Document:

Exhibit 10.3

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made as of _________________,
2022 by and between Energy Cloud I Acquisition Corporation (the “Company”) and Continental Stock Transfer & Trust
Company (“Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, No. 333-____________ (“Registration Statement”) for its initial public offering of securities
(“IPO”) has been declared effective as of the date hereof (“Effective Date”) by the Securities and
Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement);
and

 

WHEREAS, EF Hutton, division of Benchmark
Investments, LLC (the “Representative”) is acting as the representative of the several underwriters in the IPO; and

 

WHEREAS, as described in the Registration
Statement, and in accordance with the Company’s Amended and Restated Memorandum and Articles of Association, $75,000,000.00 ($86,250,000.00
if the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous private placement of units and warrants
will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United States (the
“Trust Account”) for the benefit of the Company and the holders of the Company’s ordinary shares, no par value
per share (“Ordinary Shares”), issued in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee
will be referred to herein as the “Property”; the shareholders for whose benefit the Trustee shall hold the Property
will be referred to as the “Public Shareholders,” and the Public Shareholders and the Company will be referred to together
as the “Beneficiaries”); and

 

WHEREAS, the Company and the Trustee desire
to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property;

 

IT IS AGREED:

 

1. Agreements and Covenants of Trustee. The Trustee hereby agrees
and covenants to:

 

(a) Hold the Property in trust for the Beneficiaries
in accordance with the terms of this Agreement in the Trust Account established by the Trustee at J.P. Morgan Chase Bank, N.A. (or at
another U.S. chartered commercial bank with consolidated assets of $100 billion or more) and at a brokerage institution selected by the
Trustee that is reasonably satisfactory to the Company;

 

(b) Manage, supervise, and administer the Trust
Account subject to the terms and conditions set forth

herein;

 

(c) In a timely manner, upon the written instruction
of the Company, invest and reinvest the Property in United States “government securities” within the meaning of Section 2(a)(16)
of the Investment Company Act of 1940, as amended (the “Investment Company Act”), having a maturity of 180 days or
less, and/or in any open ended investment company registered under the Investment Company Act that holds itself out as a money market
fund selected by the Company meeting the conditions of paragraph (d) of Rule 2a-7 promulgated under the Investment Company Act, which
invest only in direct U.S. government treasury obligations; it being understood that the Trust Account will earn no interest while account
funds are uninvested awaiting the Company’s instructions hereunder; and while the account funds are invested or uninvested, the
Trustee may earn bank credits or other consideration during such periods;

 

(d) Collect and receive, when due, all principal
and income arising from the Property, which shall become part of the “Property,” as such term is used herein;

 

(e) Notify the Company and the Representative of
all communications received by it with respect to any Property requiring action by the Company;

 

     

     

    

 

(f) Supply any necessary information or documents
as may be requested by the Company in connection with the Company’s preparation of its tax returns;

 

(g) Participate in
any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as, and when instructed by the
Company to do so; 

 

(h) Render to the Company monthly written statements
of the activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account;

 

(i) Commence liquidation of the Trust Account only
after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination Letter”), in
a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company and,
in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, jointly acknowledged
and agreed to by the Representative, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account
only as directed in the Termination Letter and the other documents referred to therein; provided, however, that in the event that a Termination
Letter has not been received by the Trustee within the period of time (the “Last Date”) provided in the Company’s
Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time (the “Memorandum and
Articles of Association”), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination
Letter attached as Exhibit B hereto and distributed to the Public Shareholders as of the Last Date. The provisions of this Section
1(i) may not be modified, amended or deleted under any circumstances; and

 

(j) Upon receipt of a letter (an “Amendment
Notification Letter”) in the form of Exhibit C, signed on behalf of the Company by an authorized officer, distribute
to Public Shareholders who exercised their conversion rights in connection with an amendment to Article Seventh of the Company’s
Memorandum and Articles of Association (an “Amendment”) an amount equal to the pro rata share of the Property relating
to the Ordinary Shares for which such Public Shareholders have exercised conversion rights in connection with such Amendment. The provisions
of this Section 1(j) may not be modified, amended or deleted under any circumstances.

