Japanese trading company Marubeni Corporation alliances with US-based blockchain startup LO3 Energy. The firms will adopt the technology for its energy business. The alliance was announced in a press release shared by Marubeni on February 20.
Marubeni, which also operates in the United States and Europe decided to partner with LO3 Energy’s transactive energy platform for its ongoing pilot project.
The joining of both the firms is said to enhance automation and performance utilizing blockchain in Marubeni’s renewable energy offerings.
Lawrence Orsini, CEO of LO3 Energy stated in the report –
“The Japanese energy sector is in the midst of a drastic transition, and there are increasing numbers of private power producers and suppliers interested in developing new customer offerings particularly in the renewable energy space.”
Orsini highlighted about the partnership with Marubeni saying – it is a significant moment for LO3 Energy as it further extends our global network, which will make the firms’ presence in Asia alongside our other projects in Australia, Europe and the USA.
Yoshiaki Yokota, COO of the Marubeni Power Business Division was quoted saying in the report – “The way we produce and consume energy in Japan is changing radically, and we want to be at the forefront of that change, which is why we are partnering with LO3 Energy for this project.”
Yokota also mentioned that the LO3 firm had successfully utilized blockchain technology in the Brooklyn Microgrid and a few other projects around the world. The LO3 firm has the potential of providing consumers with more energy choices and also improving efficiencies in energy usage.
Also, last week Japanese firm Mitsubishi UFJ Financial Group, Inc (MUFJ) had partnered with Akamai Technologies to launch a blockchain-based online payment network.