Yesterday blockchain startup LO3 Energy and the European Power Exchange EPEX SPOT signed a memorandum of understanding committing themselves to finding ways to connect local energy markets to larger power networks using a blockchain-based platform.
EPEX SPOT is a power trading company based in France which covering Central Western Europe and the United Kingdom. Company allows users in each country to buy or sell excess power to each other.
Under the partnership, LO3 will deploy its technology on community microgrids, such as the one it developed in its flagship project, the Brooklyn Microgrid that was the world’s first blockchain-based microgrid. Meanwhile, EPEX SPOT will use its international power trading infrastructure to create a broader source of availability.
Eventually, the partnership will allow consumers to buy and sell surplus energy from neighbors or faraway strangers.
Companies also aims to help solar panel owners sell their excess energy back to the grid to be stored in batteries operated by the two groups, while consumers can purchase this excess energy during times of need.