TRIREC, the pioneering Singapore-based venture capital company focused on decarbonisation investments, and INNOPOWER, an energy innovations company powered by a joint venture between three major energy companies in Thailand, announced today the establishment of a partnership to launch a venture fund called Energy Ignition Ventures.
The growth stage fund is focused on investing in advancing decarbonisation solutions to accelerate global efforts to achieve a net zero economy by 2050. The fund will focus on companies with a clear decarbonisation impact and a proven product-market fit, along with early commercial traction.
The fund will be targeted at companies within the industries of the five key emitters of GHG, namely Food and Agriculture, Mobility, Buildings, Industries and Energy, as a general framework.
TRIREC and INNOPOWER plan to jointly commit a combined initial capital to invest in Energy Ignition Ventures. The fund has a minimum fundraising target of US$100 million for its first fund, including capital from both TRIREC and INNOPOWER.
“We remain steadfast in our commitment to discovering and investing in transformative solutions that can have a positive impact on our planet. Through our partnership with INNOPOWER, we will be able to harness our expansive network of global partners and tap into our extensive expertise in investing within this space.
“This will allow us to amplify our ability to deliver value to early-growth start-ups in the decarbonisation space, scaling their solutions to a wider audience.” said Melvyn Yeo, founder and managing partner at TRIREC.
“Together with our partners at TRIREC, we have a unique opportunity to leverage INNOPOWER’s green energy resources in Thailand to supercharge any company’s transition to novel and sustainable energy solutions without disruption.
“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.” said Athip Tantivorawong, Chief Executive Officer at INNOPOWER.
Energy Ignition Ventures is committed to fostering innovation within the decarbonisation space, driving growth and creating opportunities for its portfolio companies to succeed. The fund will be led and manged by the senior management of both partners, leveraging the expertise of both firms to manage the portfolio.
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