BROOKLYN, N.Y. and HOUSTON, April 9,
2018 /PRNewswire/ -- An innovative new
business-to-business transactive energy network called Exergy™,
which helps to cut costs and improve efficiency for commercial
businesses, is being launched in Texas by LO3 Energy and Direct Energy
Business.
LO3's Exergy platform will make it possible for large commercial
and industrial companies to automatically place orders for
customized power hedges, as small as the hourly level, and be
matched with the best offer in a competitive system.
"Direct Energy Business is focused on helping businesses lower
their energy expenses with innovative products and services that
allow them to manage price risk or reduce usage altogether,"
explained John Schultz president, Centrica North America and
Direct Energy Business. "By working with companies like LO3 Energy,
we can leverage new technologies that bring the future of energy to
our customers. The Exergy platform will further integrate customers
and suppliers and provide additional choice for their energy
needs."
Direct Energy Business is currently engaging with Texas customers to participate in phase one of
the program, which is due to begin later this year.
"Businesses traditionally manage electricity price risks by
signing fixed price contracts with their energy supplier or
committing to long-term purchase agreements for solar and wind,"
explained LO3 Energy CEO Lawrence
Orsini. "But energy should be treated like any other asset
or cost that needs to be managed and the ability to time market
purchases and select from a mix of resources can yield large
savings versus 'set it and forget' approaches. The future of energy
is changing, and this project will put businesses in Texas on the map as the innovators who led
that change."
The Exergy network is based on revolutionary blockchain
technology that facilitates the transaction of energy, developed by
LO3 Energy in the creation of the Brooklyn Microgrid (BMG) in
New York. Direct Energy Business
customers who sign up with the project will use LO3 Energy
proprietary smart meters to access the Exergy platform, which uses
blockchain technology to create a highly secure data network. The
platform allows firms to generate, store and share their energy
usage data securely and automatically match their energy
procurement to meet their requirements far more cost effectively
than currently possible.
In Q4 2017, LO3 Energy received investment from Centrica
Innovations, as part of its Series A round. Centrica Innovations is
the $140m venture fund of Centrica,
an international energy and services company, that invests in new
technology and ideas that will transform the way we live, work and
move.
About Exergy™
Exergy™ is a distributed ledger system
that functions across grid-connected hardware, a token system for
transactive energy, and a foundation that advances market design
and technology in tandem. Through proprietary block chain software,
Exergy creates secure pathways for peer-to-peer transactions,
predictive analytics, micro-hedging and other possibilities we're
on the forefront to explore. For more information visit
exergy.energy.
About LO3 Energy
LO3 Energy, a Brooklyn, NY based company, is building a
platform to enable decentralized business models and innovative
technologies related to energy, cleantech and utility systems. The
LO3 team has deep expertise in design, architecture, development,
prototyping and testing of cutting-edge distributed energy,
computing and peer-to-peer distributed consensus networks. The
company builds tools and develops projects to support and
accelerate proliferation of the distributed energy, utilities and
computation sharing economy of the future. More information at:
www.LO3energy.com.
About Direct Energy
Direct Energy is one of
North America's largest retail
providers of electricity, natural gas, and home and business
energy-related services with nearly four million customers. Direct
Energy gives customers choice, simplicity, and innovation where
energy, data, and technology meet. A subsidiary of Centrica plc
(LSE: CNA), an international energy and services company, Direct
Energy, its subsidiaries and/or affiliates, operate in 50 U.S.
states plus the District of
Columbia and 4 provinces in Canada. To learn more about Direct Energy,
please visit www.directenergy.com
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SOURCE Direct Energy