OVO, a major energy company in the United Kingdom, has decided to make a huge investment in Electron. Electron is a UK-based blockchain firm. OVO invested in Electron through Kaluza, a technology division that the energy company recently launched. OVO blog announced this on March 12.
Use of Funds
Electron will use the investment proceeds for the development of its energy platforms and systems. Alternately, Electron will allocate the proceeds to its distributed marketplace of flexibility. Moreover, the shared asset register of Electron will be helpful in making Kaluza grow and deliver according to its mission. In addition, Kaluza’s function is to connect all the devices securely to a zero-carbon grid that has an intelligence of its own.
Kaluza is a state-of-the-art grid technology company that supports the energy sector with its line of software and hardware products. Kaluza has actually made an investment in Electron recently. This move by Kaluza has actually been crucial in terms of making it a bit easier for Electron to deploy its trading platforms for energy distribution.
Blockchain Applications in Energy
Blockchain has discovered several applications in the energy sector around the world. Earlier in March, Bangchak Corporation Public Co. Limited (BCP) has tested a new commercial microgrid and an energy trading platform that is blockchain-based. The new investment that OVO has made was its first after Mitsubishi bought 20 percent of the energy company’s firms. OVO ranks seventh in terms of the size of its energy supply in the UK.
In February 2019, Kyocera, Japan’s solar power supplier has also tested virtual power plants (VPP) that are based on the blockchain. This should allow improvements in the distribution of energy. VPP promotes reduced use of carbon without fuels or emissions.