A group of venture capitals joined in a US$20 million investment to AI Grid Foundation of Singapore as reported by Deal Street Asia. The VCs investing are 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 unmentioned private investors.
The company is currently building a blockchain smart contract platform that will allow customers to exchange renewable energy with each other. The organisation has also formed strategic partnerships to develop its ELOCITY project, which is a community-based approach to employing decentralised renewable energy resources.
For this project, United Nations’ Clean Energy Ambassador, Dai Zhen, has been appointed as the lead advisor on ELOCITY.
In its official statement, AI Grid Foundation claims that it can provide customers with on-site renewable electricity generation and locally produced store electricity.
To make this happen, AI Grid Foundation partners with GREE Electric Appliances, the global eating ventilation and air conditioning (HVAC) manufacturer, to drive a wider adoption of direct HVAC systems which will increase the efficiency of renewable energy systems.
According to Martin Friel, the director of the Birmingham Energy Institute at the University of Birmingham, the biggest challenge facing the future of the energy sector will be building air conditioning and heating ventilation and air conditioning (HVAC). It consumes the largest energy load in a typical building for more than half of the average building’s electricity demand.