Singapore-based energy startup Electrify is aiming to raise $5 million in a Series A funding round by the end of 2019 to accelerate the growth of its peer-to-peer energy trading technology Synergy.
According to an announcement, Electrify, which is behind Singapore’s first retail electricity marketplace, Electrify.SG, is currently in talks with potential investors based in the region.
The funding will be used to power Electrify’s business growth, making strategic hires to enhance its capabilities in artificial intelligence and blockchain, and expand into key markets outside Singapore including Japan, Thailand and Australia.
Its Synergy platform allows P2P energy transactions to take place across city-wide energy grids. Synergy solves the existing challenge of P2P energy trading solutions typically being restricted only to micro-grids. It is scheduled for a commercial trial in Singapore in late 2019.
“We’ve seen keen interest among companies and consumers in Singapore for renewable energy. This has led to the growing proliferation of solar rooftop installations, a trend that we’re expecting to grow with by addressing a largely unmet demand for renewable energy,” said Martin Lim, CEO and co-founder, Electrify.
The company is looking for investors who are within the infrastructure and energy space that can aid in market entry as well as navigate respective in-country regulations.
The company is also open to engage with venture capital and other financial investors with energy sector focus, it said.
Last year, Electrify secured an undisclosed investment from Japanese utility company TEPCO Frontier Partners, a subsidiary of Tokyo Electric Power Company Holdings Inc.