Project overview

Eloncity is a community-based decentralized renewable energy platform powered by blockchain ecosystem for building and deploying decentralized energy resources. The Eloncity Model builds upon four key pillars:

  • A decentralized renewable energy architecture: blockchain technology platform, utility token, intelligent networked battery energy storage system (BESS), customer-sited or community-based renewable generation, community DC (Direct Current) power network.
  • Community-driven planning and implementation
  • Combined performance-based projects with revolving loans fund
  • A collaborative and equitable regulatory framework

This multifaceted framework ensures project planning and implementation are comprehensively informed, synergistically inclusive, equitably tested, locally responsive, systems-oriented and leverage the best of technologies.


Token model

The ECT is a utility token designed to facilitate energy exchange within an Eloncity microgrid (i.e., ECTP-compliant microgrid) and among adjacent Eloncity microgrids. The ECT will have two primary functions:

  • A medium of exchange – On the Eloncity networks, the ECT is used for energy exchange. The supply and demand are regulated by the short-term energy price fluctuations in ECT. The consumers earn ECTs by providing their surplus energy to peers on the networks. The community member uses ECTs to access local electricity services and ECTP-compliant products (e.g., POMCube NetZero)
  • A store of value – Each ECTP-compliant BESS device needs to reserve sufficient ECTs that is equivalent to the value of its electricity capacity to participate in the automated exchange. That makes the ECT a store of value backed by the value of electricity. The value of each ECT is determined by the total energy transaction volume of the ecosystem, and the velocity of the ECT transactions. Due to the exchange reserve requirements, there is a limit for the monetary velocity, which creates value for the ECT and produces a stable token system.

ECT will also act as a mining reward for the DPoS consensus algorithm. BESS, which can be thought of as mining nodes or proof of stake nodes in the Eloncity ecosystem, will be rewarded with ECT for storing renewable energy

Before the market reaches the milestone of one terawatt-hour of newly harvest renewable energy stored in ECTP-compliant BESS, miners will receive 16 ECTs as rewards for each megawatt-hour of newly harvested renewable energy stored in the ECTP-compliant BESS.



The Eloncity whitepaper describes well the different features of the project as well as the interactions of the different actors on the platform. The token model is also well defined. On the other hand, the go-to market strategy is unclear and there is no information about the token economics and the token sale.



Andy Li – Founder
Andy previously led ChinaCache to build the content distribution network (CDN) Internet infrastructure. CDN is analogous to the networks of decentralized energy resources on the energy infrastructure. Andy also led Alibaba Cloud Computing Data Center Architecture team to pioneer the application of direct current (DC) power system for mega data centers in Asia. Additionally, Andy mastered the network traffic engineering at Cisco System. His work helped to realize the system intelligence at the edge of the network, which is significantly superior to the traditional core distribution networks. Since 2014, Andy has been leading POMCube Inc. to develop intelligent networked battery energy storage systems (“BESS”). POMCube Inc. will be one of the Foundation’s technology partners in implementing the pilot Eloncity Model microgrids to demonstrate the open standard ECTP.

Michael Nguyen – VP of Program Development
Mike’s 30-year career spans across multiple industries; from non-profits, advanced energy programs and policy to IT research and development, to international manufacturing operation and markets development. Mike holds 17 patents and four industry awards for technology innovation. Over the last seven years, Mike’s work focused on California’s ambitious energy programs and policies. His work focused on working with ratepayers and environmental advocacy groups, utilities, technology companies, research institutions and federal agencies to develop performance-based and customer-driven energy programs. He has worked with key stakeholders including California Energy Commission and Public Utility Commission.

Gregary Liu – Marketing Director, Americas
Gregary has 11+ years of experience in server system solution architecture and product development. He served as Lead OCP/OCS/OPEN19 design requirements for Mega-Datacenter. He holds an MBA in Management of Technology, National Chiao Tung University; B.S. in Physics, National Taiwan University.

Dunping Yao – Hardware Engineering Manager
Dunping has 6 years of experience in BMS hardware design. Other work includes being a Research Assistant, VRB charging technology for two years at INET (Institute of Nuclear and New Energy Technology) of Tsinghua University. He has a degree in MSEE in Detection Technology and Automatic Equipment, University of South China.

