One of the largest United Kingdom energy supply company, OVO, has announced a strategic investment in Electron, an energy technology company that leverages blockchain, the official announcement states.
Electron is a London-based energy technology company, that is combining distributed ledger technology with energy expertise to design and build digital infrastructure for the energy industry.
According to the announcement, Electron will use the proceeds of investments from OVO’s blockchain arm called Kaluza to accelerate the development and deployment of its energy platforms and systems – namely its distributed flexibility marketplace.
The head of Kaluza, Stephen Fitzpatrick, says the company is delighted to be supporting the Electron team "who have built great technology that’s fast becoming an important part of the energy system."
Earlier, Chevron, Total and Reliance joined a group of oil and gas companies — such as BP and Royal Dutch Shell, among others — in Vakt, a digital platform for crude oil trading based on the blockchain technology.
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