Sumitomo Corporation and Sumitomo Corporation of Americas (together, "Sumitomo Corporation Group") announced today their investment in LO3 Energy, Inc. ("LO3 Energy"), a U.S.-based developer and operator of blockchain-powered peer-to-peer (P2P) energy platforms.

This funding will support LO3 Energy's commercialization of blockchain-based community microgrids.

LO3 Energy provides peer-to-peer electricity trading platforms using blockchain technology to both retail power consumers and "prosumers" – those who both produce and consume energy. This technology allows consumers to buy and sell electricity directly from one another in a transparent, traceable way, the company said

"The investment from Sumitomo represents a landmark moment for LO3 Energy as we begin to scale our blockchain microgrid networks around the world," said LO3 Energy CEO Lawrence Orsini.

Tags:
Sumitomo   Blockchain   M&A  

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