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Blockchain Technology Gets New Investment From Siemens

Blockchain Technology Gets New Investment From Siemens

January 16, 2018 By Andrew Burger Leave a Comment Siemens sent a clear signal that it sees promise in LO3 Energys blockchain distributed energy ledger with an increase in its stake in the emerging technology. The global technology giant recentlyclosed out LO3 Energys Series A venture capital funding round. Lawrence Orsini, founder and CEO, LO3 Energy Siemens investment in LO3 represents our acknowledgement of the future potential of blockchain technology as an enabler of local energy market places, says Ralf Christian, CEO of Siemens Energy Management. Siemens will further support LO3 with its experience in grid management, data analytics and complementary technology portfolio facilitating the integration of blockchain into state-of-the-art power grids. LO3s blockchain software, which it calls Exergy, is a peer-to-peer transaction ledger that enables the movement of energy data, such as contract information and transaction records, among participants at the consumer level. The technology also serves as a distributed energy trading and transaction management platform. Early bird special for Microgrid 2018 ends Jan. 31. Register today and save $200. Blockchains could enable a new, fast-growing category of solar and renewable energy prosumers (producer-consumers), traditional energy consumers, utilities and others to buy and sell low- or zero-emissions energy directly from each other according to Siemens. With Siemens increased stake in LO3 Energy (amount undisclosed), the two companies have been working closely to enhance each others distributed energy and microgrid software offerings. Cross-pollination of LO3s blockchain ledger and Siemens microgrid management system, as part of LO3s flagship Brooklyn Microgrid pilot project, figured prominently in the partnership. Siem Continue reading >>

Blockchain Startup Lo3 Partners With Power Exchange

Blockchain Startup Lo3 Partners With Power Exchange

Blockchain Startup LO3 Partners With Power Exchange Dec 13, 2017 at 07:00 UTC|UpdatedDec 13, 2017 at 07:05 UTC Blockchain startup LO3 Energy has scored a partnership with the European Power Exchange, known as EPEX SPOT, to link local electric microgrids to broader wholesale markets. The two organizations said Tuesday that they signed a memorandum of understanding committing themselves to finding ways to connect local energy markets to larger power 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. It allows users in each country to buy or sell excess power to each other. The company's chairman, Jean-Francois Conil-Lacoste, said in a press release that the energy business faces challenges of "unprecedented dimension." "Innovative digital solutions are needed to further serve the market in this industry revolution and to drive forward the energy transition." LO3 will deploy its technology on community microgrids, such as the one it helped developed in its headquarters city of Brooklyn, N.Y., while EPEX SPOT will leverage its international power trading infrastructure to create a broader source of availability. Essentially, consumers will be able to buy and sell surplus energy from neighbors or faraway strangers. LO3 has already been working on this, developing a platform called Exergy to facilitate local trades. Among other trades, the partnership aims to help solar panel owners sell their excess energy back to the grid to be stored in batteries operated by the two groups, while consumers can purchase this excess energy during times of need. LO3 CEO and founder Lawrence Orsini said the partnership "will represent one of the most dis Continue reading >>

Siemens Invests In Blockchain Microgrid Lo3 Energy

Siemens Invests In Blockchain Microgrid Lo3 Energy

See also: Power at the Edge: How Electric Cars Will Fill Up on the Fly LO3 Energy is using the ledger to create fast and simple electricity transactions between buyers and sellers. The microgrid currently connects 60 solar sites, and 500 customers have signed up. German conglomerate Siemens in the lead investor in a $6 million Series A funding round for LO3 Energy. Other investors include Centrica Innovations and Braemar Energy Ventures. Siemens has worked with the start-up for a few years now, supplying the advanced controllers and analytics software for LO3 Energys microgrid. It is looking into the possibility of microgrids for wholesale and localized electricity sales. Director of Microgrids for Siemens Energy Management, Clark Wiedetz, said : Theres no defined way yet to do transactions for a microgrid. But he does see the distributed ledger as a way of creating an open and secure way of transacting. LO3 Energy is preparing to officially launch the blockchain microgrid in the second quarter this year. It has not detailed any plans to launch in other cities or countries. The drop in energy costs alongside the proliferation of solar energy in some parts of the U.S. is pushing Siemens and other technology companies towards microgrid solutions. Continue reading >>

