July 31, 2024 – New Energy Nexus is expanding its impact into Pakistan through a partnership with Renewables First, the country’s leading think tank for energy and the environment.

From left: Zeeshan Ashfaq, CEO of Renewables First, and Stanley Ng, Global Partnerships Director at New Energy Nexus

The partnership, announced at the Pakistan Cleantech Forum in Islamabad, will set the stage for economic growth, job creation, and increased international investment in Pakistan’s burgeoning climate tech sector.

Recognizing Pakistan’s climate vulnerability and substantial climate financing gap, the partnership aims to catalyze change in the climate tech space by combining New Energy Nexus’s global expertise in accelerating clean energy businesses and startups with Renewables First’s deep understanding of local challenges. This collaboration comes at a pivotal moment, as Pakistan strives to meet its ambitious Paris Agreement commitment of reducing emissions by 50% by 2030.

Stanley Ng, Global Partnerships Director at New Energy Nexus

“Our partnership with New Energy Nexus marks a significant milestone in Renewables First’s mission of accelerating Pakistan’s energy transition,” said Zeeshan Ashfaq, CEO of Renewables First.

“Pakistan presents an ideal market for cleantech growth, where potential is aplenty, and our youth deserves opportunities to flourish and mainstream their ideas. We remain committed to investing in the future of Pakistan’s cleantech ecosystem.”

Stanley Ng, Global Partnerships Director at New Energy Nexus, said: “Pakistan is the world’s fifth most populous nation, with its largest industries in high carbon-emitting sectors like textiles, agriculture, automotive, cement, steel, and chemicals. Here lies an immense opportunity to ignite the development of groundbreaking climate tech innovations.

“New Energy Nexus, with its vast experience in ecosystem building, and Renewables First, with its deep energy market insights and network, are coming together to unlock this potential. Together, we will identify critical areas where climate entrepreneurs can craft impactful solutions, deploy them, and scale their efforts to enable a low-carbon economy.”

Ahtasam Ahmad, Energy Finance Associate at Renewables First

New Energy Nexus and Renewables First will launch programs in the next 12 months focusing on developing a strong pipeline of clean energy startups and enhancing their success through tailored training programs, as well as collaboration with other ecosystem stakeholders and policy advocacy to support an enabling environment for climate tech innovation.

About Renewables First

Renewables First (RF) is a think-and-do tank for energy and the environment. RF’s work addresses critical energy and natural resource issues with the aim of making energy and climate transitions just and inclusive through impactful research, advocacy, and strategic partnerships. More at: www.renewablesfirst.org

Jakarta, 18 January 2024 – Three climate tech startups from New Energy Nexus Ventures’ (NEX Ventures) portfolio in Indonesia – Swap Energy, SolarKita, and Synergy Efficiency Solutions – have secured additional investments totalling US$31 million for 2023, including follow-on funding.

“Despite a 40% decrease in global funding across the climate tech sector last year, these three startups have demonstrated their resilience by achieving success in fundraising,” said Yeni Tjiunardi, Managing Director at NEX Ventures.

“We are committed to supporting disruptive and agile startups and founders that can accelerate the clean energy transition. Our optimism extends to the potential opportunities for emerging early-stage ventures in addressing climate challenges, not only in Indonesia but also in other Southeast Asian countries, such as the Philippines and Vietnam.”

The three startups are deploying solutions critical to Indonesia’s climate and energy goals, ranging from solar to energy storage:

• SolarKita is a solar energy company that provides end-to-end solar services for the residential market in order to build an integrated community of rooftop solar users in Indonesia.
• Synergy Efficiency Solutions (SES) is mainstreaming energy efficiency  in Southeast Asia by designing, financing, and implementing a range of energy efficiency solutions.
• Swap Energy is rolling out swappable battery technology that allows riders to effortlessly exchange depleted batteries, propelling the EV revolution of two-wheelers in Indonesia.

NEX Ventures aims to catalyze early-stage investments in the clean energy and climate sector by investing and collaborating with other investors, and providing strategic guidance to support its portfolio companies. Indonesia 1 Fund has co-invested with Schneider Electric Energy Access Asia (SEEAA) in SolarKita and with Southeast Asia Clean Energy Facility (SEACEF) in SES. Additionally, Swap Energy secured US$22 million investments for their Series A round by the end of December 2023.

NEX Ventures, through its Indonesia 1 Fund, has invested in seven climate tech companies and deployed four follow-on investments since 2020. These companies have been performing strongly, attracting over US$70 million of investments from other investors since joining the fund while also tackling climate and energy challenges. To date, Indonesia 1 Fund’s portfolio companies have reduced over 165,000 tons of CO2 emissions, equivalent to planting almost eight million trees.

SolarKita

“The funding received from Indonesia 1 Fund and SEEAA allows more rapid penetration into the residential market. This milestone marks the initial phase of SolarKita’s overarching expansion plan to reach 18MWp solar PV installations equivalent to 6000 houses by the next three years,” said Amarangga Lubis, CEO of SolarKita.

The funding will strengthen the company’s fundamentals, refine product quality, and expand its network of installers and sales partners across Indonesia.

“As part of SEEAA’s mandate to accelerate the transition towards renewable energy and net-zero, we are excited to support SolarKita in their mission to make solar rooftop solutions accessible for residential homeowners and small businesses. Sustainability calls for collective action and we believe this joint investment from SEEAA and New Energy Nexus will be a critical catalyst in helping more people be part of the energy transition journey,” said Gilles Vermot Desroches, President of Schneider Electric Energy Access Asia (SEEAA).

Synergy Efficiency Solution

Synergy Efficiency Solutions (SES) intends to utilize the funding from Indonesia 1 Fund and SEACEF to fund capital expenditures for its growing portfolio of energy-saving projects. The timing of this follow-on investment coincides with the award of the Energy Transition Partnership (ETP) Grant to SES.

Swap Energy

Swap Energy has successfully raised a total of US$22 million in its Series A round in December 2023. This latest round was led by Qiming Venture Partners, with participation from GGV Capital and existing investor Ondine Capital. The company has more than 1300 battery swapping stations across Indonesia. They have also partnered with many companies such as Grab to develop an integrated EV ecosystem in Indonesia.