TRIREC, INNOPOWER team up for $100m green energy fund

Singapore-based venture capital firm TRIREC and Thai energy innovations company INNOPOWER announced today the formation of Energy Ignition Ventures, a $100-million growth-stage fund aimed at promoting decarbonisation initiatives.

This strategic partnership will help catalyze the investment in companies that are making substantial contributions towards the global target of achieving a net-zero economy by 2050, according to the announcement.

The fund’s focus areas will encompass the five primary GHG-emitting sectors: Food and Agriculture, Mobility, Buildings, Industries, and Energy.

TRIREC and INNOPOWER will jointly provide the initial capital for Energy Ignition Ventures, setting a fundraising target of $100 million for the fund’s initial round, inclusive of contributions from both companies.

Melvyn Yeo, TRIREC’s founder and managing partner, emphasized their firm’s commitment to transformative solutions that can positively impact the planet. He added, “Our partnership with INNOPOWER allows us to utilize our extensive global network and expertise, enhancing our ability to add value to early-growth decarbonisation start-ups and broaden the reach of their solutions.”

Athip Tantivorawong, CEO of INNOPOWER, underscored the potential for leveraging their green energy resources in Thailand through the partnership. He observed that the shift to sustainable energy solutions is the largest growth opportunity for businesses, and Energy Ignition Ventures is strategically positioned to herald a new era of energy.

Energy Ignition Ventures is dedicated to driving growth in the decarbonisation sector, offering its portfolio companies the chance to flourish. The fund will be overseen by the senior management of both TRIREC and INNOPOWER, who will leverage their collective expertise in portfolio management.

TRIREC has a successful track record with 20 exciting portfolio companies and three success stories so far. Its mission is to create a world where businesses and the environment thrive in harmony, with a particular focus on entrepreneurs whose innovations expedite the reduction, prevention, or sequestration of greenhouse gas emissions.

INNOPOWER, on the other hand, brings to the table its strong green energy resources and its partnership with three major energy companies in Thailand.