AsiaTechDaily – Asia's Leading Tech and Startup Media Platform
Top 6 Cleantech Startups in Singapore Securing Impressive Funding Rounds
by
James Jung
Singapore is emerging as a hotspot for cleantech innovation, with a growing number of startups focusing on sustainability and environmental impact. These companies are developing solutions to address critical issues such as renewable energy, waste management, water conservation, and more.
Today is World Environment Day, a time to focus on protecting our planet. It’s a great day to look at the top six cleantech startups in Singapore that are making big strides in green technology. These startups have attracted significant funding, showing that investors believe in their sustainable solutions. Let’s take a closer look at their impressive achievements.
About Startup:
REDEX, established in 2018, is a Singapore-based renewable energy certificate (REC) service provider specializing in solutions for asset registration, verification, trading, and retirement of RECs.
The company aims to accelerate the global transition toward renewable energy by offering crucial support to businesses aiming to achieve carbon neutrality for Scope 2 emissions, which pertain to indirect carbon emissions from electricity, steam, heat, or cooling purchases.
REDEX is an essential link in the renewable energy landscape, confirming that energy generation sources align with eco-friendly standards.
Funding Details: Series A round raised $10 million
Investors: Led by Aramco Ventures, with participation from undisclosed investors from the Middle East, Southeast Asia, and Japan
Field: Renewable Energy Certificates (RECs)
Future Plans: With the infusion of $10 million in its Series A funding round, REDEX plans to extend its footprint beyond Asia, facilitating a broader shift toward renewable energy sources.
The company focuses on enhancing the efficiency and digitalization of REC issuance and trading further to streamline the adoption of renewable energy across the globe.
About Startup: Founded in 2020 by Bolong Chew (CEO), Gérald Chablowski (CTO), and Luke Ong, Singapore-based Solar AI Technologies is dedicated to simplifying the adoption of rooftop solar systems, with a particular focus on smaller property owners who face barriers to entry.
The company’s flagship offering, the rent-to-own (RTO) solar program, is designed to make solar panel ownership hassle-free, eliminating the need for upfront costs. Customers can participate in the program through a straightforward monthly fee, which covers installation, maintenance, servicing, and a guarantee of energy generation.
Funding Details: $1.5 million in seed funding
Investors: Led by Earth Venture Capital, with participation from Undivided Ventures, Investible, and climate-tech angel investor David Pardo
Field: Solar-as-a-service solutions
Future Plans: With the $1.5 million seed funding secured, Solar AI Technologies is set to expand its rent-to-own (RTO) solar initiative primarily within Singapore, with subsequent plans for regional growth in the coming year.
The startup intends to leverage this funding to support a regional expansion strategy, with its sights set on entering the Malaysian and Philippine markets within the next two years. These regions are particularly interesting due to substantial electricity expenses and comparatively lower costs for constructing and installing rooftop solar systems.
About Startup: TablePointer Pte Ltd, a Singapore-based startup, specializes in providing innovative Energy-Efficiency-as-a-Service (EEaaS) solutions. Their plug-and-play energy efficiency technology is tailored for the food and beverage industry, and its unique approach involves zero upfront costs. This business model has appealed to many businesses, from small independent outlets to some of the most prominent F&B chain brands.
Funding Details: More than $3 million in an oversubscribed seed funding round
Investors: Led by Wavemaker Partners, with participation from AgFunder, ENGIE, and Steve Melhuish
Field: Energy-Efficiency-as-a-Service (EEaaS) solutions
Future Plans: The funds raised from this oversubscribed seed funding round, which occurred on April 12, 2023, will be allocated towards expanding TablePointer’s technology platform.
This expansion will introduce new features and product modules to enhance the company’s offerings. Furthermore, the company plans to enter fast-growing markets in the region as part of its strategic growth plan.
About Startup: VFlowTech is a startup focused on long-duration energy storage through technology. The startup develops cost-effective and scalable vanadium redox flow batteries.
