AI Grid Foundation collaborates in removing barriers for safe and secure electricity services

KUALA LUMPUR, Sept 18 (Bernama) -- The AI Grid Foundation has collaborated with organisations and communities globally to develop the ELONCITY Model -- a community-based and consensus-driven approach -- that employs decentralised renewable energy resources to remove barriers to universal, safe, secure, reliable, affordable, healthy and equitable electricity services.

The AI Grid Foundation -- a non-profit organisation based in Singapore -- is collaborating with global partners to demonstrate the ELONCITY Model in remote areas, where electricity services are either highly unreliable or non-existent.

It will also expedite its collaboration with global technology partners, local utility companies, governmental agencies and community-based organisations in North America, Southeast Asia and Africa to demonstrate the ELONCITY Model’s sustainable and affordable energy services, through the fortification of local centralised power grids, a statement said.

Founder of the AI Grid Foundation, Andy Li aimed to change the fundamental power infrastructure, promote the innovation of decentralised renewable energy technologies and address the fundamental inefficiencies of the existing centralised energy infrastructure.

Currently, the foundation has secured $20 Million in investments from global institutions and private investors whereby the ELONCITY investors focus on the long-term goals of improving community's lives around the world.

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

The rapid growth of the earth's population and the industrialisation of developing countries are driving global energy demands to unprecedented levels. The world’s energy dependence on fossil fuels pose significant risks to the environment and led to detrimental of climate changes.

Therefore, new approaches to energy production and distribution are needed to support vibrant and sustainable global growth. 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.

When energy consumers in a community collaborate with each other to exchange energy, it enables them to equitably allocate the costs-benefits of shared energy equipment to create community-wide access to safe, secure, reliable and cost-effective, local energy supplies.

This is also maximise utilisation rates of the shared energy equipment and accelerate equipment purchasers’ return-on-investment (ROI). The result is a community-based renewable microgrid (CRM) that can operate in grid-connected or stand-alone mode to support local economic growth, by providing universal access to reliable and affordable electricity.

-- BERNAMA