Shell Oil and Gas Corporation invested in energy blockchain start-up

American startup LO3 Energy, which is developing a blockchain-based energy tracking system, has received investments from international oil and gas giant Shell and Japanese conglomerate Sumimoto.

“We are moving into a future with less carbon dioxide emissions, and Shell is committed to investing in innovative companies that will help achieve this. LO3 Energy fits perfectly into this future, ”said Shell Ventures investment director Kirk Coburn.

According to a press release, the goal of developing a blockchain system is to solve the problem of tracking energy from various suppliers. After starting the system, the user will be able to select the energy supplier to the household through the mobile application. At the same time, the system itself will track the sources of energy and maintain the purchase agreement.

The product can also be used by businesses, and for various purposes. Companies will be able to sell electricity, provide themselves with backup power, run virtual power plants, charge electric cars and much more.

“Energy is experiencing a revolution with the use of renewable energy sources, which occupy a growing market share. But for their effective integration, we need to change our energy networks, ”said LO3 Energy General Director Lawrence Orsini.

Earlier it was reported that the company Clearway Energy Group, engaged in the development of clean energy, launched a pilot program for trading renewable energy on the blockchain.