 

2. Limited Distributions of Income from Trust Account.

 

(a) Upon written request from the Company, which
may be given from time to time in a form substantially similar to that attached hereto as Exhibit D, the Trustee shall distribute
to the Company the amount of interest income earned on the Trust Account requested by the Company to cover any income or other tax obligation
owed by the Company.

 

(b) The limited distributions referred to in Section
2(a) above shall be made only from income collected on the Property. Except as provided in Section 2(a) above, no other distributions
from the Trust Account shall be permitted except in accordance with Sections 1(i) or 1(j)hereof.

 

(c) The Company shall provide the Representative
with a copy of any Termination Letter, Amendment Notification Letter, and/or any other correspondence that it issues to the Trustee with
respect to any proposed withdrawal from the Trust Account promptly after such issuance.

 

3. Agreements and Covenants of the Company. The Company agrees
and covenants to:

 

(a) Give all instructions
to the Trustee hereunder in writing, signed by any one of the Company’s authorized officers. In addition, except with respect to
its duties under Sections 1(i), 1(j) and 2(a) above, the Trustee shall be entitled to rely on, and shall be protected
in relying on, any verbal or telephonic advice or instruction which it in good faith believes to be given by any one of the persons authorized
above to give written instructions, provided that the Company shall promptly confirm such instructions in writing; 

 

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(b) Subject to the provisions of Section 5
of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including reasonable counsel
fees and disbursements, or losses suffered by the Trustee in connection with any claim, potential claim, action, suit, or other proceeding
brought against the Trustee which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the
Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s gross
negligence or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action,
suit, or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall notify the Company in
writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct
and manage the defense against such Indemnified Claim, provided, that the Trustee shall obtain the consent of the Company with respect
to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim
without the prior written consent of the Company, which consent shall not be unreasonably withheld. The Company may participate in such
action with its own counsel;

 

(c) Pay the Trustee an initial acceptance fee,
an annual fee, and a transaction processing fee for each disbursement made pursuant to Section 2(a) as set forth on Schedule
A hereto, which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property
shall not be used to pay such fees and further agreed that any fees owed to the Trustee shall be deducted by the Trustee from the disbursements
made to the Company pursuant to Section 1(i) solely in connection with the consummation of a business combination (a “Business
Combination”). The Company shall pay the Trustee the initial acceptance fee and first year’s fee at the consummation of
the IPO and thereafter on the anniversary of the Effective Date;

 

(d) In connection with any vote of the Company’s
stockholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of a firm regularly engaged in the business
of soliciting proxies and/or tabulating stockholder votes verifying the vote of the Company’s stockholders regarding such Business
Combination;

 

(e) In the event that the Company directs the Trustee
to commence liquidation of the Trust Account pursuant to Section 1(i), the Company agrees that it will not direct the Trustee to
make any payments that are not specifically authorized by this Agreement; and

 

(f) If the Company has an Amendment approved by
its stockholders, provide the Trustee with an Amendment Notification Letter in the form of Exhibit C providing instructions for
the distribution of funds to Public Shareholders who exercise their conversion rights in connection with such Amendment.

 

4. Limitations of Liability. The Trustee shall have no responsibility
or liability to:

 

(a) Take any action with respect to the Property,
other than as directed in Sections 1 and 2 hereof, and the Trustee shall have no liability to any party except for liability
arising out of its own gross negligence or willful misconduct;

 

(b) Institute any proceeding for the collection
of any principal and income arising from, or institute, appear in, or defend any proceeding of any kind with respect to, any of the Property
unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced
or guaranteed to it funds sufficient to pay any expenses incident thereto;

 

(c) Change the investment of any Property, other
than in compliance with Section 1(c);

 

(d) Refund any depreciation in principal of any
Property;

 

(e) Assume that the authority of any person designated
by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation, or unless the Company
shall have delivered a written revocation of such authority to the Trustee;

 

