TEPCO looks to the transformative potential of blockchain by investing in Electron, a UK energy technology company
Electron aims to transform the energy infrastructure using blockchain technology
Tokyo Electric Power Company Holdings, Inc. (TEPCO) announced today that it closed an early-stage bridging round investment in Electron at the end of 2017.
Electron is a London-based technology company harnessing blockchain technology to establish more efficient, flexible, and reliable systems for the energy sector. Together, they will explore the potential to change the existing centralised structures to decentralised systems in energy transactions by using blockchain.
“We are excited to work with Electron to explore and obtain additional know-how on blockchain that has the potential to significantly impact the energy market," said Shin-ichiro Kengaku, Managing Executive Officer and Chief of the Global Innovation & Investments at TEPCO. “We believe it is very important to continuously seek new opportunities and create new value for society."
Paul Ellis, CEO of Electron said, “In the next phase of energy transformation, millions of new assets will be joining energy networks at both the transmission and distribution levels. There is a huge need to create a robust shared infrastructure that can identify and record the properties of these assets – this can be underpinned by appropriate blockchain technologies. TEPCO is an energy industry leader for innovation in Japan, so we are delighted to partner with them to explore expanding our service offerings in other markets.”
Tokyo Electric Power Company Holdings, Inc. (TSE: 9501), headquartered in Tokyo, Japan, is the largest utility in Japan serving millions of homes and businesses. Worldwide the company has more than 34 subsidiaries and 32 affiliates in 8 countries and employs approximately 42,060 people. Consolidated revenue for the fiscal year ending March 31, 2017, totalled 5.3 trillion Japanese yen. The company was established in 1951 and is listed on the First Section of the Tokyo Stock Exchange.
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Electron is a London-based tech company harnessing blockchain to design new platforms and services for a decarbonising, digitising, decentralising and democratising energy sector. Recognising the potential for these new technologies to transform the shared virtual infrastructure of the grid, Electron is taking a top down, collaborative approach to platform development and working with various key stakeholders in the energy industry.
For more information, please visit www.electron.org.uk
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