LO3 Energy Updates Pando Platform, Migrates To Energy Web Chain
Portland, Ore. and Zug, Switzerland — 24September 2020 — Today LO3 Energy (LO3) announced an updated version of its Pando platform, a white-labeled solution for utilities to streamline accounting for distributed energy resources (DERs) and create local energy marketplaces for their customers. In addition, LO3 and Energy Web (EW) jointly announced that the updated version of Pando has migrated onto the Energy Web Chain. The EW Chain is the world’s first enterprise-grade, public, open-source blockchain platform tailored to the energy sector. Some thirty companies — including grid operators, renewable energy developers, and IoT / telecom leaders — host validator nodes for the network.
“Electricity networks around the world are decentralizing as customers invest in a wide range of DERs, such as smart thermostats, residential solar+battery systems, and electric vehicles. In turn, utilities are needing to find new ways to engage with their customers and tap into the value their DERs can provide,” said William Collins, co-founder and CEO of LO3. “Pando is a next-generation approach to that opportunity, building on the natural strengths of blockchain technology to create a new kind of marketplace. We’re proud to launch an instance of Pando on the industry-leading Energy Web Chain.”
Pando allows utilities’ customers to buy energy and/or energy attributes (such as credits for renewable energy). ‘Prosumers’ — such as customers with solar PV systems — can buy or sell energy and energy attributes. Because the platform is white-labeled as the utility’s product, all the transactions have the convenience of settling via on-bill debits and credits, all backed with the security and verifiability of a blockchain-based ledger.
LO3 recently launched Vermont Green, a program with utility Green Mountain Power, that allows net-metered rooftop solar customers to offer some of their solar credits to local businesses that want to go green (and helping to offset energy costs for many small businesses that are still suffering from the COVID-19 economic downturn).
“We envision an energy future in which grid operators, customers, and customers’ DERs all work together as part of a low-carbon, decentralized, and networked electricity system,” explained Jesse Morris, CCO of Energy Web. “Our Energy Web Decentralized Operating System (EW-DOS) — of which the Energy Web Chain forms the foundation — is the digital backbone for that energy future. Front-end platforms like LO3’s Pando bridge the gap between EW-DOS’s core digital infrastructure and utilities and their customers. We’re excited to welcome Pando onto the Energy Web Chain as LO3 and Energy Web continue to collaborate on the energy transition.”
About LO3 Energy
LO3 Energy builds and deploys cloud-based marketplace infrastructure for utilities and retail energy providers across the US, Europe, Japan and Australia. Its platform, Pando, helps these suppliers meet a key need to engage customers in new ways, amidst more distributed energy resources coming onto the grid and increasingly competitive environments for customer relationships.
The company is leveraging the power of “community” to incentivize electricity customer participation in the transition to a decarbonized world. LO3 seeks to bring transparency and social equity to the DER value stack via market principles, while positioning its partners to build customer loyalty while preparing for the grid of the future. Pando allows businesses and households to buy and sell energy from DERs within their community. The platform lays foundational accounting infrastructure to manage increasingly granular, complex transactions from the grid edge going forward. LO3 was founded in 2015 and the company has 21 employees based primarily out of Portland, OR.
For more, please visit lo3energy.com.
About Energy Web
Energy Web is a global, member-driven nonprofit accelerating a low-carbon, customer-centric electricity system by unleashing the potential of blockchain and decentralized technologies. EW focuses on our open-source, decentralized, digital technology stack — the Energy Web Decentralized Operating System (EW-DOS) — to enable any device, owned by any customer, to participate in any energy market.
In mid-2019, EW launched the Energy Web Chain, the world’s first enterprise-grade, public, open-source blockchain platform tailored to the sector’s regulatory, operational, and market needs. The EW Chain anchors a broader technology stack known as the Energy Web Decentralized Operating System (EW-DOS), a blockchain-plus suite of middleware, toolkits, and other digital solutions to support the energy transition.
EW also fostered the world’s largest energy blockchain ecosystem, comprising utilities, grid operators, renewable energy developers, corporate energy buyers, IoT / telecom leaders, and others. More than two-dozen of those companies host validator nodes for the EW Chain. Energy Web has become the industry’s leading energy blockchain partner and most-respected voice of authority on energy blockchain.
For more, please visit https://energyweb.org.
CONTACT
William Collins, LO3 Energy
wcollins@lo3energy.com
Peter Bronski, Energy Web
+1.201.575.5545 | peter.bronski@energyweb.org
