Sumitomo Corporation Group Invests In Microgrid Innovator LO3 Energy
SUMITOMO CORP S/ADR (SSUMY)
NASDAQ:AMEX Investor Relations:
sumitomocorp.co.jp/en/ir
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Source: PR Newswire
NEW YORK, July 10, 2019 /PRNewswire/ -- Sumitomo Corporation and Sumitomo Corporation of Americas (together, "Sumitomo Corporation Group") announced today their investment in LO3 Energy, Inc. ("LO3 Energy"), a U.S.-based developer and operator of blockchain-powered peer-to-peer (P2P) energy platforms. This funding will support LO3 Energy's commercialization of blockchain-based community microgrids.With the rapid growth of renewable energy and battery storage technologies within the marketplace, Sumitomo Corporation Group anticipates decentralized energy systems becoming an essential function to support efficient use of clean energy, making LO3 Energy's technology an integral part of this ecosystem. LO3 Energy provides peer-to-peer electricity trading platforms using blockchain technology to both retail power consumers and "prosumers" – those who both produce and consume energy. This technology allows consumers to buy and sell electricity directly from one another in a transparent, tra
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