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REDEX, a renewable energy certificate (REC) service provider, has raised $10 million in a Series A funding round led by Aramco Ventures. The funds will be used to promote the global shift towards renewable energy and expand REDEX’s operations beyond Asia. The company, established in 2018, plays a pivotal role in verifying energy from eco-friendly sources, aiding companies in reducing their environmental footprint.
Aramco Ventures Takes the Lead
Renewable energy certificate (REC) service provider REDEX has successfully secured $10 million in its Series A funding round. The investment was spearheaded by Aramco Ventures, a subsidiary of Saudi Aramco. This marks one of Aramco Ventures’ inaugural investments in the region.
Diverse Investor Participation
Apart from Aramco Ventures, the funding round also saw participation from new investors spanning the Middle East, Southeast Asia, and Japan. However, the identities of these investors remain undisclosed.
Aiming for a Greener Future
With the newly acquired funds, REDEX is set on fast-tracking the global shift towards renewable energy. The capital will be utilized to expand REDEX’s operations beyond Asia and to further improve the efficiency and digitalization of REC issuance and trading.
A Word from Aramco Ventures
Bruce Niven, Executive MD of Strategic Venturing at Aramco Ventures, expressed his optimism about the collaboration with REDEX. He emphasized REDEX’s potential as a leading marketplace for I-RECs, which will catalyze renewable energy markets globally.
REDEX’s Journey and Vision
Established in 2018, REDEX Group has been a pioneer in the REC sector in Asia. They offer a holistic range of solutions for managing RECs, including asset registration, verification, trading, and retirement. These certificates are crucial as they verify that the energy sources are environmentally friendly. By tracing these RECs, companies can work towards achieving carbon neutrality for Scope 2 emissions, thus reducing their environmental impact.
Jen-Wee Kang, the CEO of REDEX, highlighted the growing adoption of RECs by brands aiming for 100% renewable energy. Earlier this year, REDEX became the first-ever API-integrated Platform Operator Account on the International REC Standard (I-REC). Additionally, in June, a significant partnership was announced between REDEX and China Southern Grid, aiming to expand renewable energy certification initiatives in China.
Looking ahead, REDEX sees a wider application of RECs in industrial sectors like green aluminum, steel, and cement. This aligns with the early stages of Europe’s Carbon Border Adjustment Mechanism (CBAM).
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