(f) The other parties hereto or to anyone else
for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the exercise of its own
best judgment, except for its gross negligence or willful misconduct. The Trustee may rely conclusively and shall be protected in acting
upon any order, notice, demand, certificate, opinion, or advice of counsel (including counsel chosen by the Trustee), statement, instrument,
report, or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as
to the truth and acceptability of any information therein contained) which is believed by the Trustee, in good faith, to be genuine and
to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification,
termination, or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee
signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written
consent thereto;

 

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(g) Verify the correctness of the information set
forth in the Registration Statement or to confirm or assure that any Business Combination consummated by the Company or any other action
taken by it is as contemplated by the Registration Statement;

 

(h) File local, state, and/or federal tax returns
or information returns with any taxing authority on behalf of the Trust Account or deliver payee statements to the Company documenting
the taxes, if any, payable by the Company or the Trust Account, relating to the income earned on the Property;

 

(i) Pay any taxes on behalf of the Trust Account
(it being expressly understood that the Property shall not be used to pay any such taxes and that such taxes, if any, shall be paid by
the Company from funds not held in the Trust Account or released to it under Section 2(a) hereof);

 

(j) Imply obligations, perform duties, inquire,
or otherwise be subject to the provisions of any agreement or document other than this agreement and that which is expressly set forth
herein; or

 

(k) Verify calculations, qualify, or otherwise
approve Company requests for distributions pursuant to Sections 1(i), 1(j) or 2(a) above.

 

5. Trust Account Waiver. The Trustee has no right of set-off
or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby
irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future. In the event the Trustee
has any Claim against the Company under this Agreement, including, without limitation, under Section 3(b) or Section 3(c)
hereof, the Trustee shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the Property
or any monies in the Trust Account.

 

6. Termination. This Agreement shall terminate as follows:

 

(a) If the Trustee gives written notice to the
Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor trustee during
which time the Trustee shall act in accordance with this Agreement. At such time that the Company notifies the Trustee that a successor
trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer
the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements
relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that, in the event that the Company does not
locate a successor trustee within ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application
to have the Property deposited with any court in the State of New York or with the United States District Court for the Southern District
of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever; or

 

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(b) At such time that the Trustee has completed
the liquidation of the Trust Account in accordance with the provisions of Section 1(i) hereof, and distributed the Property in
accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 3(b) and
Section 5.

 

7. Miscellaneous.

 

(a) The Company and the Trustee will each restrict
access to confidential information relating to funds being transferred to or from the Trust Account to authorized persons. Each party
must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such information,
or of any change in its authorized personnel. In executing funds transfers, the Trustee will rely upon all information supplied to it
by the Company, including account names, account numbers, and all other identifying information relating to a beneficiary, beneficiary’s
bank, or intermediary bank. The Trustee shall not be liable for any loss, liability, or expense resulting from any error in the information
supplied to it or funds transferred based on such information.

 

(b) This Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result
in the application of the substantive laws of another jurisdiction. The parties hereto consent to the jurisdiction and venue of any state
or federal court located in the City of New York, Borough of Manhattan, for purposes of resolving any disputes hereunder. As to any claim,
cross-claim, or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury.

 

(c) This Agreement may be executed in several original
or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one instrument.

 

(d) This Agreement contains the entire agreement
and understanding of the parties hereto with respect to the subject matter hereof. Except for Sections 1(i) and 1(j) (which
may not be amended under any circumstances), this Agreement or any provision hereof may only be changed, amended, or modified by a writing
signed by each of the parties hereto; provided, however, that no such change, amendment or modification may be made without the prior
written consent of the Representative. The Trustee may require from Company counsel an opinion as to the propriety of any proposed amendment.

 

(e) Any notice, consent or request to be given
in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by express mail or similar private
courier service, by certified mail (return receipt requested), by hand delivery, by email or by facsimile transmission:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

Energy Cloud I Acquisition Corporation

Room 2006, Block 5, Zone 5, Aoyuan City Plaza

Panyu District, Guangzhou, China

Attn: Qingxun Kong

Email: xun@vhudong.cn

 

in either case with a copy (which copy shall not
constitute notice) to:

 

EF Hutton

Division of Benchmark Investments, LLC

590 Madison Avenue, 39th Floor

New York, NY 10022

Attn: Sean Koehler

E-mail: skoehler@kingswoodcm.com

 

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and

 

Ortoli Rosenstadt LLP

366 Madison Avenue, 3rd Floor

New York, NY 10017 

Attn: William S. Rosenstadt, Esq.