Siemens Invests In Energy Blockchain Start-up Lo3 Energy | Recharge

Siemens Invests In Energy Blockchain Start-up Lo3 Energy | Recharge

Siemens invests in energy blockchain start-up LO3 Energy The German giant's investment of an undisclosed amount is a 'vote of confidence' in peer-to-peer energy marketplaces, the companies say. 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 worlds 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 LO3s Brooklyn Microgrid , which now consists of 60 prosumers selling energy to 500 energy-buying participants. The microgrid is designed to continue functioning in the event of a wider network black-out. Siemens has been collaborating with LO3 since late 2015, providing microgrid control and automation solutions for the Brooklyn system. Over the years, our partnership with Siemens was integral to the success in the Brooklyn Microgrid, and will continue to be for years to come, said LO3 chief executive Lawrence Orsini. Siemens commitment to transactive energy on the blockchain is a vote of confidence for our approach to developing microgrid communities and grid-edge services across the globe. Ralf Christian, chief executive of Siemens Energy Management, adds: "Siemens investment in LO3 represents our acknowledgement of the future potential of blockchain technology as an enabler of local energy marketplaces. Siemens will further support LO3 with its experience in grid management, data analytics and complementary technology portfolio facilitating the integration of blockchain into state-of-the-art power grids. The German giants investment comes almost two months Continue reading >>

Smart Grids And Energy Storage

Smart Grids And Energy Storage

Neighbors throughout the New York borough of Brooklyn are buying and selling solar power from each other on a blockchain platform the first of its kind in the world and a starting point for developing other joint microgrid projects in US and other countries. LO3 Energy, a young New York company, is working with Siemens Digital Grid and Siemens startup financier next47, called the Brooklyn Microgrid project. There, neighbors are empowered to produce, consumer and purchase power within their community with a blockchain enabled transactive energy platform. LO3 is a pioneer in the movement toward a distributed energy supply system that draws on renewably-generated sources for a more resilient, customer-driven economy. On sunny days, Martha Camerons electric meter runs backwards. Theres a simple reason for that. On the roof of her brownstone, a row house that was built about 1900 in the idyllic Park Slope neighborhood in Brooklyn, she has a solar installation. When the sun is shining brightly, she cant use all the electricity from her 18 photovoltaic panels, so the excess power is transferred to the power grid. When Cameron installed her solar system in 2010, she was a pioneer. But she was soon joined by five other buildings with solar systems on her leafy street, which is lined with Norway maples and sycamores. Lawrence Orsini, the founder and CEO of LO3 Energy, on the roof of a row house in Brooklyn that is connected to the microgrid. In April 2016, the first transactions occurred among neighbors who didnt have their own solar systems and those who produced excess solar electricity. With the help of LO3 Energy, residents of Park Slope and the adjacent neighborhoods of Gowanus and Boerum Hill founded the Brooklyn Microgrid. This project was possible because it fulfilled th Continue reading >>

Can Lo3 Energy Cut Through The Hype On Blockchain?

Can Lo3 Energy Cut Through The Hype On Blockchain?

