OVO’s subsidiary company Kaluza strategically invests in Electron, an energy technology firm that leverages blockchain. The announcement was made by Electron in a press release on 12 March.
Kaluza is a grid technology firm driving the digital transformation of the electricity system. Kaluza’s minority stake in Electron will stimulate the development and deployment of its energy platforms and operations in distributed flexibility marketplace.
Kaluza posted on Twitter –
— Kaluza (@kaluza_energy) March 12, 2019
According to the report, Kaluza’s deal with Electron is the first strategic venture that produces and operates software and hardware to support the integration of battery-powered vehicles (e-vehicles), electric heating and battery storage onto the grid.
The combination of technologies such as blockchain and Internet of Things (IoT), is required to support the transition to Electron’s highly distributed and complex energy system that is made up of millions of connected devices and multi-agents.
The development of the Electron’s shared asset register will be significant to support the development of Kaluza and deliver its mission to connect all devices to an intelligent zero-carbon grid securely.
Stephen Fitzpatrick, Founder and CEO of OVO and Kaluza, cited:
“We’re delighted to be supporting the Electron team who have built great technology that’s fast becoming an important part of the energy system.”
The report cites that in February 2109, Mitsubishi Corporation had announced strategic investment in OVO for a 20% stake in the business. OVO will dedicate the investment to expand into new businesses across Europe and the Asia Pacific region. It also intends to drive the development of its intelligent energy technologies unit, Kaluza.
Jo-Jo Hubbard, Co-founder and CEO of Electron was quotes – “OVO is perfectly placed to support the development of our asset identity and trading platforms.”
Hubbard further explained that the firm is excited to be working with an exceptional international partner to deliver firms’ conception of effective, comprehensive and coordinated energy markets.
Recently, Japanese firm Marubeni Corporation collaborated with New York-based blockchain startup LO3 Energy. The partnership intends to enhance automation and performance by utilizing blockchain in Marubeni’s renewable energy offerings.
Many companies are adopting blockchain technology to utilize its underlying potential in addressing use-cases for their respective areas.