SG’s AI Grid Foundation secures $20m from blockchain VCs

Photovoltaic panels stand at a solar power station operated by Huanghe Hydropower Development Co., a unit of State Power Investment Corp., at the Golmud Solar Park on the outskirts of Golmud, Qinghai province, China, on Tuesday, July 24, 2018. China has emerged as the global leader in clean power investment after it spent $127 billion in renewable energy last year as it seeks to ease its reliance on coal and reduce smog in cities, according to a report jointly published by the United Nations and Bloomberg New Energy Finance in April. Photographer: Qilai Shen/Bloomberg

Singapore-based AI Grid Foundation has secured $20 million from a group of venture capital firms to promote the decentralised use of renewable energy.

The investors include 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.

AI Grid Foundation is a Singaporean non-profit organisation. It has partnered with organisations and communities around the world to develop the ELONCITY model, a community-based approach to employing decentralised renewable energy resources.

According to a press release, AI Grid Foundation can provide customers with on-site renewable electricity generation and store electricity that is locally produced. The team is currently building a blockchain smart contract platform that will allow customers to exchange renewable energy with each other.

The organisation has also forged a number of strategic partnerships to develop its ELONCITY project.

AI Grid Foundation is partnering with GREE Electric Appliances, the world’s largest eating ventilation and air conditioning (HVAC) manufacturer. The goal is to drive a wider adoption of direct HVAC systems which will increase the efficiency of renewable energy systems.

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.

AI Grid Foundation has also roped in the United Nations’ Clean Energy Ambassador, Dai Zhen, as a lead advisor on the ELONCITY project.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.