14th Feb 2017 12:41
LONDON (Alliance News) - Vela Technologies PLC on Tuesday noted an update from its investee company BTL Group Ltd that it is working with a group of energy companies on a new pilot project using its blockchain platform Interbit.
Vela, which investments in early stage and pre-IPO firms, holds 783,332 shares in BTL, or a 4.6% stake.
BTL said it is working with a group of companies, including Austrian energy firm Wien Energie GmbH, on a pilot project using Interbit with an aim of seeing how this technology can drive down costs associated with energy trading.
This pilot will be revenue generating, although financial details were not disclosed.
Shares in Vela were up 2.8% at 0.18 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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