Major United Kingdom energy company OVO has invested in blockchain firm Electron through its recently launched technology division, Kaluza. The development was announced in an OVO blog post published on March 12.

Kaluza — an intelligent grid technology company that provides software and hardware products to the energy sector — has reportedly made an investment in Electron, a London-based energy tech company that uses blockchain technology. The move aims to facilitate Electron’s deployment of distributed energy trading platforms.

Electron will purportedly use the proceeds of the investment to develop its energy platforms and systems, or its distributed flexibility marketplace. “The development of Electron’s shared asset register will be crucial to supporting the growth of Kaluza and deliver on its mission to securely connect all devices to an intelligent zero-carbon grid,” the post explains.

The new investment from OVO is reportedly the first since Mitsubishi acquired a 20 percent stake in the firm. OVO is reportedly the seventh largest energy supplier in the U.K.

Blockchain has seen multiple applications in the energy sector globally. Earlier in March, Thai petroleum refining firm Bangchak Corporation Public Co. Limited (BCP) began testing a blockchain-based energy trading platform and commercial microgrid. The platform will support the basic electricity needs of an average BCP fuel station in addition to generating, distributing and storing energy for neighboring shopping mall tenants.

Last month, Japan’s solar power supplier Kyocera partnered with LO3 Energy to test blockchain-based virtual power plants (VPP) for improved energy distribution. The test will allow the companies to evaluate the the feasibility of VPPs that promote low-carbon use without fuels or carbon emissions based on peer-to-peer distributed consensus network.

According to recent research from Infoholic Research LLP, the global blockchain in energy utilities market is expected to grow by 60 percent by 2024. The market was assessed to be $210.4 million in 2018, and is expected to reach $3.4 billion by 2024. Infoholic Research predicts the growth at a compound annual growth rate of 59.4 percent from 2018 to 2024.