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.