Singapore’s TRIREC and Thailand’s INNOPOWER announced their partnership today to launch a growth-stage venture fund, Energy Ignition Ventures, aimed at advancing decarbonisation solutions.
This move supports global efforts to achieve a net-zero economy by 2050.
The fund will target companies demonstrating significant decarbonisation impact, proven product-market fit, and early commercial traction, particularly within the key GHG-emitting sectors: Food and Agriculture, Mobility, Buildings, Industries, and Energy.
TRIREC and INNOPOWER are jointly committing initial capital to Energy Ignition Ventures, aiming to raise at least US$100M in the fund’s first round.
Melvyn Yeo, founder and managing partner at TRIREC, said, “We remain steadfast in our commitment to transformative solutions that have a positive planetary impact. Our partnership with INNOPOWER will amplify our ability to deliver value to early-growth start-ups in the decarbonisation space.”
INNOPOWER’s CEO, Athip Tantivorawong, emphasized the unique opportunity to leverage Thailand’s green energy resources, stating, “Adopting Net Zero energy solutions is the biggest growth opportunity for businesses and Energy Ignition Ventures has a strategic advantage to usher in a new era of energy.”
The fund, managed by the senior management of both partners, is committed to fostering innovation within the decarbonisation space, driving growth and creating opportunities for its portfolio companies to succeed.
BusinessNewsAsia