Sunseap’s third round of funding values company at more than $200 million


The Series C investment round is led by Catalist-listed ISOTeam Limited, an established player in the building maintenance and estate upgrading industry, which subscribed for $5 million worth of Series C preference shares.
The funding round will help the company expand in Singapore and the region, and scale its operations following the successful implementation of several solar energy projects in Singapore and the region including Malaysia, India, Vietnam, Thailand and the Philippines. Sunseap aims to raise $75 million in total for its expansion plans.
Mr Lawrence Wu, Co-Founder and Director of Sunseap, said: “I am encouraged by the support from ISOTeam, a new strategic investor in our first phase of Series C fundraising. ISOTeam is a company which has a strong track record in the upgrading of public housing estates including the installation of solar panels. They will, no doubt, add value to Sunseap’s business and we welcome their strategic inputs as we scale our business.
“Our success in this latest round of funding shows investors’ confidence in Sunseap and our ability to deliver quality work in an expeditious manner.”
ISOTeam specialises in upgrading, retrofitting and 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. “This dove- tails with Sunseap’s business of providing clean energy solutions,” said Mr Wu.
Sunseap is set to deliver 200 megawatts of clean energy to its customers such as government agencies and companies, including small and medium enterprises (SMEs). Some of its clients in Singapore include Apple, Housing Development Board, Singapore American School, Raffles Institution, the United Technologies Group, Jurong Port, ABB and Panasonic.
It has a pipeline of overseas projects in Cambodia, India, Thailand, Vietnam, Malaysia and Australia.
Sunseap’s current investors include US bank Goldman Sachs and Singapore-based investment holding company TRIREC, as well as high net worth individuals from the region.
The latest round of fundraising also highlights an increasing trend of investors being more familiar with solar power as a reliable source of energy.
Increased funding for the local solar industry allows renewable energy companies like Sunseap to offer clean tech solutions to more consumers at competitive prices.