MediSun Energy, a Singapore-based clean tech company, has raised US$8.75 million in a seed funding round to support its growth into the Middle East and North Africa (MENA).

The funding includes US$5 million in venture debt and US$3.75 million in equity, giving the company a valuation of US$44 million.

Leading the funding round was Vynn Capital, based in Southeast Asia. New investors such as Saudi Arabia’s MOAJ Holding, TNB Aura, and Ciri Ventures also participated.

MOAJ Holding has pledged up to US$30 million toward MediSun’s operations in Saudi Arabia for a joint venture.

The funding is set to finance the establishment of two facilities for membrane and stack production, as well as further fund research and development efforts.