in peer-to-peer blockchain start-up LO3 Energy, while “strengthening” the companies’ existing partnership.
New York-based LO3 is one of the world’s first companies to manage peer-to-peer energy transactions using blockchain technology — allowing “prosumers” with rooftop solar panels to sell their excess energy directly to their neighbours. Early experiments in 2014 led to the creation of LO3’s Brooklyn Microgrid, which now consists of 60 prosumers selling energy to 500 energy-buying participants.
