Blockchain is having a moment. Seemingly every week, a new partnership or platform is announced in the energy sector. The latest move comes from Siemens, which participated in the Series A funding round for LO3 Energy, a blockchain-based microgrid developer. The companies didn’t disclose the terms of the deal, but the Director of Microgrids for Siemens Energy Management, Clark Wiedetz, described the financing as “not chump change.”
LO3 Energy and Siemens have been working together for a couple of years. Siemens provided advanced controllers and analytics for LO3 Energy’s microgrid projects.
LO3 Energy has already built a pilot blockchain-enabled microgrid in Brooklyn. Orsini said the microgrid is quietly operating now and will officially be live in the second quarter of next year.
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