Sumitomo Corporation and Sumitomo Corporation of Americas announced their investment in LO3 Energy, Inc. This development was on 10 July.
Sumitomo Corporation of Americas informed that its entity and Sumitomo Corporation are jointly christened as Sumitomo Corporation Group. Sumitomo Corporation conveyed that LO3 Energy, Inc. is a US-based developer and operator of blockchain-powered peer-to-peer (P2P) energy platforms. Sumitomo Corporation further added that the funding would support LO3 Energy’s commercialization of blockchain-based community microgrids.
LO3 Energy CEO Lawrence Orsini expressed –
“The investment from Sumitomo represents a landmark moment for LO3 Energy as we begin to scale our blockchain microgrid networks around the world. Energy is going through a revolution with renewable distributed energy resources fast replacing fossil fuels – but to integrate them efficiently we need to re-invent our energy networks. These investments will help us accelerate the roll-out of our microgrids, which help put all stakeholders benefit through local energy transactions and demand response energy management on a building-by-building level.”
Sumitomo Corporation shared insight that with the growth of renewable energy and battery storage technologies, decentralized energy systems were becoming essential to support the use of clean energy. Sumitomo Corporation indicated that LO3 Energy provides peer-to-peer electricity trading platforms using blockchain technology. Sumitomo Corporation summarized that this technology allows consumers to buy and sell electricity directly from one another.
Norihiko Nonaka, Executive Officer of Sumitomo Corporation commented on the rapid pace of growing technology. Norihiko noted the drastic change and innovation in the power sector. Norihiko also expressed the growing proliferation of decentralized renewable energy. Such development provided the perfect base for Sumitomo Corporation to expand its business into the novel field created by LO3 Energy.
In March, there were reports of OVO’s subsidiary company Kaluza strategically investing in Electron, an energy technology firm that leverages blockchain. Kaluza is a grid technology firm driving the transformation of the electricity system. Kaluza’s minority investment in Electron would spur the development and deployment of its energy platforms and operations in distributed flexibility marketplace.
Sumitomo Corporation wrapped up by informing about its key industry engagements and that of LO3 Energy. Sumitomo Corporation is a reputed Fortune 500 global trading and business investment firm with 133 locations in 66 countries. Sumitomo Corporation also has over 900 group companies worldwide. LO3 Energy, a US-based company, is on an endeavor to build a blockchain-based platform to enable decentralized business models and innovative technologies. Such technologies are related to energy, cleantech and utility systems.