Email: wsr@orllp.legal

 

And

 

RAITI, PLLC

1345 Avenue of the Americas

New York, NY 10105

Fax No.: (646) 916-1404

Attn: Warren A. Raiti, Esq.

Email: wraiti@raitipllc.com

 

(f) This Agreement may not be assigned by the Trustee
without the prior consent of the Company.

 

(g) Each of the Trustee and the Company hereby
represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its respective
obligations as contemplated hereunder.

 

(h) Each of the Company and the Trustee hereby
acknowledge that the Representative is a third party beneficiary of this Agreement.

 

[signature page follows]

 

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IN WITNESS WHEREOF, the parties have duly
executed this Investment Management Trust Agreement as of the date first written above.

 

	 	CONTINENTAL STOCK TRANSFER &
	 	TRUST COMPANY, as Trustee
	 	 
	 	By:	         
	 	Name: 	Francis Wolf
	 	Title:	Vice President
	 	 
	 	ENERGY CLOUD I ACQUISITION CORPORATION
	 	 
	 	By:	                                
	 	Name:	Qingxun Kong
	 	Title:	CEO and Director

 

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SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500.00	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Section 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	250.00	 
	Paying Agent services as required pursuant to section 1(i) and 1(j)	 	Billed to Company upon delivery of service pursuant to section 1(i) and 1(j)	 	 	Prevailing rates	 

 

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EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the Investment Management
Trust Agreement between Energy Cloud I Acquisition Corporation (“Company”) and Continental Stock Transfer & Trust
Company, dated as of [_______], 2022 (“Trust Agreement”), this is to advise you that the Company has entered into an
agreement with [______________] to consummate a business combination (“Business Combination”) on or about [____].
The Company shall notify you at least seventy -two (72) hours in advance of the actual date of the consummation of the Business Combination
(“Consummation Date”). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in
the Trust Agreement.

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to liquidate the Trust Account investments and to transfer the proceeds to the Trust Account at J.P. Morgan Chase
Bank, N.A. to the effect that, on the Consummation Date, all of funds held in the Trust Account will be immediately available for transfer
to the account or accounts that the Company shall direct on the Consummation Date. It is acknowledged and agreed that while the funds
are on deposit in the trust account awaiting distribution, the Company will not earn any interest or dividends.

 

On the Consummation Date (i) counsel for the Company
shall deliver to you written notification that the Business Combination has been consummated and (ii) the Company shall deliver to you
(a) a certificate of the Chief Executive Officer, which verifies the vote of the Company’s stockholders in connection with the Business
Combination if a vote is held and (b) joint written instructions from the Company and the Representative with respect to the transfer
of the funds held in the Trust Account (“Instruction Letter”). You are hereby directed and authorized to transfer the
funds held in the Trust Account immediately upon your receipt of the counsel’s letter and the Instruction Letter, in accordance
with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation
Date without penalty, you will notify the Company of the same and the Company shall direct you as to whether such funds should remain
in the Trust Account and distributed after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account
pursuant to the terms hereof, your obligations under the Trust Agreement shall be terminated.

 

In the event that the Business Combination is not
consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original Consummation
Date of a new Consummation Date, then upon receipt by the you of written instructions from the Company, the funds held in the Trust Account
shall be reinvested as provided in the Trust Agreement on the business day immediately following the Consummation Date as set forth in
the notice.

