Southeast Asia’s climate tech startups are on the rise, securing millions in funding in the first half of 2024. These companies are tackling various environmental challenges, from developing electric vehicles to creating nature-based carbon solutions. This wave of innovation is poised to accelerate the region’s transition to a greener future.
Let’s look at the top climate tech deals of H1 2024:
SingAuto (Singapore)
SingAuto builds an energy-intelligent logistics chain with electric vehicles and services. From intercity heavy-duty trucks to last-mile delivery vans, it offers a complete supply chain ecosystem.
Size of funding: US$45 million
Round: Series A
Investors: Undisclosed.
Climate Impact X (Singapore)
Climate Impact X (CIX) is a global marketplace, auction house, and exchange for trusted carbon credits. Its vision is to drive environmental impact at scale. CIX collaborates with innovative partners and fosters ecosystems that help companies take practical climate mitigation action through trusted carbon credits.
Size of funding: US$22.3 million
Round: Series B
Investors: Mizuho Financial Group, Standard Chartered, DBS Bank, and SGX.
Amperesand (Singapore)
Amperesand makes solid-state transformers (SSTs), which could replace standard transformers in electricity distribution. While conventional transformers deliver alternating current (AC) at different voltage levels, solid-state versions can also deliver other options, including direct current (DC), which is useful for charging electric vehicles (EVs).
Size of funding: US$12.5 million
Round: Seed
Investors: Xora Innovation, Material Impact, TDK Ventures, and Foothill Ventures.
Mober Technologies (the Philippines)
Mober is a green logistics company in the Philippines. It aims to drive the transition to green deliveries in the Philippines. It helps businesses decarbonise their delivery processes with solutions that avoid upfront costs, promoting a future where business meets sustainability.
To support its long-haul operations, Mober plans to place pocket charging points across Luzon’s northern and southern regions.
Size of funding: US$6 million
Round: Seed
Investors: Clime Capital and Southeast Asia Clean Energy Facility II (SEACEF II).
ChargeSini (Malaysia)
ChargeSini provides smart EV charging stations across Malaysia. It offers a wide selection of fully customisable EV chargers ranging from AC to DC, with charging rates from 22kW up to 180kW. It also provides features like speedy connectivity and smart charging capabilities, all integrated with a cloud platform to provide users with insights and control.
Size of funding: US$6 million
Round: Series A
Investors: Undisclosed.
Pyxis (Singapore)
Pyxis is a maritime startup that has launched a fully electric workboat named X Tron to give workers quieter, cleaner and greener rides over the sea. The battery-powered vessel features the two-hull design of a catamaran to provide greater stability and has a range of up to 50 nautical miles.
Size of funding: US$3.4 million
Round: Seed
Investors: Motion Ventures, Shift4Good, SEEDS Capital, MarImpact, ShipsFocus, and Tian San Shipping.
Jejak (Indonesia)
Jejakin is an online platform for calculating and offsetting carbon footprints. It helps businesses compute their operational emissions, oversee climate actions, and contribute directly to climate change abatement strategies. In addition, it enables businesses to implement and track sustainability initiatives.
Size of funding: US$2.7 million
Round: Seed
Investors: ITM, Indogen Capital, Aurum Ventures, SMDV, East Ventures, and Asia Ventura.
Thryve (Singapore)
Thryve is a platform that unites multiple stakeholders to develop nature-based carbon projects in a scalable manner. Its mission is to tech-enable and democratise the development of ‘Natural Climate Solutions’ (NCS) projects to regenerate the planet’s ecosystems.
Size of funding: US$2.6 million
Round: Seed
Investors: Openspace Ventures and Capital Code.
ION Mobility (Singapore)
ION Mobility is an electric motorbike company aiming to become a leader in the region’s transition towards a low-carbon economy with consumers’ electric and electric mobility products. It wants to provide clean alternatives for urban users to alleviate urban air pollution and lead the transition to electric vehicles (EVs) across Southeast Asia, starting with motorbikes.
The plan is to convert the 200-plus million motorcycle users from petrol to electric to drive a sustainable future in Southeast Asia.
Size of funding: US$2.5 million
Round: Series A
Investor: TVS Motor Company.
VFlowTech (Singapore)
VFlowTech is a vanadium-based redox flow (VRF) battery company. The startup claims to have developed “the cheapest and most efficient modular VRF batteries”, which deliver long-lasting, reliable energy storage solutions for renewable integration at an affordable price. VRF battery works through the continuous reduction and oxidation reaction between the vanadium redox couples with no detrimental issues and with the cross-mixing of the redox couples. Its storage solution has an expected life span of 25 years and is safe and environmentally friendly battery technology.
Size of funding: Undisclosed
Round: Series A
Investor: PSA International.
EBoost (Vietnam)
EBOOST is an open EV-charging network and provider of smart electric vehicle charging solutions in Vietnam. The firm offers solutions for both electric bike and car charging. It develops and installs the solutions and operates them as a service.
Size of funding: Undisclosed
Round: Seed
Investors: SEACEF, Fondation Botnar, and Third Derivative.
Sleek EV (Thailand)
SLEEK EV aims to establish electric vehicles as the standard rather than the exception in urban mobility. They address the issue of high travel expenses in Southeast Asia, where transportation costs can be over 30 per cent of income. Motorcycles offer an affordable alternative, and the founders are leveraging industry connections to promote cleaner and cheaper mobility through electrification.
Size of funding: Undisclosed
Round: Seed
Investors: Krungsri Finnovate.
Arkadiah (Singapore)
Arkadiah is a nature tech company that revives degraded lands through AI-enabled nature restoration. It uses AI to fuse LiDAR and remote sensing to bring transparency and traceability to nature restoration and catalyse nature as an investment asset, delivering carbon removal and biodiversity credits, sustainable community impact and investment returns.
Size of funding: Undisclosed
Round: Seed
Investors: Golden Gate Ventures, The Radical Fund, and HIRAC FUND.
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