Sunseap's latest funding round values company at more than S$200 million

Solar panels on the rooftops of Housing Board blocks in Jurong, which are among more than 800 buildings which local solar provider Sunseap uses to supply clean energy to Apple's Singapore operations.
Solar panels on the rooftops of Housing Board blocks in Jurong, which are among more than 800 buildings which local solar provider Sunseap uses to supply clean energy to Apple's Singapore operations.PHOTO: SUNSEAP

SINGAPORE - Energy company Sunseap Group raised S$6.7 million in the first close of its third round of funding that valued the company at more than S$200 million.

The Series C investment round was led by Catalist-listed ISOTeam Limited which subscribed for S$5 million worth of Series C preference shares, the company said in a release issued Tuesday.

The funding round will help Sunseap 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 S$75 million in total for its expansion plans.

"Our success in this latest round of funding shows investors' confidence in Sunseap and our ability to deliver quality work in an expeditious manner," said Mr Lawrence Wu, co-founder and director of Sunseap.

ISOTeam, which specialises in upgrading, retrofitting and maintenance works in many of Singapore's public housing estates, had previously collaborated with Sunseap on renewable energy installation projects.

"I believe ISOTeam's

investment in Sunseap will reap benefits for our Group in the form of more business cooperation and opportunities," said Mr Anthony Koh, executive director and chief executive officer of ISOTeam.

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.