LO3 Energy, a blockchain energy startup backed by Siemens, has announced that its Exergy platform has become an Energy Web Foundation (EWF) Affiliate.
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.” It creates secure data pathways for decentralized markets, peer-to-peer transactions, predictive analytics, micro-hedging and other applications.
Jesse Morris, chief commercial officer of EWF, underscored the need for standardization in the wake of rapid growth of distributed renewable energy resources. He said that “by working together, EWF and Exergy can make the blockchain for energy deliver on a global scale.”
LO3 Energy said that Exergy has become an affiliate of the EWF to leverage Energy Web blockchain and ecosystem based on shared values for a democratized energy marketplace.
“EWF and Exergy will collaborate on the Energy Web Chain technology stack, making it an ideal base layer on which Exergy can scale its platform and ensure interoperability, and provide an enhanced standardization of data for EWF,” the company said.
The EWF blockchain is purpose-built for the energy sector. Furthermore, its test network Tobalaba is being actively used by over 30 companies to build and test their energy blockchain applications.
“We believe in and endorse what EWF is building with their open-source energy blockchain,” says Lawrence Orsini, CEO of LO3 Energy. “Together we are transcending the physical limitations of the legacy electric grid, and bringing choice to consumers.”
Recently, British multinational energy and services company Centrica partnered with LO3 to test blockchain potential in peer-to-peer (p2p) energy trading.
