A blockchain startup hoping to bring greater efficiency and transparency to the energy sector has hired a former top energy boss.
Ex-Npower chief executive Paul Massara will join the startup as a director and has also ploughed an undisclosed amount into the year-old firm. It is developing blockchain technology to make the systems underpinning energy more resilient, efficient and flexible.
"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 Massara, who is chief executive of North Star Solar, a solar storage firm,
"He will bring invaluable industry and business experience to the company," said Electron chief executive Paul Ellis.
"This is also a testament to the growing recognition within the energy industry of the opportunity afforded by blockchain to speed innovation and cut costs. Both of which will be good news to consumers.”
Massara is just the latest top boss to take their skills to a startup.
Former Barclays boss Anthony Jenkins joined bitcoin wallet startup Blockchain and also set up his own fintech startup, 10x Future Technologies. And blockchain startup Setl boasts former Barclays chair Sir David Walker, former deputy governor of the Bank of England Rachel Lomax and former Ofcom boss Ed Richards among its number. Lady Barbara Judge, meanwhile, was named chairman of HR startup Hibob.