Can LO3 Energy Cut Through the Hype on Blockchain? The startup prefers to call itself a transactive energy company: We very much think of ourselves as an energy company that happens to use blockchain. Emma is a staff writer at Greentech Media. She previously covered environmental policy, politics, and climate change at Grist and the New Republic. Emma studied Environmental Analysis at Pomona College. The potential for blockchain in energy has garnered a lot of attention from industry. LO3, a startup that brands itself as a "transactive energy company," is preparing to expand internationally after building the world's first blockchainmicrogrid. The company pulled in new investments last week from Braemar Energy Ventures and Centrica Innovations. The capital raise completed a Series A round for the Siemens-backed firm based in Brooklyn, New York. For the past couple of years, blockchain has been lauded as a potential game-changer in the energy industry, attracting millions of dollars in investment. Theres a lot of interest, a lot of hype in the blockchain industry right now, said Scott Kessler, LO3s director of business development, during a recent visit to the startups new Brooklyn office. Ninety-nine percent hype in blockchain, CEO Lawrence Orsinichimed in. Much of that attention has fallen on LO3 in the three years since it started using the technology. LO3s core platform revolves around peer-to-peer energy trading on community microgrids where blockchain verifies the transactions. For all of the publicity that blockchain is getting, Kessler said the real innovation is around how companies are using it. We very much think of ourselves as an energy company that happens to use blockchain," said Kessler. "If another, more efficient way to communicate this data came out, Continue reading >>

Blockchain Is Helping To Build A New Kind Of Energy Grid

Blockchain Is Helping To Build A New Kind Of Energy Grid

Blockchain Is Helping to Build a New Kind of Energy Grid Using the technology behind Bitcoin, participants in the Brooklyn Microgrid are buying and selling locally generated renewable energy over a peer-to-peer network. Lawrence Orsini speaks at the Business of Blockchain conference. If you have solar panels that produce more energy than you need, you can sell the excess to a utility company. But what if you could sell it to your neighbor instead? Computer scientists have found the longest straight line you could sail without hitting land A company called LO3 Energy has developed a system that lets people buy and sell locally generated solar energy within their communities. The system uses blockchainthe electronic ledger technology that underpins the digital currency Bitcointo facilitate and record the transactions. Distributing energy this way is more efficient than transmitting energy over distances, said LO3s founder, Lawrence Orsini, and would make neighborhoods more resilient to power outages, as well as helping meet demand when energy needs exceed expectations. Its also in line with growing public support for renewable energy, distributed and decentralized energy systems, and buy local programs in general. At Business of Blockchain , a conference organized by MIT Technology Review and the MIT Media Lab, Orsini said that 69 percent of consumers told the technology consultancy Accenture that they were interested in having an energy-trading marketplace, and 47 percent said they planned to sign up for community solar projects. LO3 Energy launched its peer-to-peer energy transactions system, which it calls the Brooklyn Microgrid , about a year ago. The miniature utility grid connects people who have solar panels on their roofs in several parts of Brooklyn with neighbo Continue reading >>

Lo3 Leadership And Team | Executives, Staff | Information And Backgrounds | Lo3 Energy

Lo3 Leadership And Team | Executives, Staff | Information And Backgrounds | Lo3 Energy

With more than ten years of experience in all aspects of commercial energy efficiency programs design, management, implementation and marketing as well as a strong understanding of the Energy Efficiency policy and regulatory environment, Lawrence is well versed in the inner workings of the efficiency industry. Lawrences broad industry experience runs the gamut, from field auditing to managing relationships with Fortune 100 utility and corporate clients, affording him a unique ability to draw connections between policy driven utility energy efficiency program requirements and bottom line driven business spending. Bill is a finance professional with decades of experience in investment banking, structured finance, and environmental markets. Working as a derivatives specialist in Asia, Bill used his creativity and knowledge of financial markets to spot unique and innovative ways to help his customers (large government, state and private counterparties) identify and manage complex financial risks. This knowledge and skill set was subsequently leveraged in the international carbon markets. For seven years, Bill led a team at EcoSecurities tasked with sales, trading and risk management of the largest private sector carbon project portfolio. Bill serves on OneEnergy Renewables Advisory Board. Applying Industry Expertise to the New Frontier in Energy Continue reading >>

