Canopy Power, a Singaporean company that builds renewable energy products, has raised a Series A round from four investors, according to DealStreetAsia.
The investors were CMR Group, Gaia Impact Fund the Founders of PHPOWER and Golden Elm Investments. Golden Elm Investments is a prior investor in the company.
According to the article, the money will be used for R&D, customer acquisition and regional expansion.
The company is building microgrid products that help make renewable energy sources, like solar panels, more accessible to businesses. As the Asian economy continues to grow, Canopy Power believes it is on the front end of a j-curve in the renewables space.
The goal is to provide businesses and communities with a feasible alternative to diesel fuel that can lower their costs and help reduce CO2 emissions. Microgrids make it easier for far-flung communities to have access to such energy resources.
Gaia Impact Fund, one of the investors, pointed to the potential of emerging markets.
Specifically, in Southeast Asia, which has thousands of islands, it can help provide renewable energy to communities that may be too isolate to take advantage of large-scale infrastructure development.
In recent years, renewable energy products have become significantly more affordable and the industry has grown into a legitimate competitor with the traditional energy industry.