Shell, one of the five largest oil and gas companies in the world, has invested an unnamed amount in an energy blockchain-startup LO3, Forbes reports.
LO3 based in New York is known as the developer of the Exergy platform, which uses the Ethereum blockchain to track power consumption.
For Shell, this is the fourth public investment in blockchain projects. The Dutch company has previously invested in the Vakt, Komgo and Applied Blockchain platforms.
In the case of LO3, Shell has the option of converting its investment into XRG, the native token of the Exergy platform, used to provide access to the network and financially encourage its members.
It is also noted that LO3 had previously planned to hold an ICO, but subsequently abandoned this method of attracting investment.
Recall that at the end of 2017, LO3 was also invested by the German corporation Siemens, with the support of which the company created a local smart network in the New York district of Brooklyn. The developed system allows users to sell electricity to their neighbors, produced at home with the help of solar panels.
Previously, after a series of successful experiments, LO3 patented a blockchain solution for heat reuse systems, and also signed partnership agreements with the Karlsruhe Institute of Technology (KIT) and the German energy companies EnergieSudwest and Allgauer Uberlandwerk.