Singapore's REDEX Raises $10M in Series A Led by Aramco Ventures

Singapore-based renewable energy certificates (RECs) solutions provider, REDEX, has successfully raised $10 million in a Series A funding round. The investment was led by Aramco Ventures and included new investors from the Middle East, Southeast Asia, and Japan.

REDEX plans to use the new funding to expand its operations beyond Asia and further innovate in streamlining and digitizing the issuance and trading of RECs. Aramco Ventures, the corporate venturing subsidiary of Aramco, expressed interest in collaborating with REDEX to extend their capabilities into new regions.

Established in 2018, REDEX Group offers a comprehensive suite of RECs management solutions, covering asset registration, verification, trading, and retirement. The company is dedicated to accelerating the global transition to renewable energy and has seen significant growth in the adoption of RECs by brand owners striving for 100 percent renewable energy.

RECs play a crucial role in achieving Scope 2 neutrality by tracing power consumption to renewable sources and are endorsed by RE100, a consortium of brand owners committed to 100 percent renewable electricity. REDEX sees potential in applying RECs in the industrial sector, such as for green aluminium, steel, and cement.