Earth’s growing population and ongoing industrialization continues to create a detrimental dependence on fossil fuels like coal, oil, and natural gas, all of which pose risk to the environment. In an effort to decrease usage of fossil fuels, Singapore-based non-profit AI Grid Foundation is collaborating with organizations around the world to embrace its ELONCITY Model that advocates for the use of decentralized renewable energy, serving as an answer to the problems of the current global existing energy system.
The Model uses a blockchain smart contract platform and crypto utility token that enables energy consumers to exchange locally-produced energy through a community-wide safe, reliable, and cost-effective manner. Access to renewable energy supplies, like solar or wind power, is possible through a community-based renewable micro-grid (CRM) that can operate in grid-connected or stand-alone mode and provides universal access to electricity.
The Foundation is currently focusing on getting ELONCITY into areas with little to no reliable electricity services, or underdeveloped regions like Asia and Africa. Working with global partners to ensure energy access, the Foundation believes that electricity is key to economic growth and more job opportunities. Businesses confirm this by citing lack of electricity as their main blockage to development, even more than lack of proper finance.
The Foundation has already seen results in their work from early 2017 when they strengthened the centralized grid with renewable energy technologies, serving 300,000 residents in Mexico’s Baja California Peninsula. Over the next year and a half, the company plans to expand the ELONCITY Model and collaborate with global technology partners, local utility companies, governmental agencies, and community-based organizations in North America, Southeast Asia, Africa.
Already having secured $20 million in investments from many global institutions including OK Blockchain Capital, New York-based Interblock Capital, JRR Crypto, and even some private investors, the company plans to focus on long-term goals of improving communities world-wide and make renewable energy the main energy resource used universally.
