Grid technology firm Kaluza is investing in British blockchain company Electron.
Kaluza is part of UK energy company OVO and its stake in Electron marks its first strategic investment.
Electron will use the proceeds to accelerate the development and deployment of its energy platforms and systems to enable a distributed flexibility marketplace.
The company believes that the integration of technologies such as blockchain and IoT is essential to support the transition to a distributed energy system comprising multi-agents and millions of connected devices.
Stephen Fitzpatrick, founder and chief executive of OVO and Kaluza, said Electron was builing “great technology that’s fast becoming an important part of the energy system”.
Electron co-founder Jo-Jo Hubbard said OVO was “perfectly placed to support the development of our asset identity and trading platforms. We are delighted to be working with an exceptional international partner to deliver on our vision of efficient, inclusive and coordinated energy markets.”
The investment also brings a shift in Electron board, which will be chief executive Paul Massara step back from this role and be replaced by Hubbard, who was previously chief operating officer.
Kaluza’s director of business development Steven Ackroyd will be appointed to the Electron board.