Lo3 Energy (@lo3energy) | Twitter

Lo3 Energy (@lo3energy) | Twitter

Pending Pending follow request from @LO3energy Cancel Cancel your follow request to @LO3energy Are you sure you want to view these Tweets? Viewing Tweets won't unblock @LO3energy LO3 Energys CEO, Lawrence Orsini, and Vice President of Marketing, Melanie Adamson, will be speaking at the Cired on June 7th in Ljubljana, Slovenia. For more info... Thanks. Twitter will use this to make your timeline better. Undo Exergy creates secure data pathways for decentralized markets, peer-to-peer transactions, predictive analytics, micro-hedging and other applications that are only beginning to be explored. Thanks. Twitter will use this to make your timeline better. Undo NewYorkAREA : Is offshore wind about to hit cost-competitiveness in New York and New England? Thanks. Twitter will use this to make your timeline better. Undo Nearly $4 Billion In Regional Economic Benefits Created By Australian Wind Power Thanks. Twitter will use this to make your timeline better. Undo Lithium-ion batteries are the market leader in energy storage. But is the market right? Thanks. Twitter will use this to make your timeline better. Undo Mercedes-Benz will stop manufacturing residential batteries and dissolve its U.S. energy subsidiary, ending a short-lived challenge to Teslas energy storage empire. Thanks. Twitter will use this to make your timeline better. Undo Eventually microgrids will interact with each other to achieve greater efficiencies Thanks. Twitter will use this to make your timeline better. Undo Dubai for the Future Blockchain Conference. I'm speaking Wed/Thurs along with some amazing people! CC: Thanks. Twitter will use this to make your timeline better. Undo California has set a new record for peak output of utility-scale solar Thanks. Twitter will use this to make your timeline better Continue reading >>

Centrica And Lo3 Energy To Deploy Blockchain Technology As Part Of Local Energy Market Trial In Cornwall

Centrica And Lo3 Energy To Deploy Blockchain Technology As Part Of Local Energy Market Trial In Cornwall

Centrica and LO3 Energy to deploy blockchain technology as part of Local Energy Market trial in Cornwall New trial announced to explore how blockchain technology could revolutionise the way consumers buy and sell energy. Project to explore how blockchain could unlock savings for 200 homes and businesses Further trial in North America to deliver worlds first micro-hedging market for industrial and commercial customers Centrica plc has today announced a new trial to explore how blockchain technology could revolutionise the way consumers buy and sell energy. Blockchain technology provides a secure platform for consumers to buy and sell from each other, giving them greater control. Blockchain groups buy and sell transactions together into blocks that are securely linked so that the trade history is permanent and unalterable. Delivered in partnership with energy blockchain pioneers LO3 Energy (LO3), the project will see the roll out of the technology in Centricas 19m Local Energy Market (LEM) programme in an effort to explore how new approaches could disrupt the traditional energy model. The LEM has been established by Centrica Business Solutions to test the role of distributed generation and storage in supporting local grid flexibility in the south west of England. The blockchain trial will take this a step further, testing a range of energy transactions including multi-party peer to peer trading across 200 business and residential participants using LO3s new Exergy platform. Centrica is also working with LO3 on a trial in North America to deliver the worlds first micro-hedging market for business customers. Run by the companys North America Business unit, Direct Energy Business, the trial aims to cut costs and improve efficiency for commercial businesses in Texas through Continue reading >>

From The Brooklyn Microgrid To Exergy A Conversation With Lawrence Orsini, Ceo Of Lo3 Energy

From The Brooklyn Microgrid To Exergy A Conversation With Lawrence Orsini, Ceo Of Lo3 Energy

