With climate change never far from the headlines and more investors considering environmental and sustainable issues when spending their money, it is no surprise that startups working in the clean technology or cleantech sectors are hot investment targets. There has been a massive growth in companies focussing on cleaner energy, waste management and recycling, sustainable food production, and other products and services that work with the environment rather than against it.
The market value of the clean energy sector alone looks set to breach the USD 6 billion mark by 2030 as the global industry tries to reduce its impact on the planet. Investments in renewable and cleaner fuel sources have skyrocketed in the past few years, going from USD 1.9 billion in 2019 to USD 12.3 billion in 2022 despite the current economic turmoil.
How technological advancement fuels competitive innovation in the energy sector
In Southeast Asia, Singapore is emerging as a hotspot for cleantech innovation, with many startups focusing on sustainability and environmental impact. These companies are developing solutions to address critical issues such as renewable energy, waste management, water conservation, and more.
The following five notable cleantech startups Singapore is home to are making waves and securing impressive funding rounds to drive their eco-friendly missions.
GetSolar (formerly Solar AI)
Award-winning GetSolar, formerly Solar AI, is a startup focusing on providing solar energy solutions. Its objective is to reduce carbon emissions in the city-state by 100 million tonnes. So far, it has achieved a 30,000-ton reduction, equivalent to planting 20,000 trees, and is determined to educate the people of Singapore on the benefits of solar energy through its blog and social media.
The company has successfully secured almost USD 1.5 million (SGD 2 million) in two funding rounds since 2020 and has plans for regional expansion. GetSolar’s innovative approach to solar energy has made it a standout player in the green energy landscape.
SunGreen H2
Billed as a deep cleantech company, SunGreen H2 is the award-winning creator of high-performance electrolyser solutions, including electrodes, PTLs, and complete stacks that provide 2x higher H2 production at 20% less energy usage and 30x less precious metals. The company has made such an impact since its foundation in 2020 that CNN recently featured it, and it also ranked number 22 on the Cleantech 50 to Watch list for 2023.
SunGreen H2 is working with global electrolyser manufacturers and hydrogen end-users to revolutionise the production processes. The company is addressing multiple bottlenecks in the H2 industry and has received grant awards and support from Caltech’s Rocket Fund, Shell, the Energy Market Authority, and AStar in Singapore. It has also raised USD 1.5 million in seed round funding from Sabanci Ventures in April 2023, bringing its total funding to USD 4.5 million.
Kinnva
Kinnva is a Singaporean-based startup developing innovative, clean agri and aquacultural feeds. It produces a variety of sustainable proteins and biochemicals to aid food producers, farmers, and pet owners in feeding their fish and animals in a more environmentally friendly way. Its technological approach to the production of animal feeds reduces the depletion of resources such as water, land, and energy, with water wastage reduced by up to 90% on other production methods.
A graduate of the HATCH Aquaculture Accelerator programme, it has raised USD 465 thousand in recent years to assist with developing its products as it moves towards easing food scarcity and insecurity.
Reclimate
Combining fintech and cleantech, Reclimate strives to simplify access to financing and incentives for clean technology projects such as solar, wind, EV charging infrastructure, recycling infrastructure, and green hydrogen. The company aims to address the complexities of financing and incentives for clean technology projects by providing a web platform to replace inefficiencies associated with hiring multiple consultants and intermediaries. It also helps users check their eligibility and apply for sustainable funding, government incentives, and other suitable aid for those trying to grow a green business.
With the backing of a Microsoft grant of USD 450 thousand in June 2023 and a previous pre-seed round investment of USD 100 thousand from Antler earlier in the year, Reclimate hopes to grow its AI-enhanced platform.
TablePointer
Using an AI-driven energy solution for small and medium commercial facilities, Tablepointer helps companies optimise energy efficiency, manage assets, and upgrade sustainability. Its Energy-Efficiency-as-a-Service (EEaaS) solutions for the food and beverage industry offer a unique plug-and-play technology with zero upfront costs. This business model has appealed to many businesses, from small independent outlets to prominent F&B chain brands.
In October 2023, TablePointer raised USD 3 million in an oversubscribed seed funding round led by Wavemaker Partners, with participation from AgFunder, ENGIE, and Steve Melhuish. The startup plans to use the funds to expand TablePointer’s technology platform.
The cleantech startups Singapore is producing are thriving, with innovative companies like those above and various energy efficiency startups growing in their respective fields. Their dedication to renewable energy, energy efficiency, green hydrogen production, and biofuels underscores Singapore’s commitment to addressing global environmental and sustainability challenges.