You are here
Singapore fund Tembusu invests in local energy services startup
A SINGAPORE energy services startup has bagged a seven-figure fund injection from local prvate equity firm Tembusu Partners.
Barghest Building Performance (BBP) provides energy optimisation services to companies in the hospitality, industrial, office and retail sectors, and plans to expand to Malaysia and Thailand. It uses cloud technology to show real-time insights and control by the minute, and also provides data-driven maintenance and preventive systems.
These are installed with no upfront costs; BBP receives either a portion of its clients' long-term energy savings, or a fixed monthly payment.
The firm plans to use the mezzanine investment to expand across more sectors in Singapore, and also to the surrounding region.
"BBP expects to be at the forefront of sector growth in South-east Asia, and we are excited that Tembusu Partners is joining us on this journey," said BBP CEO Poyan Rajamand. "This investment will allow us to scale up our operations and engage major companies to facilitate greater cost savings and reduce environmental impact for clients in the region."
Tembusu is making the mezzanine investment out of the Tembusu Growth GIP Fund III, which has a target size of S$150 million. BBP is the fund's first investment.
Said Tembusu's chairman and founder Andy Lim: "We are confident that our investment in BBP will reap rewards not just for our clients, but for Singapore as well. With governments across the region becoming more environmentally conscious, BBP and Tembusu Partners will be well placed to help South-east Asia become greener."
Energy comprises up to 60 per cent of a building's operational costs, and BBP says its clients achieve cumulative energy savings of more than 17 million kWh each year.