Japan’s Marubeni Partners With US Blockchain Firm LO3 Energy’s Transactive Platform
Marubeni Corporation, a Japanese general trading company, has decided to start a partnership with LO3 Energy, a New York-based energy startup that uses the blockchain technology.
Marubeni has already expanded into the United States and Europe. Now, the company will use LO3 Energy’s platform as a basis for a new project that is being planned at the company.
In Japan, Marubeni is the fifth largest “sogo shosha”, a kind of Japanese company that trades in several products and materials. With the help of the blockchain technology, the goal of this partnership is to automate the services offered by the company and increase their efficiency as much as possible.
The CEO of LO3 Energy, Lawrence Orsini, has affirmed that the Japanese sector is currently in the middle of a drastic transition and that the number of private power producers is increasing a lot lately, as well as some options for renewable energy are being offered.
Orsini has affirmed that the initial idea of the project is to be internally focused, but that the company is currently being driven by the desire of exploring new opportunities and to use the blockchain to offer better services.
According to Yoshiaki Yokota, the Chief Operating Officer of Marubeni’s power division, the new project will allow the company to evaluate how to do this kind of work better both in Japan and other countries.
At the moment, many other players in the industry are also very interested in using the blockchain technology for the transaction side of energy deployment. Because of this, the company is entering a select group of companies that are focused on exploring this new field.