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.
Combining Blockchain and Energy Technologies
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.
In the ELONCITY ecosystem, the energy consumers play a critical role in the planning and implementation of their energy future.
The blockchain smart contract platform and crypto utility token enable energy consumers to exchange locally produced energy, creating cost-benefit incentives for energy asset deployment within their communities.
The proposed ELONCITY Model integrates advanced technologies to create a scalable and replicable recipe for attaining a reliable, renewable energy future. The model builds upon four (4) key pillars:
1) A decentralized renewable energy architecture
2) Community development ensures the successful planning and implementing of the ELONCITY Model
3) Performance-based projects with revolving load funds are an effective strategy for continuously raising private capital and crowdfunding, which are utilized in the widespread deployment of the ELONCITY Model.
4) The collaborative regulatory framework facilitates level-field markets to mitigate imbalanced market powers, unleash market innovations, protect the energy consumer, and support local economies.
Currently, the AI Grid Foundation is collaborating with global partners to demonstrate the ELONCITY Model in remote areas, where electricity services are either highly unreliable or non-existent.
In southern California, The AI Grid Foundation is in discussion with construction firms and project developers to pilot the ELONCITY Model in a newly developed community of residential and commercial buildings.
When the AI Grid Foundation learned that Nigeria is home to the highest number of people without electricity access in Africa, they immediately collaborated with Krypital Group to study Nigeria’s climate conditions, energy policies, economic foundations, and energy needs. The ELONCITY Model will be demonstrated in the selected pilot sites of Lagos.
In the next 12 to 18 months, the AI Grid Foundation will continue to expedite its collaboration with global technology partners, local utility companies, governmental agencies, and community-based organizations in North America, Southeast Asia, and Africa, with the goal of demonstrating the ELONCITY Model’s sustainable and affordable energy services, through the fortification of local centralized power grids.
Growing with ELONCITY to Create a Better Future
So far, 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.