Singapore’s sovereign wealth fund GIC has invested an undisclosed amount in US-based Qmerit, a green energy firm that installs electric vehicle (EV) charging stations in residential and fleet areas, according to an announcement.
GIC has partnered with Lime Rock New Energy, the clean energy arm of private equity firm Lime Rock Management, to invest in the green energy firm. The Singapore investor will have a seat on the Qmerit board as part of the deal.
Since its spin-off from Fortune 500’s ABM in 2016, Qmerit claimed that its network has facilitated the installation of thousands of EV @Home Charging stations across North America. Its early investors include Schneider Electric and Lime Rock.
Qmerit said new capital appears to help support the rapidly evolving green energy landscape as countries and corporations all over the world make firm commitments to reduce carbon emissions.
“Having GIC join us in our ambition to help create a zero-carbon future allows Qmerit to scale in sync with this once nascent industry as it becomes mainstream,” said Qmerit chairman and CEO Tracy K. Price.
GIC has been actively investing in clean and renewable energy assets in Asia and around the world. In January, it acquired a 19.9% stake in Duke Energy Indiana, a subsidiary of American electric power holding firm Duke Energy, in a $2.05-billion deal.
Last year, it invested $200 million in a geothermal heating company backed by China’s biggest oil refiner and about $390 million in AC Energy Philippines, which has invested and committed equity in renewables, including solar farms and thermal energy in the Philippines, Indonesia, and Vietnam.
In June, the firm joined an investor group in a new program that seeks to green Asia’s electric sector. The aim of the new program, according to a Straits Times report, is to work with utilities in Asia to cut their carbon footprint, so the world has a better chance of averting the harshest impacts of climate change.