ABU DHABI, UAE and LONDON and SINGAPORE, Dec. 27, 2022 /PRNewswire/ — AirCarbon Exchange (ACX), the global exchange revolutionizing the Voluntary Carbon Market (VCM), is pleased to announce the successful close of its convertible note series with Singapore-based decarbonization investor, TRIREC, investing as the lead investor.
As Asia’s earlier and leading early stage decarbonization venture capital investor – TRIREC brings to ACX valuable knowledge and experience in financial markets and climate technology from a global perspective. The substantial synergies across TRIREC’s and ACX’s respective businesses add to the value proposition for this successful investment.
The convertible note series also included investments from Mubadala Investment Company PJSC, an existing investor in ACX, as well as the Corporate Venture Capital arm of Banpu Public Company Limited.
Thomas McMahon, CEO and Co-Founder of ACX said, “As another validation of ACX’s work thus far, this note series reflects the confidence of investors in our journey to revolutionise the carbon markets. We are delighted to have TRIREC on board and look forward to working closely with the TRIREC team to further ACX’s growth.”
Mevlyn Yeo, Founder and Managing Partner of TRIREC said, “With our investment into ACX, we’re backing incredibly strong founders in Thomas and William, who have deep wealth of knowledge and track record of operational execution in building financial trading platforms. Coupled with the robust structural tailwinds that the carbon markets are facing; we are convinced that ACX will be a major driver of growth in our portfolio and a significant participant in the ecosystem”.
About AirCarbon Exchange (ACX):
AirCarbon Exchange (“ACX”) is a global exchange revolutionizing the voluntary carbon market. The Exchange’s client base comprises corporate entities, financial traders, carbon project developers and other industry stakeholders. ACX provides its participants with an efficient and transparent trading platform which is easy to use, frictionless and with the lowest transaction fees available on the market. Its underlying distributed ledger technology will allow the carbon market to scale efficiently to meet global ambitions of Net Zero.
ACX was recognized as the Best Carbon Exchange globally in Environmental Finance’s prestigious Voluntary Carbon Market Rankings, the largest and most closely watched survey of the world’s Voluntary Carbon Market, for two consecutive years (2021, 2022). ACX was also named as the ‘Best Solution in Energy Trading’ by Wired UK and Publicis Sapient at their Global EnergyTech Awards, which spotlighted the companies that are ‘Winning the Race to Reinvent Energy’.
TRIREC is a decarbonisation venture capital fund based in Singapore that invests globally. The company is on a mission to solve the world’s climate challenges and build stronger communities all while delivering risk-adjusted returns to its partners. TRIREC deploys smart capital to startups that address decarbonization (prevention, reduction, and sequestration of GHG). TRIREC invests in early-stage technologies that are at an inflection point of growth.