A New York blockchain startup has partnered with tech giant Siemens as it expands an ethereum-based peer-to-peer energy transfer project.
LO3 will work with Siemens to grow its TransActive Grid initiative, which enables participants to sell excess power to other microgrid stakeholders. In turn, Siemens will provide the startup with its microgrid control technology, the two firms said today. LO3 was recently awarded a patent for its decentralized energy transfer work by the US Patent and Trademark Office.
Siemens representatives indicated that the work conducted between the two firms could have a future impact on its own global customer base. Siemens is one of Germany’s largest companies, as well as one of Europe’s major engineering businesses.
Ralf Christian, CEO for Siemens’ Energy Management Division, said in a statement:
Siemens and LO3 will test blockchain-powered microgrids in both New York and other locations around the world, the two companies said today, as they look to expand beyond the original test.
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