The important power company of United Kingdom OVO has made an investment in the blockchain company Electron which in recent time has introduced a technology department Kaluza. The investment is made through Kaluza. The news about the OVO’s investment in the firm was added on OVO web-blog which was published on March 12.
Kaluza is an intelligent technology network company that offers software and hardware products to the energy industry. Electron is a London based energy technology company, and Kaluza has repeatedly invested in the blockchain firm Electron. Electron is an energy technology firm that mostly uses blockchain related technology. The investment intends to support the deployment of distributed energy trading platform of Electron.
OVO firm is considered as the seventh largest power provider of UK across the United Kingdom. The latest investment of OVO firm in Electron is apparently the first investment ever since Mitsubishi. The Mitsubishi holds around 20 percent of stake in the Electron Company.
The amount which Electron has received from the investment will be used to create Electron’s energy platform and its systems or may be used to create distributed flexibility market.
The post further describes that the enhancement of share asset of Electron’s will be very much important to support the progress of Kaluza and also to deliver on its objectives. The objective of the company is to make secure connections of all the devices to an intelligent zero-carbon grid.
Numerous applications have been observed by the blockchain in the energy sector across the world. In the month of March, Bangchak Corporation Public Co. Ltd (BCP), the petroleum refining company of Thai started to test a blockchain backed energy trading platform and commercial microgrid. The platform will be boosting the essential electric energy of a gasoline fuel station of BCP and will also be distributing, producing and storing power for nearby tenants of groceries shopping malls.
With reference to the fresh research study from Infoholic Researcher LLP, in the power utility market, the use of worldwide blockchain is estimated to increase by 60 percent by the year 2024. Meanwhile, the market in the year 2018 was valued at 210.4 million dollars and is predicted to grow and reach 3.4 billion dollars through 2024. The annual growth rate from the year 2018 to 2024 is estimated to be around 59.4 percent according to the fresh research by Infoholic Researcher LLP.
Kyocera, Japan’s solar energy provider a few months ago has entered into a partnership with LO3 Power so as to examine the digital energy crop namely- Virtual Power Plant (VPP) which is powered by blockchain for enhanced energy distribution. The test carried on the platform will enable companies to check the feasibility of VPP’s. The VPP digital energy crop advertises low carbon use without carbon emission or fuels according to peer-to-peer based distributed network agreement.