Climate-tech venture, BillionBricks closes US$2.45 mil seed funding round led by Thakral
BillionBricks, a climate-tech investment, has closed up a US$ 2.45 million ($ 3.3 million) seed capital round. The round was guided by SGX-listed Thakral Corporation, that joins ENGIE as cornerstone capitalists in the start-up.
BillionBricks is a Singaporean start-up that develops net-zero residences and also neighborhoods. It was founded in 2013 as a non-profit company by engineer Prasoon Kumar plus venture capitalist Anurag Srivastava to attend to the worldwide environment including real estate crises.
To broaden its scope and impact, BillionBricks pivoted to come to be a for-profit firm in 2020.
Since its beginning, BillionBricks has won numerous awards for its objective also styles, consisting of the 2018 & 2020 President’s Design Award (Singapore), the 2021 Global Holcim Commendation Award, the 2018 Smart Fifty Award (India), and the 2022 INDE.Awards (Australia).
“ENGIE is concentrated on accelerating Southeast Asia’s power change towards carbon neutrality while guaranteeing it stays budget-friendly, available, along with sustainable. By combining affordable housing and also solar energy production, BillionBricks will certainly help to achieve a fair power transition, furthermore we are pleased to support its growth goals,” says Thomas Baudlot, CEO for ENGIE energy solutions APAC also nation head for Southeast Asia.
The initial BillionBricks community is going to be launched in the Philippines, covering up over 16 hectares of land as well as extending 1,600 houses. The area will also have 13 MW of electrical energy generation capacity via a utility-scale roof solar facility on top of the housing project. The project by itself can balance out over 7,000 tonnes of carbon dioxide transmissions each year, according to BillionBricks.
” BillionBricks is managing numerous sustainability challenges in a sole option, and also wanting to bring in a considerable impact with every venture,” states BillionBricks chief executive officer Prasoon Kumar.
Thakral’s chief executive officer as well as executive head, Inderbethal Singh Thakral shares, “I am very delighted to see that BillionBricks’ uncommon approach to taking on several sustainability difficulties all at once has gained substantial traction, also is readied to disrupt each the renewable energy and even real estate sectors. The investment in BillionBricks is in line with our technique of increasing our aim to consist of impact investing plus help in minimizing ecological effect, while helping areas in need.”