Singapore’s Canopy Power raises Series A from Gaia Impact Fund, others

Renewable energy/Illustration/ Internet Archive

By Quynh Nguyen

September 10, 2018

Singapore-based provider of energy solutions Canopy Power has raised an undisclosed sum Series A financing round from three new investors – CMR Group, Gaia Impact Fund and PHPOWER’s founders – and existing investor Golden Elm Investments, according to an official release.

The funds raised will be used for customer acquisition and expansion into new markets in South East Asia and the Pacific and for R&D purposes.

Canopy Power designs, builds and finances optimized renewable energy microgrid solutions which enable businesses and communities who are dependent on diesel power generation and weak grids to achieve substantial cost savings through reduced diesel fuel consumption while reducing pollution and CO2 emissions.

“This fundraising round has ensured that Canopy Power will continue strongly on the growth path,” said Sujay Malve, Canopy Power ‘s Founder and CEO. “The microgrids market in Asia is just opening up and we believe Canopy Power is at the forefront of this curve. We believe that strong synergies with our investors will help us to bring innovative solutions to our customers.”

“Gaia Impact Fund believes that solar mini-grids can drastically reduce CO2 emissions in insular areas and have a strong social impact on the surrounding communities. We will bring on board our entrepreneurial expertise in the C&I energy sector, particularly to support customers project financing,” said Hélène Demaegdt, Co-founder and Partner at Gaia Impact Fund.

Meanwhile, Rohan Singh, Managing Partner of Finergreen, financial advisor of the Canopy Power in this round said given the specific nature of the South East Asian archipelago, minigrids have already been proven to be a commercially viable solution for various communities scattered across the region.

“This successful funding is also a testament to the investor appetite for clean energy companies with a strong social impact,” he added.

Gaia Impact Fund is a French impact fund initiated by a team of seasoned entrepreneurs and philanthropists from the renewable energy & impact finance sectors with the aim of kickstarting innovative energy access ventures where energy is needed the most: among off-grid populations in emerging countries.

Based in Marseille, France, CMR Group designs, manufactures and delivers innovative products and tailored engineering solutions, from smart engine sensors & connectivity to advanced monitoring and automation systems dedicated to energy, industry and marine.

Finergreen Asia advised Canopy Power on the Series A financing round.

Also Read:

Singapore energy management firm SensorFlow raises $573k

Singapore energy startup Electrify raises $30m in token sale

Uberis Capital leads pre-Series A investment in Singapore energy startup SolarHome 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
APPLY NOW

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
APPLY NOW