LO3 Energy Secures Major Support For Exergy™ Blockchain Platform As Two New Projects Launch In UK and USA
LO3 ENERGY SECURES MAJOR SUPPORT FOR EXERGY™ BLOCKCHAIN PLATFORM AS TWO NEW PROJECTS LAUNCH IN UK AND USA
Brooklyn, NEW YORK — May 3, 2018 — LO3 Energy is launching two new projects with international energy and services company Centrica in a move that demonstrates the appetite and potential for the platform’s global scalability.
Exergy™ is a distributed ledger system combining software and hardware layers, designed to solve the operational issues caused by the growth of renewable energy resources operating within local distributed energy networks.
The new project in Cornwall, UK, will use Exergy to allow multi-party trading among 200 business and residential customers as part of Centrica’s Local Energy Market (LEM) programme. The project follows the successful launch by Centrica’s North America Business unit, Direct Energy Business, of the world’s first micro-level energy hedging market for businesses in Texas last month.
LO3 Energy CEO Lawrence Orsini said: “This is the start of the major global rollout for Exergy and we are very excited not only about how the energy industry is responding to it but also the interest we are getting from those involved in the rapidly developing blockchain industry.”
“Launching projects with Centrica that both have very different use cases for the platform and are on opposite sides of the Atlantic within a few weeks of each other is a strong demonstration of our ambition for the platform and the belief people have in it.”
“One project is focused on consumer energy and the other business trading, but they both use the same Exergy network to make it happen.
“Exergy makes it possible for anyone to participate in small energy marketplaces also trade excess energy among them.
Used within a local energy market (LEM), Exergy enables choice to participants through transactive energy trading, from major utilities with large energy farms to prosumers with solar panels. Giving power to consumers through Exergy’s mobile app sets the foundation for them to dynamically react to price triggers that encourage certain behaviors that can be used to balance the grid.
In the case of micro energy hedging, Exergy opens up the potential for commercial and industrial customers to hedge their portfolio in smaller increments to further manage their energy costs.
Orsini added: “The growth of distributed renewable energy resources has moved energy generation away from remote power stations and into the heart of communities and there is now a clear need – and a public desire – to give people a choice over the type of energy they use and support.
“The Brooklyn Microgrid proved the usage model of blockchain within local energy microgrids. Now Exergy is taking it to the next level, creating a whole new operating platform that we hope, in the long-term, will be adopted as the global standard.”
Exergy™ is a distributed ledger system combining software and hardware layers, a token system for permitting data, and an architecture that advances market design and technology in tandem. Through our blockchain software, Exergy creates secure data pathways for decentralized markets, peer-to-peer transactions, predictive analytics, micro-hedging and other applications that are only beginning to be explored. For more information visit exergy.energy.
About LO3 Energy
LO3 Energy, a Brooklyn, NY based company, is building a platform to enable decentralized business models and innovative technologies related to energy, cleantech and utility systems. The LO3 team has deep expertise in design, architecture, development, prototyping, and testing of cutting-edge distributed energy, computing and peer-to-peer distributed consensus networks. The company builds tools and develops projects to support and accelerate the proliferation of the distributed energy, utilities and computation sharing economy of the future. More information at www.LO3energy.com.
Melanie Adamson, VP, Marketing
Tel: +1 (503) 789-8455