Kaluza, the technology division within OVO, the UK’s seventh largest energy supplier who want to offer clean affordable energy, has invested in the blockchain energy firm, Electron. The move is is set to accelerate the development of a smart electricity grid.
The investment gives Kaluza a minority stake in Electron and will be used to accelerate Electron’s deployment of distributed energy trading platforms. Electron’s shared asset register will be “crucial to supporting the growth of Kaluza and deliver on its mission to securely connect all devices to an intelligent zero-carbon grid”.
This is the first in a series of investments by OVO since the Mitsubishi Corporation acquired a minority stake in February this year.
The press release states that the integration of technologies such as blockchain and Internet of Things (IoT) is essential to support the transition to a highly distributed, complex energy system, made up of multi-agents and millions of connected devices.
Combining Blockchain And Energy To Design And Build A Digital Infrastructure
Stephen Fitzpatrick, Founder and CEO of OVO and Kaluza, said: “We’re delighted to be supporting the Electron team who have built great technology that’s fast becoming an important part of the energy system”.
Electron, founded in 2015, is a London-based energy technology company who are seen as leaders in their field. Combining blockchain and energy expertise to design and build digital infrastructure for the energy industry, they are developing identity and trading platforms that will “underpin the transition to cheaper, cleaner and more resilient power systems”.
With this funding now in place, Paul Massara will be stepping back from his role as CEO but will remain involved in the company as an advisor and investor. Jo-Jo Hubbard who co-founded Electron alongside Paul Ellis will be stepping up from COO to CEO.
“OVO is perfectly placed to support the development of our asset identity and trading platforms,” said Hubbard. “We are delighted to be working with an exceptional international partner to deliver on our vision of efficient, inclusive and coordinated energy markets”.