- Vermont’s largest electric utility is utilizing LO3 Energy blockchain platform for its new energy marketplace pilot project.
- GMP’s program is called Vermont Green and will be available through a mobile app for GMP’s 220612 customers on December 3.
GMP program allows Vermont utility customers to buy and sell renewables with its blockchain platform that stores their transactions.
Green energy startup LO3 has built out high-profile partnerships for its peer-to-peer system since winning a 2016 patent for geothermal energy transfers. Recently, it also won an undisclosed sum investment from fossil fuel giant Shell.
LO3 Energy founder and CEO Lawrence Orsini said in a statement, “There’s a huge appetite for local businesses to be 100 percent renewable and at the same time there’s an increasing amount of home solar production.”
He also added, “This platform pairs the local supply with demand at the grid edge and we are delighted to be working with GMP to bring this market to commercial reality.”
Graham Turk, Innovation strategist for GMP, wrote in filing, “Blockchain is uniquely-suited for tracking chains of custody (especially for non-physical assets like VGAs), creating a more transparent tracking system for buyers, sellers, and regulators. LO3’s platform is designed with scalability in mind and such future expansion may be found practical.”