Siemens AG (ADR)(OTCMKTS:SIEGY) has collaborated with LO3 Energy in the field of innovative blockchain microgrid. The objective of the collaboration is to jointly advance microgrids that allow local energy trading dependent on blockchain technology.
Siemens is comprising its next47 unit, which was set in this October as part of an ecosystem for associations with startups to take a major role in the progressing decentralized energy system industry. As a startup, LO3 Energy is supported by Siemens next47 and Digital Grid, in advancing product for a blockchain-based microgrid in the NY borough of Brooklyn. It is the first of its kind in the entire world and an inflection point for advancing other joint microgrid assignments in the U.S. and other nations.
Ralf Christian, the CEO of company’s Energy Management Division, stated that the constant progress at the grid edge needs advanced control, data analytics and automation technologies allowing secure, reliable and stable integration of decentralized energy mechanisms as well as supporting the setup of new business models.
They are convinced that their microgrid automation and control solutions, in conjunction with the blockchain technology of their associate LO3 Energy, will offer additional value for their clients whether on the prosumer side or on the utilities side.
Lawrence Orsini, the founder of LO3 Energy, said that in the finance world, blockchain technology is rapidly growing across many segments, but in the energy industry, things are relatively different. With their microgrid solution in Brooklyn, they will show what blockchain can perform in the transactive energy world.
The microgrid intended for Brooklyn, which commenced as a pilot assignment of LO3 Energy, is being further advanced with the help of Siemens Digital Grid in the U.S. For the first time, Siemens microgrid control solution is being merged with the peer-to-peer trading base from LO3 Energy named TransActive Grid. This offering will allow blockchain-based local energy trading between consumers and producers in Brooklyn’s Boerum Hill, Gowanus and Park Slope neighborhoods and also balance out local consumption and production.