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 investor Fotowatio Renewable Ventures (FRV). Aramco Ventures is the corporate venturing subsidiary of Aramco, the world’s leading fully integrated energy and petrochemical enterprise. FRV is a leading global renewable energy development company headquartered in Spain. Other investors from Southeast Asia and Japan also participated in the round.
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.
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.