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Siemens invests in LO3 Energy and strengthens existing partnership

In the picture: Lawrence Orsini, CEO of LO3 Energy

In the picture: Lawrence Orsini, CEO of LO3 Energy

"Over the years, our partnership with Siemens was integral to the success in the Brooklyn Microgrid, and will continue to be for years to come," said Lawrence Orsini, CEO of LO3 Energy. "Siemens commitment to transactive energy on the blockchain is a vote of confidence for our approach to developing microgrid communities and grid-edge services across the globe."
"Siemens' investment in LO3 represents our acknowledgement of the future potential of blockchain technology as an enabler of local energy market places," says Ralf Christian, CEO Siemens Energy Management. "Siemens will further support LO3 with its experience in grid management, data analytics and complementary technology portfolio facilitating the integration of blockchain into state-of-the-art power grids."
Collaboration with LO3 is bringing benefits to the Siemens Energy Management Division because LO3's Exergy platform is based on a decentralized ledger that uses cryptographic technology to save data in a way that is tamper-proof and enables the automated execution of contracts in a scalable manner.
"Extracting data from the grid-edge and combining it with Siemens grid technology will create a comprehensive marketplace experience for participants and neighbors to make sound choices about how they intend to purchase, sell and use their energy," Orsini said.

For further information on LO3 Energy or its Exergy platform, please see www.lo3energy.com and www.exergy.energy
Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for 170 years. The company is active around the globe, focusing on the areas of electrification, automation and digitalization. One of the world's largest producers of energy-efficient, resource-saving technologies, Siemens is a leading supplier of efficient power generation and power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. The company is also a leading provider of medical imaging equipment – such as computed tomography and magnetic resonance imaging systems – and a leader in laboratory diagnostics as well as clinical IT. In fiscal 2017, which ended on September 30, 2017, Siemens generated revenue of €83.0 billion and net income of €6.2 billion. At the end of September 2017, the company had around 377,000 employees worldwide. Further information is available on the Internet at www.siemens.com.
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Contact

Sabrina Martin

Siemens AG

Freyeslebenstr. 1
91058 Erlangen
Germany

+49 (9131) 7-37168

Melanie Adamson

Siemens AG

573 Sackett Street
NY 11217 Brooklyn
USA

+1 (503) 789-8455