In brief: Blockchain-based energy grid project raises $20m funding

Singapore-based AI Grid Foundation has secured US$20 million in investments from dozens of global institutions.

These 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.

These investors are ardent supporters of AI Grid’s mission to promote the Eloncity model and enable universal access to safe, reliable, affordable, sustainable, and equitable energy services for all.

Source: Press release

Eloncity aims to replace fossil fuels with renewable energy sources such as solar power. But rather than making use of traditional power plants, it will tap individual customers to generate, store, and distribute power in community microgrids.

The project is designed to allow customers to sell their own electricity to other customers.

Eloncity will also have its own token protocol, which will allow customers to trade electricity.