Through its newly launched technology arm, Kaluza, one of the United Kingdom’s largest energy firms, OVO, has invested in the company, Electron, which is blockchain-based. This investment in turn accelerates the development of the smart electricity grid to provide a distributed flexibility marketplace, which was reported in an OVO blog post published on March 12. United Kingdom’s Energy Company Acquires Stake In Blockchain-based Firm Electron.
Kaluza is an intelligent grid technology company and new division within the OVO that provides software and hardware products (such as electric vehicles, electric heating and battery storage onto the grid) to the energy sector. This development is to support the Electron’s deployment of distributed energy trading platforms.
“The development of Electron’s shared asset register will be crucial to supporting the growth of Kaluza. Also, deliver on its mission to securely connect all devices to an intelligent zero-carbon grid,”
-The post explains.
This is the first investment from OVO since Mitsubishi acquired a 20 percent stake in the company. Presently, OVO is the seventh largest energy suppliers in the U.K.
“OVO will support the development of our asset identity and trading platforms. We are happy to work with an exceptional international partner to deliver on our vision of efficient, inclusive and coordinated energy markets.”
-Electron co-founder Jo-Jo Hubbard said.
Further, the firm believes that the deployment of advanced technologies, such as blockchain and IoT, will greatly support and boost its distributed energy system that includes multi-agents and millions of connected devices.
Also, the ledger encrypted technology will allow the services and goods to trade peer-to-peer. Later, the blockchain firm will use this technology to run a pilot test. This is by allowing the neighboring countries to purchase and sell solar power, electric vehicle chargers.
As indicated by recent research from Infoholic Research LLP, it provides insights in 4 major outcomes which are:
- The worldwide blockchain in energy utility market will develop by 60 percent by 2024.
- In 2018, the market survey was $210.4 million.
- However, this market can reach up to $3.4 billion by 2024.
- Infoholic Research predicts the development at a compound yearly growth rate of 59.4 percent from 2018 to 2024.