March 12, 2021
Yesterday LO3 Energy announced the first close of its $11 million Series B led by existing investor Shell Ventures. The funding will be used to further develop Pando, the solution that uses blockchain to create a community renewable energy marketplace for distributed energy resources (DERs) such as solar panels.
A new investor is Japan’s Shikoku Electric Power, which joins existing shareholders Braemar Energy Ventures, Sumitomo Corporation, Centrica, and others, increasing their investment. This brings LO3’s total backing to $17.6 million, which is impressive for a company that currently has sales of just under $1 million (according to the Nikkei).
“The company has moved from being a small startup to an established operator in the rapidly growing area of grid management,” said Bill Collins, LO3 Energy co-founder and CEO. “This capital will provide us with the opportunity to scale rapidly both within the USA and internationally.”