From the Brooklyn Microgrid to EXERGY A Conversation with Lawrence Orsini, CEO of LO3 Energy Article contributor: Jonathan Koch, Junior Analyst, CTG LO3 Energy is the organization behind the Brooklyn Microgrid. The company recently announced the launch of EXERGY, a blockchain-based energy marketplace that aims to empower consumers with access to and control of their energy data, and redefine how they interact with energy markets globally. To learn more, we spoke to Lawrence Orsini, the companys CEO, who will join us at next weeks Cleantech Forum San Francisco on January 22-24. Jules Besnainou: What is the story behind LO3 Energy? Lawrence Orsini: I started in the energy industry in 1999 in the midst of the California deregulation, and I found myself settling in a nonprofit consulting company that was working on energy efficiency projects. We grew that company from 25 people to about 480. I left the company probably around 2013 to develop LO3 Energy. At that time, it was clear to me that energy markets were shifting dramatically, just watching the dropping prices of distributed generation, what fracking was doing to coal, and the push for data analytics at the grid edge. I started LO3, spent the first couple of years actually just writing IP and designing business models, and then moved to develop hardware and software in the past three years. The goal was to get ready to take a leadership role in this new emerging distributed energy economy by focusing specifically on enabling peer to peer network transactions and this full vision of transactive energy. The idea being that you can transact small bits of energy and then take a much broader value stack for that, not just the kilowatt hours but all the grid services. I think at this point were around 25 people internally, Continue reading >>

The Future Of Energy | Blockchain, Transactive Grids, Microgrids, Energy Trading | Lo3 Stock, Tokens And Information | Lo3 Energy

The Future Of Energy | Blockchain, Transactive Grids, Microgrids, Energy Trading | Lo3 Stock, Tokens And Information | Lo3 Energy

Applying Industry Expertise to the New Frontier in Energy Our meter technology measures a building's energy production and communicates with the network to collectively manage energy. A decentralized digital ledger in which private computers verify transactions automatically. As each new transaction is verified, it's added to the ledger. Our Application Program Interface makes collaboration happen. It creates an open path that encourages participation and innovation from members across the network. The technology works on the legacy energy grid already in place, making it easy to establish a community of buildings that generate, store, and trade energy locally. Through blockchain technology and our own innovative solutions, weve developed Exergy, a permissioned data platform that creates localized energy marketplaces for transacting energy across existing grid infrastructure. Were just beginning to uncover the potential of the Exergy platform to influence the energy model of the future, and already the possibilities seem endless. On the Exergy platform, prosumersgenerating energy through their own renewable resourcecan transact energy autonomously in near-real time with consumers on the platform in their local marketplace. A microgrid is an ecosystem of connected prosumer and consumer energy assets. Energy is generated, stored, and transacted locally, creating more efficient, resilient and sustainable communities. The distributed system operator is granted access to consumer data like building management systems. Using price as a proxy, the DSO manages energy use, load balancing, and demand response at negotiated rates. When a charging stationpublic or privateor an electric vehicle has a surplus of energy, it is made available for purchase on the local network. Consume Continue reading >>

Siemens To Invest In Blockchain-based Smart Grid Builder Lo3

Siemens To Invest In Blockchain-based Smart Grid Builder Lo3

Siemens to Invest in Blockchain-Based Smart Grid Builder LO3 Technology conglomerate Siemens has announced it will invest in LO3 Energy, a startup focused on building blockchain-backed smart grids for local energy trading. The amount of the investment, and LO3s implied valuation, were not disclosed. LO3 has had a relationship with Siemens since late 2016 , when the companies teamed up to build a local smart grid in Brooklyn . LO3s system is intended to let prosumers buy and sell energy such as that generated from rooftop solar panels with their neighbors. LO3 users install a high-resolution meter, which can do neat things like track energy usage at specific times of day, or by specific appliances. They also get an app that lets them set buy and sell requests for specific kinds of electricity, such as solar or wind. LO3 gets revenue from the resulting transactions, and also wants to leverage all that rich user data, potentially by connecting its microgrids to major utility operations. Get Data Sheet , Fortunes technology newsletter. LO3 wants to use blockchain to make its system work. Specifically, the smart contracts at the heart of second-gen blockchains like Ethereum should make it possible to automate real-time, granular, peer-to-peer energy transactions. Its an application where blockchains decentralization is particularly important, which LO3 CEO Lawrence Orsini highlights by pointing to Enrons infamous manipulation of California energy markets circa 2000. In the midst of a crypto-gold rush that has bred widespread scams , wild overvaluations , and sketchy vaporware , LO3s blockchain application is one that, at least in theory, makes sense both technically and philosophically. But unlike so many companies touting their blockchain applications, LO3 isnt pumping up Continue reading >>