Justin Wang – Product Manager
Lead Architect for iCAN, NetZero, Architect, Modular Data Center, Smart3Technology Sr. ME, Emerson Network Power, Xian, China.

Allen Ding – Eloncity Project Manager
9 years of experience in electronic design. Expert in magnetic device design and power topology B.S. Mechanical Engineering, Nanhua University.

Peng Xu – Software Engineering Manager
10+ years of experience in software development, architecture design, and data analysis, NetZero Software Architect, helped develop POMCube web service system, Built and maintained Foxconn e-commerce website.

Haichuan Jiang – System Verification Manager

10+ years technical experience in system testing and software testing programs. Success in managing Integrated Communication Exchange System verification projects. Lead team in Energy Storage System project based on the cloud platform (AWS).



ICO terms

The token sale will begin in October (no exact date).

Ticker: ECT
Token type: ERC20
ICO Token Price: 1 ECT = 0.09 USD
Softcap: 10,000,000 USD
Hardcap: 33,000,000 USD
Sold on pre-sale: 20,000,000 USD
Total Tokens: 1,000,000,000 ECT
Available for Token Sale: 32%
Min/Max Personal Cap: 0.1ETH/3 ETH
Accepts:  ETH

Eloncity had a bounty campaign where they distributed 1,800,000 ECT to participants for performing different tasks on their social media pages.

Token distribution

eloncity token

Use of funds

eloncity token

Community hype

Telegram: 16,869 members
Twitter: 21,754 followers
Reddit: 1,214 subscribers
Facebook: 4,465 likes



  • Eloncity already has working products and is established in various cities in the US and Mexico.
  • Eloncity helps drastically reduce the cost of electricity by cutting out the middlemen
  • The Eloncity blockchain can process 10,000+ TPS
  • The project has been backed by many notable investment and venture capital firms


Red flags

  • Similar to many other blockchain projects like WePower, PowerLedger, Electrify.Asia
  • There are many regulations associated with the power supply industry and they differ from countries to countries.
  • The success of Eloncity depends highly on local communities adopting their product which might be an issue if their platform is not extremely user-friendly since not everyone is knowledgeable about blockchain or technology in general.



Team:  7.7/10 

The Eloncity team is technically impressive. They all have a lot of experience in the energy industry and in software and hardware development. However, they lack in-house blockchain experience and they will have to rely on their advisors on that end.

Token Model:  8.25/10 

The Eloncity token model is solid. Not only is ECT used as a means of payment within and across microgrids, it also represents how much electricity a BESS can trade. By forcing BESS to store ECT in order to trade, it pegs the value of ECT directly to the value of electricity.

Token Distribution:  6.75/10 

The token distribution is quite decentralized. There is a substantial bounty campaign and 32% of the tokens are being sold during the ICO. On the other hand, there doesn’t seem to be a lockup period before the team receives their tokens, which can be an issue.

State of the Project:  5.3/10 

Eloncity is still far from the release of the energy trading platform (Q3 2019) and the first microgrids to be fully operational and integrated with the platform (Q4 2019). They do however have a detailed long-term roadmap which makes it easy to follow their progress.

Market:  4.4/10 

The energy market can benefit from blockchain technology. This is why there already many big players already established in the market. It will be very challenging for Eloncity to distinguish themselves from the rest. Also, there are many region-specific regulations and licenses that are required in the energy market.

ICON score:  6.5/10



At ICON Partners, we like the idea behind Eloncity. Their energy battery storage system (BESS) is very innovative and has the potential to disrupt the current energy market. However, there are already many competitors in the field. Also, these competitors are either already live, or very close to be. This is an issue for Eloncity considering that their ecosystem won’t be live before Q4 2019. On the other hand, the team behind Eloncity is solid and very technically proficient, so we have no doubts that they will be able to deliver on all the features presented in the whitepaper.


We encourage you to do your own research and come to your own conclusions when investing in an ICO. All the information in this review are either facts or ICON Partners’ opinions and should not be used as investment advice.


Eloncity Links



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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.