OVO, a major energy company in the United Kingdom, has invested in Electron through its recently launched intelligent grid technology division Kaluza.
According to the announcement made through the OVO blog post, Kaluza’s investment is aimed at facilitating Electron’s deployment of distributed energy trading platform. Electron, a London-based energy tech company that uses blockchain technology, will reportedly use these funds of the investment to develop its energy platforms and system. The company might also use the funds to build its distributed flexibility market place.
While speaking of the new investment, Stephen Fitzpatrick, the founder, and chief executive at both OVO and Kaluza, attested to Electron’s work, stating that they had built technology that is “fast becoming an important part of the energy system.” He added, “We’re happy to be supporting the Electron team who has built great technology that’s fast becoming an important part of the energy system.”
According to the post, the investment from OVO is the first since Mitsubishi acquired a 20 percent stake.
The deal will see minor changes to Electron’s management. Some of the expected changes include the stepping down of Paul Massara from being the chief executive officer and industry and remain on the border as an advisor. The co-founder and current COO Jo-Jo Hubbard will step up to take Massara’s role.
Electron is also pleaded with the new investment. Hubbard stated, “OVO is well placed to support the development of our asset identity and trading platforms. We are excited to be working with an exceptional international partner to deliver on our vision of efficient, inclusive and coordinated energy markets.”
Electron was founded in 2015 and has gained a reputation for being at the forefront of integrating emerging technologies, specifically blockchain, into the energy system.
Other companies have significantly used blockchain technologies’ potential to help improve the energy industry. Recently, Power Ledger, a blockchain startup based in Australia, formed a partnership with Sharing Energy, a Japanese renewable energy firm, to track consumption of clean energy. According to reports, the project seeks to help 100 initial consumers get access to power and eventually open doors for over 55 thousand more.
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