- Aramco Ventures, the corporate venturing subsidiary of Saudi energy and petrochemical enterprise Aramco, has led a $10 million Series A round for Singapore-based renewable energy certificate (REC) service provider REDEX.
- The round, which aims to accelerate the company’s expansion outside Asia, also saw participation from new investors in the Middle East, Southeast Asia, and Japan.
- Founded in 2018 by Jen-Wee Kang, REDEX Group offers a full suite of RECs management solutions covering asset registration, verification, trading, and retirement.
REDEX, Asia’s leading Renewable Energy Certificates (RECs) solutions provider, announced today the successful completion of a USD 10 million Series A funding round.
REDEX’s mission is to accelerate the world’s transition towards renewable energy. The new funding will allow the company to expand beyond Asia, and to further innovate in streamlining and digitizing the issuance and trading of RECs.
Aramco Ventures led the investment, along with notable new investors from the Middle East, Southeast Asia, and Japan. Aramco Ventures is the corporate venturing subsidiary of Aramco, the world’s leading fully integrated energy and petrochemical enterprise.
“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,” said Bruce Niven, Executive MD, Strategic Venturing at Aramco Ventures.
Established in 2018, REDEX Group is a first-mover RECs player in Asia, offering a full suite of RECs management solutions covering asset registration, verification, trading, and retirement.
“We are witnessing tremendous growth in the adoption of RECs by brand owners striving to be 100% renewable, both for themselves and their supply chains,” said Jen-Wee Kang, Founder and CEO of REDEX.
“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 RECs adoption globally."
As a concept, RECs are very simple – the instrument traces one’s power consumption to renewable energy sources. Its simplicity is precisely why the instrument is the most convenient and practical way for companies to achieve Scope 2 neutrality.
RECs are endorsed and adopted by RE100, the main consortium of leading brand owners committed to 100% renewable electricity. The consortium was originally formed in 2014 by 13 corporate partners. Today, RE100 has more than 400 members who consume around 400 TWh of power.
REDEX believes there is great potential to apply RECs creatively in the industrial sector, like for green aluminium, steel, and cement – commodities that are covered in the starting phase of Europe’s Carbon Border Adjustment Mechanism (CBAM).
In April, the company announced that it was the first API-integrated Platform Operator Account on I-REC, the world’s largest RECs registry. In June, REDEX also announced its partnership with China Southern Grid, supporting the grid operator in its role as an I-REC Issuer in China.