LO3 Energy announced the closing of its first $11 million Series B, which was led by Shell Ventures. The funding will be used to develop Pando, a solution that uses blockchain to create a community that has a marketplace of renewable energy.
A new investor, Japan’s Shikoku Electric Power joins the existing shareholders Sumitomo Corporation, Centrica, and other investors. This brings LO3’s total backing to $17.6 million and currently has sales of $1 million.
LO3 Energy CEO told that the company has moved from a startup to an established company.
LO3 provides a white label solution that allows the electricity grid to add a marketplace for users to choose renewable energy.
Pando also allows the operators to offer new energy solutions while helping them to generate and consume the energy.
The highest project of LO3 was a community microgrid in Brooklyn.
The company is expected to witness a major revolution in the energy market.
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