Climate-tech venture, BillionBricks closes US$2.45 mil seed funding round led by Thakral
The very first BillionBricks community is going to be released in the Philippines, enveloping over 16 hectares of land and covering 1,600 residences. The area will also have 13 MW of electrical power generation capacity via a utility-scale roof solar center on top of the housing project. The project alone can balance out over 7,000 tonnes of carbon dioxide discharges annually, according to BillionBricks.
” BillionBricks is handling several sustainability difficulties in a single solution, and also seeking to bring in a substantial effect with every single venture,” claims BillionBricks chief executive officer Prasoon Kumar.
BillionBricks, a climate-tech investment, has sealed a US$ 2.45 million ($ 3.3 million) seed capital round. The round was head by SGX-listed Thakral Company, who signs up with ENGIE as mainstay financiers in the startup.
To broaden its range in order to influence, BillionBricks pivoted to become a for-profit business in 2020.
Thakral’s CEO and executive director, Inderbethal Singh Thakral shares, “I am really excited to see that BillionBricks’ uncommon strategy to taking on several sustainability challenges at the same time has actually gained significant traction, and also is set to disrupt each the renewable resource and even housing segments. The investment in BillionBricks is in line with our technique of expanding our aim to consist of influence investing and even contribute to reducing ecological effect, while aiding neighborhoods in need.”
Given that its creation, BillionBricks has won numerous honors for its mission along with designs, including the 2018 & 2020 President’s Design Award (Singapore), the 2021 Global Holcim Commendation Award, the 2018 Smart Fifty Award (India), also the 2022 INDE.Awards (Australia).
“ENGIE is focused on increasing Southeast Asia’s power shift towards carbon neutrality while making sure it stays budget friendly, offered, and lasting. By combining cost effective real estate and solar power manufacturing, BillionBricks will certainly assist to achieve a reasonable power transition, and we are pleased to support its progression goals,” says Thomas Baudlot, CEO for ENGIE energy solutions APAC and country head for Southeast Asia.
BillionBricks is a Singaporean startup company that develops net-zero residences and also neighborhoods. It was opened in 2013 as a non-profit firm by designer Prasoon Kumar along with investor Anurag Srivastava to resolve the worldwide climate together with real estate situations.