Scott Kessler Talks Blockchain, L03 Energy, And The Future Of The Energy Industry

Scott Kessler Talks Blockchain, L03 Energy, And The Future Of The Energy Industry

Scott Kessler Talks Blockchain, L03 Energy, and the Future of the Energy Industry Hello and welcome back to Investing After Hours our Wealth Daily podcast dedicated to helping everyday investors navigate major investing trends. Our team of experts has specialized knowledge in a variety of investing methods. And we broadcast this knowledge from our office above the Baltimore harbor. I am your host Alexandra Perry, the research director at Wealth Daily. Welcome to Episode 24: "Scott Kessler Talks Blockchain, LO3 Energy, and the Future of the Energy Industry" Over the course of the last year, I spoke with many innovators and game changers in the blockchain space. The truth of the matter is that blockchain is hot. And because it's one of the hottest markets in tech, it tends to draw talent. That being said, of the many talented people in the space, only a few stand out. One such person is Scott Kessler, the business development manager of LO3 Energy. I first met Scott at the 2018 Consumer Electronics Show (CES). And I instantly became interested in LO3 Energy's mission. Unlike many people in the blockchain space, Scott seemed unaffected by blockchain hype. He was more interested in the application, specifically how blockchain could be applied to help an ailing sector the energy industry. With that considered, it shouldn't come as a surprise that LO3 Energy doesn't like to call itself a "blockchain" company. Rather, the six-year-old startup prefers to be called an energy company that works with blockchain. In doing so, it's marrying a dying industry with an emerging one. Over the last six years, LO3 Energy has received investments from Braemar Energy Ventures, Centrica Innovations, and a Siemens-backed firm in Brooklyn, New York. The LO3 team produces both hardware and soft Continue reading >>

Siemens Invests In Lo3 Energy, Making Blockchain A Piece Of Its Microgrid Strategy

Siemens Invests In Lo3 Energy, Making Blockchain A Piece Of Its Microgrid Strategy

Siemens Invests in LO3 Energy, Making Blockchain a Piece of Its Microgrid Strategy An industrial giant expands a partnership with a blockchain microgrid startup. Blockchain is having a moment. Seemingly every week, a new partnership or platform is announced in the energy sector. The latest move comes from Siemens, which participated in the Series A funding round for LO3 Energy, a blockchain-based microgrid developer. The companies didnt disclose the terms of the deal, but the Director of Microgrids for Siemens Energy Management, Clark Wiedetz, described the financing as not chump change. A filing from November lists a funding round for LO3 Energy at close to $6 million. Other investors in the startup include Braemar Energy Ventures and Centrica Innovations, the venture arm of British energy company Centrica. LO3 Energys CEO and founder Lawrence Orsini said the funding will be used to help build out the Brooklyn-based companys technology, which enables local energy trading over microgrids using blockchain. Blockchainis a distributed, unalterable database. Bitcoin currency is the most well-known application of blockchain, but other industries are interested in using the databases to manage transactions. Energy companies are interested in blockchain for both wholesale and localized trading of electrons. LO3 Energy and Siemens have been working together for a couple of years. Siemens provided advanced controllers and analytics for LO3 Energys microgrid projects. LO3 Energy has already built a pilot blockchain-enabled microgrid in Brooklyn. Orsini said the microgrid is quietly operating now and will officially be live in the second quarter of next year. The Brooklyn microgrid connects about 60 solar sites, and uses blockchain to enable solar owners to buy and sell electrici Continue reading >>

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