Siemens invests in LO3 Energy and strengthens existing partnership

LO3 Energy, an energy-tech company set to disrupt energy grids across the globe, announced an investment from Siemens closing out its series A. In late 2015 Siemens and LO3 started collaborating on projects beginning with the Brooklyn Microgrid. Self-sufficient microgrids play an important role in an energy market that is growing through distributed energy systems — whether they are based on wind, sun, water or biomass — such grids are becoming increasingly significant. LO3 Energy is benefiting from Siemens' development of microgrids such as the one that has been operating in Wildpoldsried, a village in southern Germany, since 2014. While the Brooklyn Microgrid continues to grow, insights from the proliferation of the prosumers and consumers provides Siemens the rationale for building resilient grid systems based on local marketplaces. To date, the initial project has attracted more than 60 community members participating in the Brooklyn Microgrid, and LO3 and Siemens expect to partner on further projects across the globe. Specific terms of the investment were not disclosed.