Sustainable tech startup Redex snags US$10 million Series A funding
Benjamin Cher
REDEX secured a US$10 million Series A funding round led by Aramco Ventures, the venture arm of Saudi oil company Aramco.
There were other undisclosed new investors for the round, hailing from the Middle East, South-east Asia and Japan. This is one of the first disclosed investments by Aramco Ventures in the region.
The funds will be used to expand beyond Asia, and enhance the streamlining and digitalisation of renewable energy certificates (RECs). Currently, the sustainable tech startup has offices in Singapore, Vietnam and China.
“We are witnessing tremendous growth in the adoption of RECs by brand owners striving to be 100 per cent renewable, both for themselves and their supply chains,” said Kang Jen-Wee, Redex’s founder and chief executive officer.
Aside from expansion, the startup will use the funds to further enhance streamlining and digitising the issuance and trading of RECs.
Redex, founded in 2018, has solutions to register, verify, trade and retire RECs. Such certificates confirm that the energy generated is from a renewable energy source. The traceability of the REC allows companies to achieve Scope 2 carbon neutrality, or the indirect carbon emissions from purchase of electricity, steam, heat or cooling.
“The demand for green energy is very real, and the number of RECs issued and retired is more than doubling year on year,” said Kang.
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