Renewable energy certificate (REC) service supplier REDEX, which is based in Singapore, has announced that it has pocketed $10 million investment. The team of investors was led by Aramco Ventures. This initiative will help REDEX to expand beyond Asia. Other investors in the firm are based in Middle East, Southeast Asia, and Japan.
“We are planning to get into the Middle East and Latin America markets in 2024 through the partnership with our strategic investors,” Jen-Wee Kang, Founder and CEO of REDEX informed. “The first location is probably Saudi Arabia,” he added.
Each REC of REDEX represents 1 MWh of renewable electricity generated. These RECs are then traded on the firm’s platform, and procured by firms aspiring to offset scope 2 emissions from fossil-fuel. Thus, RECs have become a source of revenue for generators of renewable power.
A few months back, REDEX went into a partnership with China Southern Power Grid, facilitating the firm to become an issuer of RECs in China.