Japanese general trading company Marubeni Corporation has partnered with a New York-based blockchain startup to use the technology for its energy business, Marubeni confirmed in a press release on Feb. 20.
Marubeni, which has expanded beyond Japan into the United States as well as Europe, selected LO3 Energy’s transactive energy platform as the basis for an ongoing pilot project. The Japanese firm is the country’s fifth largest sōgō shōsha — a type of Japanese company that trades in a variety of products and materials.