Electron is proof in point of the potential blockchain has to transform the UK energy industry.
London-based energy start-up Electron has brought a big name exec to its board, announcing former Npower CEO Paul Massara as a director.
Mr Massara joins a company which is leading the way in how blockchain can be utilised for energy. Electron harnesses blockchain technologies to design more efficient, resilient and flexible systems for the energy sector. The company’s platforms look to address the challenges and maximise the potential of new technologies such as distributed generation and storage, as well as older technologies such as registration services.
Electron’s CEO, Paul Ellis commented, “We are delighted to welcome Paul Massara as a director. He will bring invaluable industry and business experience to the company. This is also a testament to the growing recognition within the energy industry of the opportunity afforded by blockchains to speed innovation and cut costs. Both of which will be good news to consumers.”
Mr Massara is currently CEO of North Star Solar, having previously served as CEO of RWE npower In his role at Npower, Mr Massara also served as a RWE Ag executive committee member and on their innovation board. Prior to this he was on the executive committee of Centrica plc.
“I am really excited about joining the Board and investing in Electron. It is clear that blockchain will disrupt many markets including the energy market and having scanned the market, it was clear that Electron will be a major player,” said Mr Massara on his joining Electron.
The former Npower chief joins at an exciting time, with Electron having only recently developed a blockchain registration platform for electricity and gas meters. The platform, announced in December 2016, was capable of supporting the reduction of supplier switching time from 17 days to mere minutes.