Redex Group, a Singapore-based renewable energy certificates (RECs) solutions provider, raised $10M in Series A funding.
The round was led by Aramco Ventures, with participation from other investors from the Middle East, Southeast Asia, and Japan.
The company intends to use the funds to expand beyond Asia, and to further innovate in streamlining and digitizing the issuance and trading of RECs.
Established in 2018 by Jen-Wee Kang, CEO, Redex provides a trading platform for renewable energy certificates (RECs). The company offers a one-stop ecosystem for RECs, supporting clients through the full RECs lifecycle – asset registration, production verification, marketplace, and retirement. In April, the company announced that it was the first API-integrated Platform Operator Account on I-REC, the world’s largest RECs registry. In June, Redex also announced its partnership with China Southern Grid, supporting the grid operator in its role as an I-REC Issuer in China.
RECs are endorsed and adopted by RE100, the main consortium of leading brand owners committed to 100% renewable electricity. The consortium was originally formed in 2014 by 13 corporate partners. Today, RE100 has more than 400 members who consume around 400 TWh of power.
FinSMEs
31/10/2023