I-RECs marketplace Redex closes Aramco-led funding round

Renewable Energy Certificate (REC) solutions provider Redex Group Pte Ltd announced today that it has secured USD 10 million (EUR 9.37m) to advance its push to expand beyond Asia.

The funds were raised in a Series A funding round led by the venture capital arm of the Saudi Arabian Oil Company (TADAWUL:2222), better known as Aramco, which has also committed to collaborating with the company as it seeks to enter into new geographies, according to a statement.

Singapore-based Redex operates an International Renewable Energy Certificates (I-RECs) marketplace offering a full range of solutions, including asset registration, verification, trading and retirement. The company was set up in 2018.

The fundraising round was led by Aramco Ventures and attracted a number of new investors from the Middle East, Southeast Asia and Japan.

(USD 1 = EUR 0.937)

Choose your newsletter by Renewables Now. Join for free!