FOR IMMEDIATE RELEASE
New York start-up LO3 Energy wins awards and seals groundbreaking Siemens deal
New York - November 21, 2016
● US energy firm awarded two energy awards for innovation
● Siemens to join LO3 Energy for microgrid concept roll-out
● Major players in other European nations in talks for 2017 projects
New York start-up LO3 Energy received two top innovation awards and secured a major new agreement with energy giant Siemens following a three-week tour of Europe by CEO Lawrence Orsini.
The ‘Best in Show’ award at the E.ON Supplier Innovation Day and the EPIC Energy Productivity Innovation award are a demonstration of the growing interest in the patented technology LO3 Energy has developed at its New York base.
The Siemens partnership – which will be the first ever that Blockchain technology is incorporated into a grid controller – is set to further future decentralized business models for utilities operators.
“In recent weeks, we have taken a significant acceleration towards our goal of putting energy usage into the hands of consumers,” said Orsini, who set up LO3 Energy in 2012.
“The Brooklyn Microgrid has proven the concept and now global operators have seen what it can do – and how it can truly disrupt the current status quo we have with energy suppliers.
“To see so many CEOs of major companies in Europe enthused by what we are doing was encouraging – and to have Siemens connect with it so quickly and commit to work with us takes us to the next level.”
LO3 Energy is now actively seeking and signing up partners around the world to jointly develop microgrids that enable local energy trading based on blockchain technology.
The Siemens agreement, which involves its next47 unit that specializes in start-ups, strengthens LO3 Energy’s position in the evolving decentralized energy system market.
“The constant evolution at the grid edge requires advanced control, automation and data analytics technologies enabling secure, stable and reliable integration of decentralized energy systems as well as supporting the establishment of new business models,” said Thomas Zimmermann, CEO of Siemens’ Digital Grid Business Unit.
We’re convinced that our microgrid control and automation solutions, in combination with the blockchain technology of our partner LO3 Energy, will provide additional value for our customers whether on the utilities side or on the prosumer side.
The project will involve the expansion of the Brooklyn microgrid using a microgrid control solution provided by Siemens, combined with the peer-to-peer trading platform from LO3 Energy known as TransActive Grid.
This solution will implement blockchain technology to permit direct, trackable and tamper-proof transactions between energy producers and consumers without the need for centralized monitoring using a cryptographic process and distributed storage. It will allow local energy trading in Brooklyn’s Boerum Hill, Park Slope, and Gowanus neighborhoods while also balancing out local production and consumption.”
Orsini’s European tour took in Germany, the Netherlands, France and the UK, and meetings with other providers delivered positive leads that are set to develop into further new projects in the coming year.
One potential future collaboration is with E.ON, whose ‘Supplier Innovation Day’ in Germany was designed to provide a platform for innovative new companies to outline future opportunities. LO3 Energy was selected from a crowd of startup and large energy companies as a recipient of a ‘Best in Show’ award from E.On.
“Topics were selected based on actual needs from customers,” said an E.ON statement. “As a result of this Supplier Innovation Day, the best ideas will be further developed by E.ON.”
LO3 Energy was also one five winners of the 2016 Energy Productivity Innovation Challenge (EPIC) – a global initiative devised by Energy Unlocked with funding from ClimateWorks. Entries were invited from global technology innovators between and a jury of clean energy pioneers and experts including – ClimateWorks Foundation, Rocky Mountain Institute, International Energy Agency, World Green Buildings Council, Bloomberg New Energy Finance and the B Team was established to choose the winners.
The collaboration with Siemens and award from E.ON – both from a leading renewable-adopting nation – as well as the EPIC award shows that interest in community energy networks is global, not just isolated to Brooklyn or the USA.
“It was interesting to see that some of the largest German utilities are aware of the issues being raised by increased PV adoption and proactively seeking out new innovative business models,” added Orsini.
“They are starting to understand that innovative new business models are needed to thrive in the changing energy economy. Things are changing. I think we busted a few preconceptions when we turned up!”
ABOUT SIEMENS AG
Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 165 years. The company is active in more than 200 countries, focusing on the areas of electrification, automation and digitalization. One of the world’s largest producers of energy-efficient, resource-saving technologies, Siemens is a leading supplier of efficient power generation and power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. The company is also a leading provider of medical imaging equipment – such as computed tomography and magnetic resonance imaging systems – and a leader in laboratory diagnostics as well as clinical IT. In fiscal 2016, which ended on September 30, 2016, Siemens generated revenue of €79.6 billion and net income of €5.6 billion. At the end of September 2016, the company had around 351,000 employees worldwide.
Further information is available on the Internet at www.siemens.com.
ABOUT LO3 ENERGY
LO3 Energy is a technology and business development consulting firm with a focus on emerging decentralized business models and innovative technologies related to energy, cleantech and currency systems. The LO3 team excels at the ideation, architecture, development, prototyping and testing of cutting edge distributed energy, computing and peer-to- peer distributed consensus networks. The company builds tools and develops projects to support and accelerate proliferation of the distributed energy, utilities and computation sharing economy of the future. More information at: www.lo3energy.com.
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