 

AGREED TO AND ACKNOWLEDGED BY

 

EF Hutton, Division of Benchmark Investments, LLC

 

	By:	 	 
	Name: 	 	 
	Title:	 	 
	Date:	 	 

 

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EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account No. - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the Investment Management
Trust Agreement between Energy Cloud I Acquisition Corporation (“Company”) and Continental Stock Transfer & Trust
Company, dated as of____________, 2022 (“Trust Agreement”), this is to advise you that the Company has been unable
to effect a Business Combination with a Target Company within the time frame specified in the Company’s Amended and Restated Memorandum
and Articles of Association, as described in the Company’s prospectus relating to its IPO. Capitalized terms used herein and not
otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to liquidate the Trust Account and to transfer the total proceeds of the Trust to the Trust Account at J.P. Morgan
Chase Bank, N.A. to await distribution to the Public Shareholders. The Company has selected [____________, 20 ] as the date for when the
Public Shareholders will be entitled to receive their share of the liquidation proceeds. It is acknowledged that while the funds are on
deposit in the Trust Account awaiting distribution, the Company will not earn any interest or dividends. You agree to be the Paying Agent
of record and in your separate capacity as Paying Agent, to distribute said funds directly to the Public Shareholders in accordance with
the terms of the Trust Agreement and the Amended and Restated Memorandum and Articles of Association of the Company. Upon the distribution
of all the funds in the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

ENERGY CLOUD I ACQUISITION CORPORATION

 

	By:	 	 
	Name: 	 	 
	Title:	 	 
	Date:	 	 

 

cc: EF Hutton, Division of Benchmark Investments, LLC

 

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EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account – Amendment Notification
Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Reference is made to the Investment Management
Trust Agreement between Energy Cloud I Acquisition Corporation (“Company”) and Continental Stock Transfer & Trust
Company, dated as of_____________, 2022 (“Trust Agreement”). Capitalized words used herein and not otherwise defined
shall have the meanings ascribed to them in the Trust Agreement.

 

Pursuant to Section 1(j) of the Trust Agreement,
this is to advise you that the Company has sought an Amendment. Accordingly, in accordance with the terms of the Trust Agreement, we hereby
authorize you to liquidate a sufficient portion of the Trust Account and to transfer $____ of the total proceeds of the Trust to the Trust
Account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Shareholders that have requested conversion of their shares
in connection with such Amendment. The remaining funds shall be reinvested by you as previously instructed.

 

ENERGY CLOUD I ACQUISITION CORPORATION

 

	By:	 	 
	Name: 	 	 
	Title:	 	 
	Date:	 	 

 

cc: EF Hutton, Division of Benchmark Investments, LLC

 

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EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 2(a) of the Investment Management
Trust Agreement between Energy Cloud I Acquisition Corporation (“Company”) and Continental Stock Transfer & Trust Company,
dated as of [_________], 20[___] (“Trust Agreement”), the Company hereby requests that you deliver to the Company [$_______]
of the interest income earned on the Property as of the date hereof. The Company needs such funds to pay for its tax obligations as a
result of such interest income.

 

In accordance with the terms of the Trust Agreement,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s
operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

ENERGY CLOUD I ACQUISITION CORPORATION

 

	By:	 	 
	Name: 	 	 
	Title:	 	 
	Date:	 	 

 

cc: EF Hutton, Division of Benchmark Investments, LLC

 

 

12Exhibit 10.4

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT, dated
as of [●], 2022 (“Agreement”), by and among ENERGY CLOUD I ACQUISITION CORPORATION, a British Virgin Islands Company
(the “Company”), the initial shareholders listed on Exhibit A attached hereto (each, an “Initial Shareholder”
and collectively the “Initial Shareholders”) and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (the
“Escrow Agent”).

 

WHEREAS, the Company has entered
into an Underwriting Agreement, dated as of [*], 2022 (“Underwriting Agreement”), with EF Hutton, division of Benchmark Investments,
LLC (“EF Hutton”), acting as the representative of the underwriters (collectively, the “Underwriters”), pursuant
to which, among other matters, the Underwriters have agreed to purchase 7,500,000 units (“Units”) of the Company, plus an
additional 1,125,000 Units if the Underwriters exercise their over-allotment option in full. Each Unit consists of one ordinary share
of the Company, with no par value (an “Ordinary Share”), one half of one right, each whole right entitling the its holder
to receive one tenth (1/10) of one Ordinary Share, and one redeemable warrant, each whole redeemable warrant entitling its holder to purchase
one Ordinary Share at an exercise price of $11.50 per full Ordinary Share, all as more fully described in the Company’s final Prospectus,
dated [●], 2022 (“Prospectus”), comprising part of the Company’s Registration Statement on Form S-1 (File No.
333-[●]) under the Securities Act of 1933, as amended (“Registration Statement”), declared effective on [●], 2022
(“Effective Date”).

