Exergy™ Secures Major Investment
October 29, 2018
For Immediate Release
Energy Giants and Crypto Leaders Endorse Blockchain Energy Network, Exergy™, with Significant Financial Commitment.
BROOKLYN — October 29, 2018 — LO3 Energy Inc. today announced that Exergy™, a global blockchain standard for energy data, has secured investments from four key players in the utilities and crypto industries.
The blockchain-based platform will provide a secure way to log, standardize, store and share critical elements of data in the energy ecosystem. As the world moves toward a future of distributed energy resources, the platform removes barriers not only toward the decentralization of energy but the democratization of energy data.
The Exergy standard, which will utilize a cryptographic token called Exergy (XRG), has secured commitments from European Power Exchange EPEX SPOT, blockchain investment firm Alphablock Investments, as well as existing investors global energy and services company Centrica and major energy technology venture capital investor Braemar Energy Ventures.
Exergy founder Lawrence Orsini said: “The move to renewables represents one of the most significant potential future use cases for blockchain technology.”
“We are developing the Exergy platform to create a global standard by which the world’s energy data can be accessed, and we are delighted to see the belief in that vision demonstrated by these investments,” Orsini said.
In addition to the investments, Exergy is announcing its newest technology partner Bitfury, a respected full-service blockchain technology company, that is committed to accelerate the development and implementation of the Exergy network and XRG token.
Bitfury co-founder and CEO Valery Vavilov said, “We look forward to helping Exergy develop its platform and network with our award-winning Exonum blockchain engineering team. The energy industry, and energy data in particular, is poised to benefit strongly from the integration of blockchain and crypto technologies.”
The backing from Alphablock indicates the crypto world is taking note of the transformative potential of Exergy. Alphablock partner and advisor to Exergy, Richard Li said, “Our aim as a crypto investment firm is to find and support the most innovative projects that are harnessing the disruptive nature of blockchain technology.”
“Exergy is a hugely exciting opportunity to radically change an industry, and LO3 Energy’s current projects and future pipeline for the platform roll-out gives us strong belief that its potential will be fulfilled.”
Revolution for the Energy Industry
The commitments from Centrica, EPEX SPOT and Braemar Energy Ventures, all leading companies in the energy sector, represents a key turning point for the energy industry and its support for blockchain technology.
The investment from Centrica has been made by its innovations arm, established to identify and accelerate new technology and ideas for homes and businesses.
Mike D’Aurizio, Ventures investment manager for Centrica Innovations, said, “The energy industry’s current information systems are ill-equipped to run the decentralized, distributed grid of the future. We strongly believe in the Exergy vision that Lawrence and his team at LO3 Energy have for driving the industry forward.”
“The XRG token represents an opportunity for us as an energy and services company to continue our commitment to adding value for our customers while opening up our business model to accommodate and optimize the new clean energy solutions of the future.”
Braemar Energy Ventures’, Jiong Ma, senior partner said, “We led a Series A investment in LO3 Energy, and continued to have confidence in its founders and the leadership team. We believe that the Exergy marketplace is on the path to becoming the backbone for a decentralized energy future, and LO3 Energy is the right people to execute on that vision.”
“As the Exergy platform expands, we believe XRG tokens will be needed to permission the contribution of and access to any data it collects.”
EPEX SPOT’s Chief Operating Officer Jonas Törnquist said, “Every consumers’ relationship to energy will change fundamentally in tomorrow’s decentralized energy system. We are convinced that Exergy is a great step toward a fair participation to a transactive and cleaner energy market, where transparency and resiliency will be highly key. We are thrilled to take part in this journey, bring our expertise and experience as European power spot marketplace and help LO3 and the other partners co-shaping the Exergy use cases.“
Exergy™ is a distributed ledger system combining software and hardware layers, a token system for permitting data, and an architecture that advances market design and technology in tandem. Through our blockchain software, Exergy creates secure data pathways for decentralized markets, peer-to-peer transactions, predictive analytics, micro-hedging and other applications that are only beginning to be explored. For more information, visit exergy.energy.
About LO3 Energy
LO3 Energy, a Brooklyn, NY based company, is building a blockchain-based platform to enable decentralized business models and innovative technologies related to energy, cleantech and utility systems. The LO3 team has deep expertise in design, architecture, development, prototyping, and testing of cutting-edge distributed energy, computing and peer-to-peer distributed consensus networks. The company builds blockchain-based tools and projects to support and accelerate the proliferation of distributed energy, utilities and computation sharing economy of the future. For more information about blockchain for energy, visit www.lo3energy.com
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About Braemar Energy Ventures
Braemar Energy Ventures is a venture capital firm focused on making investments in the energy technology sector. The firm's principals have invested in more than 60 companies in the sector and have more than 100 years of combined technical, operational and financial experience in energy and energy-related industries. Braemar partners with exceptional companies and management teams, in both alternative and traditional energy markets, which can contribute to a more profitable and efficient energy landscape through innovation and marketplace expertise. Additional information is available at braemarenergy.com.