A Blockchain Project That Has Ignited an Energy Revolution – ELONCITY Secures 20 Million USD in Investment

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BEIJING, Sept. 29, 2018 /PRNewswire/ — The AI Grid Foundation has secured $20 Million in investments from dozens of global institutions including OK Blockchain Capital, Krypital Group, Starwin Capital, Fenbushi Capital, LD Capital, Horman Capital, Collinstar Capital, Interblock Capital, JRR Crypto, Fly Fund, Qingzheng Capital, Decentrust Capital, Powerlink Labs, GVC. PE, Ceyuan Digital Assets, and private investors. The ELONCITY investors focus on the long-term goals of improving community’s lives around the world. These investors are ardent supporters of the AI Grid Foundation’s mission to promote the ELONCITY Model and enable universal access to safe, reliable, affordable, sustainable and equitable energy services for all.

The rapid growth of the earth’s population and the industrialization of developing countries are driving global energy demands to unprecedented levels. The world’s energy dependence on fossil fuels such as coal, oil, and natural gas pose significant risks to the environment and are one of the leading drivers of detrimental climate changes.

The majority of scientists around the world agree that based on our current trajectory, the world is heading towards a series of irreversible ecological disasters. One possible pathway to alter this course is to decrease our dependence on fossil fuels drastically. The need for “GHG-free renewable energy” has become a pressing issue, concerning all of humanity.

With these challenges, new approaches to energy production and distribution are needed. The solutions must support vibrant and sustainable global growth. Andy Li founded the AI Grid Foundation, a non-profit organization based in Singapore. The AI Grid Foundation advocates for the employment of decentralized renewable energy as a viable solution to the problems of our existing energy system. The AI Grid Foundation has collaborated with organizations and communities around the world to develop the ELONCITY Model, a community-based and consensus-driven approach that employs decentralized renewable energy resources as a means of removing barriers to universal, safe, secure, reliable, affordable, healthy, and equitable electricity services.

Andy Li, founder of the AI Grid Foundation and the principal creator of the ELONCITY Model, previously led ChinaCache in building the content distribution network (CDN) Internet infrastructure. CDN is analogous to decentralized energy resources in the realm of the Internet. Andy also led Alibaba’s Cloud Computing Data Center Architecture team to pioneer the application of direct current (DC) power systems for mega data centers in Asia. Additionally, Andy became a master of network traffic engineering during his tenure at Cisco Systems. His work helped realize system intelligence at the edge of the network, which is significantly superior to the traditional core distribution networks. Since 2014, Andy has been leading POMCube Inc. to develop intelligent network battery energy storage systems (“BESS”). POMCube will be one of the AI Grid Foundation’s technology partners in piloting the ELONCITY microgrids and demonstrating the open standard ELONCITY Token Protocol (ECTP). Andy’s team has successfully implemented BESS technology in residential households, commercial buildings, and small communities. Today, the AI Grid Foundation can provide customers with on-site renewable electricity generation and intelligently store locally produced electricity. Currently, Andy’s team is developing a state-of-the-art blockchain smart contract platform to empower the customers to exchange renewable electricity with each other.

Andy Li aims to change the fundamental power infrastructure, promote the innovation of decentralized renewable energy technologies, address the fundamental inefficiencies of the existing centralized energy infrastructure, and to realize his dream of renewable energy becoming the de-facto resources for the emerging energy future. Although the journey to realize this aspiration is challenging, Andy Li has met many like-minded innovators and entrepreneurs in recent years that also want to tackle large energy problems to create a safer and healthier world.

Martin Friel, the director of the Birmingham Energy Institute at the University of Birmingham, said, “Globally, the biggest challenge facing the future of the energy sector will be building air conditioning.” Building heating ventilation and air conditioning (HVAC) consumes the largest energy load in a typical building, consuming more than half of the average building’s electricity demand. To address this challenge, the AI Grid Foundation has forged a strategic partnership with GREE Electric Appliances, the world’s largest HVAC manufacturer and a pioneer in the energy field. Andy Li and Dong Mingzhu, the founder of GREE Electric Appliances, plan to collaborate to drive market-wide adoption of direct current (DC) HVAC systems. The DC HVAC can significantly increase the efficiency of renewable energy systems by eliminating losses due to repeated DC-AC-DC conversions.

Andy Li also established strong collaborative ties with another innovative leader, Dai Zhen. Dai Zhen is the current Clean Energy Ambassador to the United Nations. He has the skills to promote renewable energy and local energy distribution that will accelerate the implementation of the global green energy infrastructure. Dai Zhen will serve as the lead advisor to the AI Grid Foundation on the ELONCITY project. His in-depth expertise and experience in the energy and blockchain sectors will be highly beneficial in the development and wide-scale proliferation of the ELONCITY Model.

It is often said that there are two kinds of sectors where disruptive breakthroughs happen. One is an area that is extremely complex and contains significant technological innovations. The other is an area with opportunities that are visible but are extremely difficult to turn into reality. The ELONCITY project encapsulates both.

This is the reason why many of the world’s leading blockchain investment firms are competing to become a cornerstone investor in ELONCITY. Investing in ELONCITY means investing in not only the application of blockchain technology and decentralized renewable energy but also investing in the development of the shared regenerative energy future for communities globally.

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