 

WHEREAS, the Initial Shareholders
have agreed as a condition of the sale of the Units to deposit their Insider Shares (as defined in the Prospectus), as set forth opposite
their respective names in Exhibit A attached hereto (collectively “Escrow Shares”), in escrow as hereinafter provided.

 

WHEREAS, the Company and the Initial
Shareholders desire that the Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed as hereinafter provided.

 

IT IS AGREED:

 

1. Appointment of Escrow
Agent. The Company and the Initial Shareholders hereby appoint the Escrow Agent to act in accordance with and subject to the terms
of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms.

 

2. Deposit of Escrow Shares.
On or prior to the date hereof, each of the Initial Shareholders delivered to the Escrow Agent certificates representing such Initial
Shareholder’s respective Escrow Shares, together with applicable share powers, to be held and disbursed subject to the terms and
conditions of this Agreement. Each of the Initial Shareholders acknowledges that the certificate representing such Initial Shareholder’s
Escrow Shares is legended to reflect the deposit of such Escrow Shares under this Agreement.

 

3. Disbursement of the
Escrow Shares.

 

3.1 The Escrow Agent shall hold
the Escrow Shares during the period (the “Escrow Period”) commencing on the date hereof and ending on the earlier of (x) 150
calendar days after the date on which the closing price of the Ordinary Share equals or exceeds $18.00 per share (as adjusted for stock
splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after
the Company’s initial business combination (as described in the Registration Statement, hereinafter a “Business Combination”)
and (y) twelve months after the date of the consummation of an initial Business Combination. The Company shall promptly provide written
notice of the consummation of an initial Business Combination and the completion of the Escrow Period to the Escrow Agent. Upon completion
of the Escrow Period, the Escrow Agent shall disburse such amount of each Initial Shareholder’s Escrow Shares (and any applicable
share power) to such Initial Shareholder; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section 6.7
hereof that the Company is being liquidated at any time during the Escrow Period, then the Escrow Agent shall promptly destroy the certificates
representing the Escrow Shares; provided further, however, that if, any time after the Company consummates an initial Business Combination,
the Company (or the surviving entity) subsequently consummates a liquidation, merger, stock exchange or other similar transaction which
results in all of the shareholders of such entity having the right to exchange their Ordinary Shares for cash, securities or other property,
then the Escrow Agent will, upon receipt of a written notice executed by the Chairman of the Board, Chief Executive Officer or other authorized
officer of the Company, in form reasonably acceptable to the Escrow Agent, certifying that such transaction is then being consummated
or such conditions have been achieved, as applicable, release the Escrow Shares to the Initial Shareholders. The Escrow Agent shall have
no further duties hereunder after the disbursement or destruction of the Escrow Shares in accordance with this Section 3.

 

     

     

    

 

3.2 Notwithstanding Section 3.1,
if the Underwriters do not exercise their over-allotment option to purchase an additional 1,125,000 Units of the Company in full within
45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Initial Shareholders agree that the Escrow Agent
shall return to the Company for cancellation, at no cost, the number of Escrow Shares held by each such holder determined by multiplying
(a) the product of (i) 1,125,000 multiplied by (ii) a fraction, (x) the numerator of which is the number of Escrow Shares held by each
such holder, and (y) the denominator of which is the total number of Escrow Shares, by (b) a fraction, (i) the numerator of which is 1,125,000
minus the number of Ordinary Shares purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator
of which is 1,125,000. The Company shall promptly provide written notice to the Escrow Agent of the expiration or termination of the Underwriters’
over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with their exercise thereof.

 

4. Rights of Initial Shareholders
in Escrow Shares.

 

4.1 Voting Rights as a
Shareholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein provided, the Initial
Shareholders shall retain all of their rights as shareholders of the Company during the Escrow Period, including, without limitation,
the right to vote such shares.

