Oil Giant Shell Invests in Startup to build the energy marketplace of the future

AUTOMATED NEWS ALERT

Oil Giant Shell Invests in Startup That Uses Blockchain …

A U.S.-based blockchain startup working to “democratize the energy industry” has raised an undisclosed sum from oil multinational Shell and Japanese business giant Sumitomo Corporation Group.
 
“According to its white paper, LO3’s “Exergy” blockchain is aimed to “facilitate the optimal coupling of local electric generation to parties that can value, procure, store and utilize this generation most efficiently.”

Basically, the energy incumbents are looking to build a marketplace (energy Uber) for local parties, as private or businesses, to sell the energy on the grid and blockchain technology allows them to do just that. The big energy companies know best that the marketplaces are the long term successful bet for the ‘democratic energy consumption’ and they want to own the ‘pie’.

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