Singapore-based cleantech developer Sunseap obtained S$75m ($56m) on Tuesday from energy company Banpu in a series C extension, bringing the round’s total to at least $60.8m.
Sunseap had raised a first $4.8m tranche in May 2017 from a consortium led by building maintenance company IsoTeam.
Shell Technology Ventures, the investment unit of oil and gas company Shell, supplied an undisclosed sum last month as part of a partnership agreement to develop solar projects in the Asia Pacific region. It is not clear whether this investment forms part of the series C round, however.
Sunseap operates solar energy systems, providing renewable energy to its clients through solar farms. The company is also working on an energy management platform and is looking into the use of batteries.
Banpu and Sunseap plan on leveraging each other’s expertise to bolster expansion efforts in Asia and further afield. Banpu made the investment primarily with a view of strengthening its green energy technology subsidiary Banpu Infinergy.
Sunseap has now raised a total of S$300m in equity, according to its latest press release. Conglomerate Chow Tai Fook Enterprises backed a S$27m series B round in 2015 alongside Trirec and Enspire Apus Investments.
Other investors in the company include Goldman Sachs and DBS Bank.