Deepti Sri · · 1 min readSG-based Trirec taps Thai energy firm to launch cleantech fund
Photo credit: Santee Cooper / Unsplash
Singapore-based VC firm Trirec has partnered with Thai energy company Innopower to launch a venture fund to invest in decarbonization solutions.
The new fund, called Energy Ignition Ventures, has a minimum fundraising target of US$100 million for its first vehicle.
Energy Ignition Ventures will look for companies tackling greenhouse gas issues in the agriculture, mobility, buildings, and energy sectors. The fund will focus on firms “with a clear decarbonization impact and a proven product-market fit, along with early commercial traction,” it said in a statement.
Innopower is a joint venture between Thai energy companies Electricity Generating Authority of Thailand, Ratch Group, and Electricity Generating Public Company.
Meanwhile, Trirec’s portfolio includes firms such as battery-as-a-service startup Oyika, battery recycling platform Green Li-ion, and alt-meat manufacturer YouKuai.
See also: It’s climate science: Atlas Capital bats for greentech in SEA
The launch of Energy Ignition Ventures comes amid an increase in demand for climate tech startups in Southeast Asia. East Ventures and Temasek Foundation recently launched a competition in Indonesia called Climate Impact Innovations Challenge to help spur innovation in renewable energy, food and agriculture, mobility, and marine resources.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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