LO3 Energy announced its first close of $11 million Series B led by the currently prevailing investor called Shell Ventures. The funds would be used to develop Pando extensively. The solution uses blockchain to establish a community for Distributed Energy Resources (DERs), for instance, solar panels.
Another new investor here is Shikoku Electric Power from Japan. It links up the current shareholders like Braemar Energy Ventures, Centrica, and Sumitomo Corporation to enlarge their investments. LO3 gets a total of $17.6 million, an additional amount because it has sales that read below $1 million.
Bill Collins, Energy Co-founder and Chief Executive Officer of LO3, stated that the firm has transitioned from a small startup to a reputable company in the fast-evolving region of network management. Bill Collins added that the capital would give the company a great chance to increase in the USA and its outskirts.
LO3 gives a white reading solution, which would provide an extra customer application and marketplace to the consumer. By doing so, consumers will have the opportunity to choose renewable energy sources and use energy from their solar panels to convey it to the system.
Pando helps grid operators provide new energy solutions to their consumers while assisting them in accounting for how energy is used, generated, stored, and sold across the network.
The highest notable projects launched by LO3 were a small network situated in Brooklyn, New York. It has also found projects in the U.S, Australia, Europe, and industrial conglomerate of Marubeni and Kyocera Corporation in Japan.
Kirk Coburn, Investment Director of Shell Ventures, stated that the global energy markets transitioned to operate in more decentralized development platforms and distributed systems that would, in turn, provide new types of consumer key activities. Other two startups in the space include; PowerLedger and Energy Web. Additionally, there is another project to give much attention to, and that project is EQUIGY. The project consolidates four other European electric companies, which convey electricity to networks located in Switzerland, Austria, Germany, Italy, and the Netherlands.
For the enormous developing region of South Australia, the model has offered considerable advantages in terms of reliability and energy distribution efficiency. LO3 has combined professionals in conveying electricity and cutting-edge of transitive society. The project majorly focuses on the Riverland region of South Australia, where it offers commercial consumers options in the cost of renewable energy. The project aims to enlarge the scope that eventually includes a vast area of offers and services.https://portchronicle.com/