Tech Giant Siemens Partners with LO3 to Test Blockchain-Based Microgrids

A New York blockchain startup has partnered with tech giant Siemens as it expands an Ethereum-based peer-to-peer energy transfer project.

The startup is L03, which will work with Siemens to develop its TransActive Grid project, which enables participants to sell their excess power to other microgrid stakeholders. According to the two companies, Siemens will provide microgrid control technology to LO3 . LO3 has recently been awarded a patent for decentralized energy transfer by the US Patent and Trademark Office.

In this collaboration, LO3 is working with Siemens’ next47 division, which was established earlier this year, and its Digital Grids business line.

Representatives from Siemens, one of Germany's largest companies and one of Europe's leading engineering firms, said the work being done by the two companies could have an impact on Siemens' global user base.

Ralf Christian, CEO of Siemens Energy Management, said in a statement:

“We believe our microgrid control and automation solutions, combined with LO3’s blockchain technology, will provide additional value to our customers, both on the infrastructure side and on the producer and distributor side.”

Siemens and LO3 will test blockchain microgrids in New York and other locations around the world, and they will seek to expand the initial tests, the companies said yesterday.