2024 has been a landmark year for climate tech in Southeast Asia, with startups raising significant venture capital to address the region’s pressing environmental challenges.
As countries within ASEAN strive to meet their sustainability targets, innovative ventures are stepping up with solutions spanning renewable energy and carbon markets. Investment in climate tech has grown considerably, with the sector seeing increased interest from both specialised and generalist funds.
Early-stage investments remain dominant, but several climate tech ventures have crossed the milestone of securing growth-stage funding, underscoring the maturing ecosystem.
In this feature, we spotlight the region’s notable climate tech startups that raised substantial funding rounds in 2024.
RWDC Industries
RWDC offers a biopolymer material solution. It offers Solon, a sustainable material that replaces petroleum-based, single-use plastics. It has developed a technology to harvest the outputs of a microbial fermentation process using plant-based oils that produce naturally occurring biodegradable polymers. Products offered using Solon polymer are drinking straws, coffee cups and lids, plastic bags, and food containers.
Headquarters: Singapore
Founding year: 2015
Funding raised in 2024: Undisclosed
Total funding: US$263.1 million
Investors: Lummus Technology, Vickers Venture Partners, Temasek, CPV, Optimas Capital,
FootPrint Coalition, Flint Hills Resources, Eversource, WI Harper Group, International EU, and The Liveability Challenge.
ION Mobility
The company is involved in the design and development of electric motorbikes that include features like a TFT display, an integrated battery pack, and a keyless start.
Also Read: Some lessons on how to fulfil the climate tech promise
Headquarters: Singapore
Founding year: 2019
Funding raised in 2024: US$2.5 million
Total funding: US$31.3 million
Investors: TVS Motor Company, TNB Aura, Quest Ventures, Monk’s Hill Ventures, Village Global, GDP Venture, AC Ventures, SEEDS Capital, 500 Global, AngelCentral, kipleX,
Plug and Play Tech Center, and Aura Ventures.
Climate Impact X
Climate Impact X is an AI—and blockchain-based platform for buying and selling carbon credits. It provides carbon credits through the protection and restoration of forests, wetlands, and mangroves. The climate tech firm allows companies to buy carbon credits to offset their carbon footprint.
Headquarters: Singapore
Founding year: 2021
Funding raised in 2024: US$22.3 million
Total funding: US$22.3 million
Headquarters: Singapore
Investors: Mizuho Financial Group, Standard Chartered, DBS Bank, SGX, and GenZero.
Dat Bike
It manufactures electric motorbikes. The company develops Weaver model electric motorbike with features like a lithium-ion battery, 80 km/h speed range, and hydraulic braking system. It also provides a mobile to connect to the motorbike.
Headquarters: Vietnam
Founding year: 2018
Funding raised in 2024: US$1.5 million
Total funding: US$17.4 million
Investors: Skystar Capital, Urban Gateway, Kopital Ventures, Jungle Ventures, GSR Ventures, Innoven Capital, Delivery Hero Ventures, Wavemaker Partners, Wavemaker Impact, iSeed, and Hustle Fund.
Also Read: As the demand for energy soars, climate tech is here to save the day
VFlow Tech
It is a provider of vanadium-based energy storage systems, which use vanadium redox flow technology. These systems’ applications include renewable energy storage, grid energy storage, and power backup for commercial buildings.
Headquarters: Singapore
Founding year: 2018
Funding raised in 2024: Undisclosed
Total funding: US$13 million
Investors: PSA International, Real Tech Holdings, Sing Fuels, Pappas Capital, Carbon Zero Capital, İnci Holding, Wavemaker Impact, SEEDS Capital, Entrepreneur First, TK & Partners, and STI.
Amperesand
The climate tech startup provides a solid-state transformer. Each module contains silicon carbide (SiC) devices and proprietary high-frequency transformers. It allows for application-specific scaling.
Headquarters: Singapore
Founding year: 2023
Funding raised in 2024: US$12.5 million
Total funding: US$12.5 million
Investors: Xora Innovation, Material Impact, TDK Ventures, and Foothill Ventures.
Mober Technologies
Mober provides electric fleet-based last-mile delivery services. The platform offers technology-driven logistics services with shipping, AI-optimised route planning, booking solutions, and more. It provides a tracking feature that allows users to track and monitor the delivery progress in real-time.
Headquarters: The Philippines
Headquarters: 2016
Funding raised in 2024: US$6 million
Total funding: US$10 million
Investors: Clime Capital Management, Rtheptagonholdings, 2GO Group, and Index Partners.
Charge+
A cloud-based platform offering electric vehicle charging solutions. It offers chargers and cloud-based software for managing EV charging. This platform serves residential, industrial, and fleet customers and provides charging as a service and platform as a service solution.
Also Read: Who’s still investing? The 2024 power players in Southeast Asia’s venture capital
Headquarters: Singapore
Founding year: 2018
Funding raised in 2024: US$8 million
Total funding: US$8 million
Investors: TNB Aura and TRIVE.
Pyxis
A provider of electric-based maritime solutions. It develops electric harbour crafts. The mission is to harness the power of electricity to create zero-emission maritime transportation solutions.
Headquarters: Singapore
Founding year: 2022
Funding raised in 2024: US$3.4 million
Total funding: US$3.4 million
Investors: Shift4Good, SEEDS Capital, MarImpact, ShipsFocus, Tiansan, and Motion Ventures.
Thryve
Thryve provides carbon projects and forest management services. Its platform unites multiple stakeholders to develop high-quality nature-based carbon projects.
Headquarters: Singapore
Founding year: 2022
Funding raised in 2024: US$2.6 million
Total funding: US$3.4 million
Investors: Open space Ventures and Capital Code.
Jejak
An online platform for calculating, analysing, monitoring, and surfing for other carbon projects.
Headquarters: Indonesia
Founding year: 2018
Funding raised in 2024: US$2.7 million
Total funding: US$2.7 million
Investors: ITM, Indogen Capital, Aurum Ventures, SMDV, East Ventures, Asia Ventura, and Digitaraya.
PowerPod
An EV charging network with a decentralised structure. It uses the blockchain to create a decentralised mobility energy network, offering access to a shared EV charging network, peer-to-peer energy trading, and rewards for sustainable practices. Powerpod also allows you to find the closest charger nearby.
Also Read: Driving innovation for a sustainable future: Top climate tech investments of H1 2024
Headquarters: Singapore
Founding year: 2022
Funding raised in 2024: US$1 million
Total funding: US$1 million
Investors: Waterdrip Capital, IoTeX, FutureMoney Group, JDI, Future3 Campus, and WAGMI Ventures.
Refy Cap
An online lending platform offering green financing. Refy Cap offers a platform that enables users to apply and get funded for green asset projects through factoring solutions. It enables capital partners and project developers to access funding for green projects.
Headquarters: Singapore
Founding year: 2023
Funding raised in 2024: US$525000
Investor: Wavemaker Impact.
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