LO3 Energy has entered into partnership with the European Power Exchange (EPEX SPOT) to encourage expansion by linking local electric microgrids to larger markets.
A memorandum of understanding has been signed between these two companies when the top executives and other reputable individuals decided to use a Blockchain platform to achieve their stated aims and objectives.
The power exchange company is located in France. It covers seven European countries in a bid to encourage easier access to power by allowing members to buy and sell the power among themselves. These countries include; Germany, U.K, Netherlands, Belgium, Austria, Switzerland and Luxembourg.
According to the chairman of the company, Jean-Francois Conil-Lacoste, in a press release statement, there are many challenges that the energy business has been facing over a period of time.
His statement reads:
“Innovative digital solutions are needed to further serve the market in this industry revolution and to drive forward the energy transition”.
The collaboration of LO3 and the European Exchange Market (EPEX SPOT) would go a long way to solve the problems and challenges experienced by facilitating local trades, help owners and users of solar panels to buy and sell their excess energy and other functions that would help in numerous ways. A platform called “Energy” is being developed to enable the power to be sold. The partnership will strive towards developing solutions that would enable microgrid participants to access wholesale markets enabling them to sell their surplus generation into markets and buy what they need, when they need it, and at the appropriate place with market prices that would be considered fair and reasonable. The two organizations noted their independent and unique functions. For instance, while the EPEX SPOT would leverage its international power trading infrastructure, LO3 would deploy its technology on community microgrids.
LO3 CEO and founder, Lawrence Orsini asserted that the collaboration of these two reputable companies would create positive technological impacts in the energy sector.