UK-based OVO Energy acquired a minority stake in blockchain-powered energy firm Electron through its unit Kaluza. This comes close on the heels of a 200 million-pound investment by Japan's Mitsubishi Corp. in OVO.
The investment is a first for the recently the established division Kaluza.
Electron plans to use the funds to develop distributed energy trading platforms that will help in the transition to intelligent grid infrastructure for a more efficient, resilient and flexible energy system at a lower cost.
London-based Electron combines blockchain and energy expertise to design and build a digital infrastructure for the energy industry. Electron is looking to develop a shared asset register to securely connect all devices to an intelligent zero-carbon grid.
Kaluza is a new division within the OVO portfolio that develops and manages software and hardware to support the integration of electric vehicles, electric heating and battery storage onto an intelligent zero carbon grid. It supports the global transition from fossil fuels to renewable energy.
Electron currently operates in three countries, working alongside utilities, regulators and other technology providers to bring flexibility and coordination to energy grids.
Following the investment by Kaluza, Paul Massara will be stepping down from his role as CEO but will remain involved in Electron as an advisor and an investor. Electron co-founder Jo-Jo Hubbard will take over as the new CEO. He was previously the COO.
In February, Japanese general trading company Marubeni Corp. had partnered New York-based LO3 Energy to apply blockchain technology to administer the energy marketplace, particularly renewable energy. They commenced a pilot project in Japan to evaluate the network and develop case examples.
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