Photo credit: Shawn Hempel / 123RF.
Sunseap, dubbed Singapore’s largest renewable energy provider, today announced that it has raised US$4.8 million in funding to fuel its expansion plans.
The amount serves as the “first phase” of a targeted US$75 million series C round. It brings the company’s valuation to US$143 million, among the top 10 in Southeast Asia, according to the Tech in Asia database.
The financing was led by ISOTeam Limited, which subscribed to US$3.6 million worth of Sunseap preferred shares (such shares have no voting rights but get the highest priority in terms of cashing out in the event of an exit or dissolution).
ISOTeam specializes in upgrading, retrofitting, and doing maintenance works in many of Singapore’s public housing estates and one of its missions is to advance Singapore’s vision for eco-friendly buildings. “They will no doubt add value to Sunseap’s business,” said co-founder Lawrence Wu.
The company has a portfolio of projects that range from rooftop solar installations to floating photovoltaic systems. One of its biggest clients in Singapore is Apple, whose operations in the city-state are 100 percent powered by clean electricity.
Apart from Singapore, Sunseap has implemented solar projects in Malaysia, India, Vietnam, Thailand, and the Philippines. It is set to deliver 200 megawatts more of clean energy in those markets as well as in India, Cambodia, and Australia.
While it’s expanding, Sunseap is facing a lawsuit from another solar energy firm, Sun Electric, over a supposed patent infringement in its installation at Apple.
Unfazed, co-founder Frank Phuan tells Tech in Asia, “our legal team has advised that Sunseap has a strong case and will be defending the proceedings vigorously.”
“As the matter is before the courts, we are unable to comment further. However, be assured that this does not in any way affect Sunseap’s business and operations,” he adds.
The startup was previously funded by investors such as US investment bank Goldman Sachs and Singapore-based Trirec.
Converted from Singapore dollars. US$1 = SGD 1.39.
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