Singapore-based renewable energy certificate (REC) service provider REDEX said on Tuesday it has raised $10 million from investors led by Aramco Ventures, a subsidiary of Saudi Aramco, to fund its expansion beyond Asia.<\/p>\n
Other new investors in REDEX are from the Middle East, Southeast Asia, and Japan, the company said in a statement, without naming them.<\/p>\n
“We are planning to get into the Middle East and Latin America markets in 2024 through the partnership with our strategic investors,” Jen-Wee Kang, founder and CEO of REDEX told Reuters.<\/p>\n
“The first location is probably Saudi Arabia.”<\/p>\n
REDEX operates a platform for utilities across Asia to register, verify and retire RECs. Each REC represents 1 megawatt hour of renewable electricity generated.<\/p>\n
These certificates are traded on REDEX’s platform, purchased by companies seeking to offset their scope 2 emissions from fossil-fuel power generation.<\/p>\n
While offset products have been criticised for undermining efforts to fight climate change by allowing fossil fuels to still be consumed, they are viewed as a viable way for businesses to lower total net emissions. RECs have also become a source of income for renewable power generators.<\/p>\n
Separately, REDEX said it started in June a partnership with China Southern Power Grid, one of the country’s duopoly state power grids, to support the company in becoming a REC issuer in the world’s fastest growing renewable power market.<\/p>\n","protected":false},"excerpt":{"rendered":"
Singapore-based renewable energy certificate (REC) service provider REDEX said on Tuesday it has raised $10 million from investors led by Aramco Ventures, a subsidiary of Saudi Aramco, to fund its expansion beyond Asia. Other new investors in REDEX are from the Middle East, Southeast Asia, and Japan, the company said in a statement, without naming them. “We are planning to get into the Middle East and Latin America markets in 2024 through the partnership with our strategic investors,” Jen-Wee Kang, founder and CEO of REDEX told Reuters. “The first location is probably Saudi Arabia.” REDEX operates a platform for utilities […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[132],"tags":[],"class_list":["post-613903","post","type-post","status-publish","format-standard","hentry","category-power"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/613903","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=613903"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/613903\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=613903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=613903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=613903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}