Singapore energy startup Electrify to raise $5m in series A funding

Electrify, a Singapore energy startup that operates retail electricity marketplace, said it is looking to raise US$5 million in series A funding by the end of the year.

Photo credit: Nick Page

The funds will be used for tech development, strategic hires to enhance Electrify’s AI and blockchain capabilities, and regional expansion plans.

Electrify said it is currently in talks with potential investors in Asia Pacific.

The company currently provides intelligent price comparison tools to help customers find the most suitable plans for their needs. It claims to have transacted more than 60 GWh of electricity for commercial and industrial customers in Singapore since 2017, with about 500 companies saving a total of S$1.5 million.

As countries around Asia start to deregulate their energy markets, Electrify said it sees Singapore as a test bed for its blockchain and peer-to-peer model.

The company’s peer-to-peer energy trading platform, Synergy, is set for a commercial trial in the country in late 2019. Electrify said it is currently exploring collaboration opportunities with established energy players and regional utilities to bring the technology into markets like Japan, Thailand, and Australia.

“We’ve seen keen interest among companies and consumers in Singapore for renewable energy. This has led to the growing proliferation of solar rooftop installations, a trend that we’re expecting to grow by addressing a largely unmet demand for renewable energy,” said Martin Lim, CEO and co-founder of Electrify.

According to statistics from Asian Development Bank, global power demand will soar by 58% in 20 years. Asia’s annual energy expenditure alone will increase from US$700 billion to US$1.6 trillion by 2035.