We report on the progress of the conceptual development of the energy recovering linac (ERL)-based Electron-Light Ion Collider (ELIC) at CEBAF that is envisioned to reach luminosity level of 10(sup 33)-10(sup 35) /cm(sup 2)s with both beams polarized to perform a new class of experiments in fundamental nuclear physics. Four interaction points with all light ion species longitudinally or transversally polarized and fast flipping of the spin for all beams are planned. The unusually high luminosity concept is based on the use of the ERL and circulator ring-based electron cooling and crab crossing colliding beams. Our recent studies concentrate on the design of low beta interaction points with crab-crossing colliding beams, the exploration on raising the polarized electron injector current to the level of 3-30 mA with the use of electron circulator-collider ring, forming a concept of stacking and cooling of the ion beams, specifications of the electron cooling facility, and studies of beam-beam interaction and intra-beam scattering.