Decarbonisation Platform GenZero Bags US$42.8 Million Funding from Temasek

Decarbonisation Platform GenZero Bags US$42.8 Million Funding from Temasek

by June 3, 2024

Singapore’s state investor Temasek has infused an additional US$42.8 million into its decarbonisation-focused investment platform, GenZero.

According to regulatory filings accessed by DealStreetAsia, this latest capital injection, made through Pieter Investments, raises the total capital committed to US$679.2 million.

This constitutes 18.9% of Temasek’s initial US$3.6 billion commitment to GenZero, established in 2022. Temasek had already invested US$44.7 million into GenZero in February.

GenZero, wholly owned by Temasek, aims to catalyse decarbonisation solutions by deploying long-term and flexible capital.

The platform invests in a range of opportunities, from early-stage companies that require patient capital to commercialise, to mature ones ready for scaling.

GenZero reported a revenue of US$8.59 million for fiscal year 2023, a significant increase from US$0.6 million in 2022, while narrowing its losses to US$0.15 million from US$3.04 million the previous year.

In Southeast Asia, GenZero has invested in AJA Climate Solutions, focusing on nature-based climate mitigation projects, and C-Quest Capital, which is deploying energy-efficient cookstoves to rural households.

Additionally, it has stakes in the Tropical Asia Forest Fund 2, managed by New Forests, aiming to develop sustainable forest plantation assets in the region.