Singapore, Nov 1: REDEX, the premier Renewable Energy Certificates (RECs) solutions provider in Asia, has proudly announced the successful conclusion of a substantial $10 million Series A funding round. The investment, led by Aramco Ventures, a subsidiary of the globally acclaimed energy and petrochemical giant Aramco, along with participation from prominent new investors hailing from the Middle East, Southeast Asia, and Japan, marks a significant milestone in the company’s mission to accelerate the world’s transition toward renewable energy.
REDEX, founded in 2018, has been a pioneering force in the Asian RECs market. They offer a comprehensive suite of REC management solutions encompassing asset registration, verification, trading, and retirement.
With this newly acquired funding, the company is set to extend its reach far beyond the Asian market while continuing to innovate in the digitalization and streamlining of REC issuance and trading.
Bruce Niven, Executive MD of Strategic Venturing at Aramco Ventures, expressed his enthusiasm about the collaboration: “REDEX is well positioned as the leading marketplace for I-RECs, which will enable renewable energy markets in many parts of the world. We look forward to collaborating with the REDEX team to extend this capability into new geographies.”
As the demand for green energy continues to surge, REDEX has been instrumental in facilitating the adoption of RECs by brand owners seeking to achieve 100 per cent renewable energy goals, both for themselves and their supply chains.
The number of RECs issued and retired has been growing exponentially, reflecting the global shift towards sustainability.
Jen-Wee Kang, Founder and CEO of REDEX, emphasized the real-world significance of this growth: “The demand for green energy is very real, and the number of RECs issued and retired is more than doubling year on year.
Building on the trust we have established with key players in the ecosystem, REDEX is well-positioned to play a leading role in the exponential growth of REC adoption globally.”
Renewable Energy Certificates (RECs) offer a straightforward means of tracing power consumption back to renewable energy sources, making them an ideal choice for companies striving to achieve Scope 2 neutrality.
These certificates have been endorsed and adopted by RE100, a consortium of leading brand owners committed to using 100 per cent renewable electricity. Since its formation in 2014, RE100 has grown to encompass over 400 members who collectively consume approximately 400 terawatt-hours of power.
REDEX is confident in the potential for innovative applications of RECs, particularly within the industrial sector.
Green commodities such as aluminium, steel, and cement, which are included in the initial phase of Europe’s Carbon Border Adjustment Mechanism (CBAM), represent promising opportunities for the utilization of RECs.
Earlier this year, REDEX achieved a significant milestone by becoming the first API-integrated Platform Operator Account on I-REC, the world’s largest REC registry.
In June, the company further solidified its commitment to advancing renewable energy by partnering with China Southern Grid, supporting the grid operator in its role as an I-REC Issuer in China.
With the infusion of $10 million in Series A funding and an expanding global footprint, REDEX is poised to lead the charge in the worldwide adoption of Renewable Energy Certificates, making a significant impact in the transition to a greener, more sustainable future.
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