These batteries have an expected lifespan of 25 years, making them one of the safest and most environmentally friendly battery technologies available. VFlowTech’s batteries are engineered to store renewable energy over extended periods and are specifically designed to combat challenges related to performance degradation, thermal runaway, and product reliability with a strong focus on safety.
Funding Details: $10 million in Series A
Investors: Real Tech Holdings, SEEDS Capital, Wavemaker Partners, Sing Fuels, Michael Gryseels, İnci Holding, Pappas Capital, Carbon Zero Venture Capital
Field: Energy Storage
Future Plans: This fresh injection of capital will help VFlowTech in its expansion plans, including establishing a 200 MWh production line capacity. This expansion will focus on scaling up the manufacturing of VFlowTech’s 250 kWh modular vanadium-based long-duration energy storage solutions.
The company plans to expand its global presence, with markets in Türkiye, the US, Japan, and India.
Moreover, VFlowTech seeks to intensify its research and development efforts to further enhance its industry-leading technology, expand system capacity, and explore new markets where sustainable energy storage solutions are in growing demand.
About Startup: InterContinental Energy is dedicated to driving the large-scale production of green hydrogen to expedite the global energy transition with a strategic focus on using the Earth’s natural resources situated in coastal deserts, including abundant seawater, optimal daytime sunlight, and robust nighttime wind patterns.
Funding Details: $115 million in equity investment
Investors: GIC, Hy24
Field: Green Hydrogen Production
Future Plans: The startup plans to achieve a total installed renewable capacity of nearly 100 gigawatts (GW). By the close of 2030, InterContinental Energy aims to deliver up to 10 GW of capacity during the initial phases, with the market expected to gain momentum from 2030 onward.
The involvement of Hy24, through its Clean Hydrogen Infrastructure Fund, not only provides capital but also introduces a valuable network of prominent industrial and financial players deeply embedded in the entire hydrogen value chain.
About Startup: Established in 2007 and headquartered in Singapore, Apeiron Bioenergy is a globally integrated player in the bioenergy sector. The company boasts a comprehensive presence across the value chain, spanning from feedstocks to end and by-products, with refineries and collection points across ten countries.
Apeiron’s core operations revolve around the collection and processing of diverse food and agricultural waste materials, including used cooking oil, tallow, and palm oil mill effluent. These waste inputs undergo advanced conversion processes to produce biodiesel, a renewable and sustainable alternative to conventional fossil fuels.
Apeiron’s primary product, UCO, is a clean waste-based feedstock for biofuel production that offers significant greenhouse gas emissions savings and plays a crucial role in producing renewable biodiesel, particularly sustainable aviation fuel (SAF).
Funding Details: S$50 million (US$37 million) through a green bond
Investors: SC Ventures, HSBC, Credit Guarantee and Investment Facility (CGIF)
Field: Biofuel
Future Plans: The funds raised through the bond issuance will be used for general working capital requirements and capital expenditures, primarily focused on expanding Apeiron Bioenergy’s network of collection points and treatment facilities dedicated to used cooking oil.
In conclusion, Singapore’s cleantech startup scene is thriving, with innovative companies like REDEX, Solar AI Technologies, TablePointer Pte Ltd, VFlowTech, InterContinental Energy, and Apeiron Bioenergy growing in their respective fields. Their dedication to renewable energy, energy efficiency, green hydrogen production, and biofuels underscores Singapore’s commitment to addressing global environmental challenges. As these startups expand their operations and continue to drive innovation, they play a vital role in shaping a greener and more sustainable world.
Read more:
- Singapore’s Triple-A Secures $10 Million in Series A Funding for Crypto Payment Gateway Expansion
- Singapore’s VTAC Seals $676 Million Deal to Acquire 17Live Streaming Platform
- Thailand’s Ampverse Acquires Singapore’s Championify for Gaming Tech Innovation
- Indonesia’s TBS Energi Acquires Singapore’s Medical Waste Treatment Firm
- Atome Financial and HSBC Singapore Collaborate Again to Expand in the Philippine Market
Similar Articles