 

4.2 Dividends and Other
Distributions in Respect of the Escrow Shares. During the Escrow Period, all dividends payable in cash with respect to the Escrow
Shares shall be paid to the Initial Shareholders, but all dividends payable in shares or other non-cash property (“Non-Cash Dividends”)
shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term “Escrow Shares”
shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

4.3 Restrictions on Transfer.
During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to the Company’s pre-IPO shareholders, or
to the Company’s officers, directors, advisors and employees, (ii) if the Initial Shareholder is an entity, as a distribution to
partners, members or shareholders of the Initial Shareholder upon the liquidation and dissolution of the Initial Shareholder, (iii) by
bona fide gift to a member of the Initial Shareholder’s immediate family or to a trust, the beneficiary of which is the Initial
Shareholder or a member of the Initial Shareholder’s immediate family for estate planning purposes, (iv) by virtue of the laws of
descent and distribution upon death of the Initial Shareholder, (v) pursuant to a qualified domestic relations order, (vi) by certain
pledges to secure obligations incurred in connection with purchases of the Company’s securities, (vii) by private sales made in
connection with the consummation of a Business Combination at prices no greater than the price at which the Private Units were originally
purchased or (viii) to the Company for cancellation in accordance with Section 3.2 above or in connection with the consummation of a Business
Combination, in each case, except for clause (viii), on the condition that such transfers may be implemented only upon the respective
transferee’s written agreement to be bound by the terms and conditions of this Agreement and of the Insider Letter (as defined below)
signed by the Initial Shareholder transferring the Escrow Shares.

 

4.4 Insider Letters.
Each of the Initial Shareholders has executed a letter agreement with EF Hutton and the Company, dated as indicated on Exhibit A hereto,
and the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights and obligations
of such Initial Shareholder in certain events, including but not limited to the liquidation of the Company.

 

5. Concerning the Escrow
Agent.

 

5.1 Good Faith Reliance.
The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment,
and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including
counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution and the
validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is
believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall not be
bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing
delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless
it shall have given its prior written consent thereto.

 

    2

     

    

 

5.2 Indemnification.
The Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including reasonable counsel fees
and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which
in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or the Escrow
Shares held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent.
Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding,
the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its
sole discretion, may commence an action in the nature of interpleader in an appropriate court to determine ownership or disposition of
the Escrow Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending
receipt of a final, non-appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what
circumstances the Escrow Shares are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow
Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3 Compensation.
The Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it hereunder. The Escrow Agent
shall also be entitled to reimbursement from the Company for all expenses paid or incurred by it in the administration of its duties hereunder
including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or other governmental
charges.

 

5.4 Further Assurances.
From time to time on and after the date hereof, the Company and the Initial Shareholders shall deliver or cause to be delivered to the
Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably
request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself
that it is protected in acting hereunder.

 

5.5 Resignation. The
Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto
written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at such time
that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company, the Escrow Shares held hereunder. If no new
escrow agent is so appointed within the 60 day period following the giving of such notice of resignation, the Escrow Agent may deposit
the Escrow Shares with any court it reasonably deems appropriate.

 

5.6 Discharge of Escrow
Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in writing at any
time by the other parties hereto, jointly, provided, however, that such resignation shall become effective only upon acceptance of appointment
by a successor escrow agent as provided in Section 5.5.

 

5.7 Liability. Notwithstanding
anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence or its own
willful misconduct.

 

5.8 Waiver. The Escrow
Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any
distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by
and between the Company and the Escrow Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or
satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

    3

     

    

 

6. Miscellaneous.

 

6.1 Governing Law.
This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of the State of New
York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.

 

6.2 Third Party Beneficiaries.
Each of the Initial Shareholders hereby acknowledges that EF Hutton is a third party beneficiaries of this Agreement and this Agreement
may not be modified or changed without the prior written consent of EF Hutton.

 

6.3 Entire Agreement.
This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and, except as expressly
provided herein, may not be changed or modified except by an instrument in writing signed by the party to the charged.

 

6.4 Headings. The
headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation thereof.

 

6.5 Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives, successors
and assigns.

