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Marubeni & LO3 Energy Partner to Bring Transactive Energy to Japan

Source: www.gulfoilandgas.com 2/20/2019, Location: Asia

Marubeni Corporation (hereinafter “Marubeni”), and LO3 Energy Inc. (hereinafter “LO3 Energy”), an energy-tech company revolutionizing the future of energy through disruptive technologies, have commenced a pilot project (hereinafter the “Project”) in Japan.

LO3 Energy will administer the energy marketplace using blockchain to connect a number of Marubeni’s power production facilities, including renewables, with offices and factories around Japan in a virtual marketplace in order to test ‘simulated’ energy transactions intending to create a full-scale commercially operational network in the future.

LO3 Energy’s transactive energy platform was pioneered in the creation of the Brooklyn Microgrid. It utilizes standard electricity meters combined with blockchain-enabled TAGe computer devices to measure useful energy data and power quality information and communicate with other devices on the network to activate energy transactions. The actual electrons flow through the normal grid transmission network, but the private, permissioned blockchain manages the transactional element – the definition of the energy source and the contract agreement to pay for it. Users set preferences via a dedicated mobile app, giving consumers the opportunity to choose preferred energy sources and how much they are willing to pay for renewable energy.

LO3 Energy CEO Lawrence Orsini said, “This is a significant moment for LO3 Energy as it further expands our global net, giving us presence in Asia alongside our other projects in Australasia, Europe and the USA.

“The Japanese energy sector is in the midst of a drastic transition, and there are increasing numbers of private power producers and suppliers interested in developing new customer offerings particularly in the renewable energy space.

“Initially this project is internally focused, but it is very much driven by the desire from Marubeni to explore the opportunities that blockchain management systems can offer in the transaction of energy throughout Japan.”

Chief Operating Officer of the Marubeni Power Business Div. Yoshiaki Yokota said, “The way we produce and consume energy in Japan is changing radically, and we want to be at the forefront of that change, which is why we are partnering with LO3 Energy for this project.

“Their successful use of blockchain in the Brooklyn Microgrid and other projects around the world has shown us the potential for providing consumers with more energy choices and, crucially, improving efficiencies in energy usage

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