REDEX, Asia’s leading Renewable Energy Certificates (RECs) solutions provider, has announced the successful completion of a $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 Saudi 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 Mr. Bruce Niven, Executive MD of 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.
Mr. Jen-Wee Kang, Founder and CEO of REDEX, stated that, “We are witnessing tremendous growth in the adoption of RECs by brand owners striving to be 100 percent renewable, both for themselves and their supply chains.”
“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,” Mr. Kang added.