 

6.6 Notices. Any notice
or other communication required or which may be given hereunder shall be in writing and either be delivered personally or be mailed, certified
or registered mail, or by private national courier service, return receipt requested, postage prepaid, by electronic mail or by facsimile
transmission and shall be deemed given when so delivered personally or, if mailed, two days after the date of mailing, as follows:

 

If to the Company, to:

 

Energy Cloud I Acquisition Corporation

Room 2006, Block 5, Zone 5, Aoyuan City Plaza

Panyu District, Guangzhou, China

Attention: Mr. Qingxun Kong, Director, CEO

E-mail: xun@vhudong.cn

 

If to a Shareholder, to his address
set forth in Exhibit A.

 

and if to the Escrow Agent, to:

 

Continental Stock Transfer &
Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste
Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

A copy (which copy shall not constitute
notice) sent hereunder shall be sent to:

 

EF Hutton

Division of Benchmark Investments, LLC

590 Madison Avenue, 39th Floor

New York, NY 10022

Attn: Sean Koehler

E-mail: skoehler@kingswoodcm.com

 

    4

     

    

 

and:

 

Ortoli Rosenstadt LLP

366 Madison Avenue, 3rd Floor

New York, NY 10017

Attn: William S. Rosenstadt, Esq.

Email: wsr@orllp.legal

 

and:

 

RAITI, PLLC

1345 Avenue of the Americas

New York, NY 10105

Fax No.: (646) 916-1404

Attn: Warren A. Raiti, Esq.

Email: wraiti@raitipllc.com

 

The parties may change the persons
and addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner provided
herein for giving notice.

 

6.7 Liquidation of the
Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company in the event
that the Company fails to consummate a Business Combination within the time period specified in the Prospectus.

 

[Signature Page Follows]

 

    5

     

    

 

IN WITNESS WHEREOF, the parties have duly executed
this Agreement as of the date first written above.

 

	 	COMPANY:
	 	 	 
	 	ENERGY CLOUD I ACQUISITION CORPORATION
	 	 
	 	By:	 
	 	Name: 	Qingxun (Kenn) Kong
	 	Title:	Chief Executive Officer and Director

 

	 	INITIAL
                    SHAREHOLDERS:

	 	 	 
	 	 	Energy
                    Cloud Sponsor Holdings Limited

    

    

	 	 	 
	 	 	By:	Qingxun (Kenn) Kong
	 	 	Title:	Director
	 	 	 
	 	 	 
	 	 	Qingxun (Kenn) Kong
	 	 	 
	 	 	 
	 	 	Shuyi Chen
	 	 	 
	 	 	 
	 	 	Zhijiang Yang
	 	 	 
	 	 	 
	 	 	Wenhui Zhang
	 	 	 
	 	 	 
	 	 	Tianshi (Stanley) Yang
	 	 	 
	 	 	 
	 	 	Zeyi
                    (Jeff) Wang

	 	 	 
	 	 	 
	 	 	Michael
                    Kwei 

 

	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY

	 	 	 
	 	By:	 
	 	Name: 	Francis Wolf
	 	Title:	Vice President

 

 Signature Page to ENERGY CLOUD I ACQUISITION
CORPORATION Stock Escrow Agreement

 

    6

     

    

 

EXHIBIT A

 

	Name
                                            and Address of
 Initial
                                            Shareholder 1
	 	Number
 of
                                            Shares
	 	 	Date of 

    Insider Letter
	Energy Cloud Sponsor Holdings Limited	 	 	2,022,420	 	 	[*],2022
	Qingxun (Kenn) Kong	 	 	29,740	 	 	[*],2022
	Shuyi Chen	 	 	29,740	 	 	[*],2022
	Zhijiang Yang	 	 	14,870	 	 	[*],2022
	Wenhui Zhang	 	 	14,870	 	 	[*],2022
	Tianshi (Stanley) Yang	 	 	14,870	 	 	[*],2022
	Zeyi (Jeff) Wang	 	 	14,870	 	 	[*],2022
	Michael Kwei	 	 	14,870	 	 	[*],2022

 

 

	1	The address of each of the individuals is c/o Energy Cloud
I Acquisition Corporation, Room 2006, Block 5, Zone 5, Aoyuan City Plaza, Panyu District, Guangzhou, China.

 

 

7

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