REDEX, the pioneering Singaporean enterprise specializing in renewable energy certificate (REC) solutions, has triumphantly closed a $10 million Series A financing round.
Spearheading this venture is Aramco Ventures, an investment arm of the oil and gas titan Saudi Aramco (2222. SE), marking one of its premier forays into the region.
About REDEX
The round was buoyed by contributions from new stakeholders spanning the Middle East, Southeast Asia, and Japan, though their identities remain under wraps at this juncture.
This infusion of capital positions REDEX to propel the worldwide shift to renewable energy, catalyzing its expansion beyond the confines of Asia and refining the digitalization and efficiency of REC management — from issuance to the intricacies of the trade.
Aramco Ventures sees REDEX as a strategic partner in advancing renewable energy markets
Aramco Ventures’ Executive MD of Strategic Venturing, Bruce Niven, lauded the alliance. “REDEX stands out as a premier marketplace for I-RECs, catalyzing the proliferation of renewable energy markets globally.
We are enthused to work hand in hand with REDEX in ushering this innovation into uncharted territories,” he asserted. Since its inception in 2018, REDEX Group has carved out its place as a forerunner in Asia’s REC sphere.
The company delivers an all-encompassing array of services tailored to RECs — from asset registration and verification to the seamless exchange and retirement of certificates.
REDEX aims to accelerate the world’s transition towards renewable energy with the new funding
These RECs are indispensable, providing unambiguous proof that energy is harnessed from renewable origins. They are instrumental for companies intent on certifying their energy is procured sustainably, thereby advancing their corporate commitment to carbon-neutral operations, specifically targeting Scope 2 emissions.
Jen-Wee Kang, the visionary Founder and CEO of REDEX, observed, “There’s an exponential surge in the embracement of RECs by brands dedicated to a renewable ethos, not just for their operations but also throughout their supply chains.”
REDEX’s innovative streak was showcased in April as it became the inaugural API-integrated Platform Operator Account holder on the International REC Standard (I-REC) platform — the foremost registry of its kind globally.
June witnessed REDEX in a groundbreaking union with China Southern Grid, bolstering the grid operator as an I-REC Issuer within China and advancing renewable energy certification efforts across the nation.
With sights set on the expansive potential of RECs in industrial spheres, REDEX is aligning its trajectory with the nascent stages of the European Carbon Border Adjustment Mechanism (CBAM), eyeing strategic sectors like green aluminum, steel, and cement for REC integration.
