French energy giant Engie has launched a strategic venture arm eyeing energy startups in Asia-Pacific, hoping to provide them with access to industry expertise and funding.
The venture arm, Engie Factory Asia-Pacific, will focus on the areas of green mobility, smart cities, energy efficiency and renewable energy, according to its website. Aside from investing in startups, Engie Factory aims to help them develop practical solutions, test-bed the solutions in actual projects, and build their track record.
Located at Golden-Agri Plaza along Pasir Panjang Road, Engie Factory will also offer a co-working space for startups and “like-minded people” to work on concepts and products with the support of Engie’s experts and executives.
Although it is based in Singapore, Engie Factory said its activities span the Asia-Pacific and will allow startups to collaborate with Engie teams in South-east Asia and Australia as well.
On Thursday, managing director Quentin Vaquette, who will head the venture arm, said over 80 startups have applied to their recent call for startups, and have expressed interest to collaborate with Engie Factory.
“With our build-scale-invest approach, we’re looking at helping great startups and founders across Asia-Pacific make a meaningful impact and together, solve real issues that matter in the energy and smart-city ecosystem,” he said.
Engie’s Asia-Pacific chief, Paul Maguire, said it was a natural decision to base the venture arm in Singapore, as “Singapore is helping to transform the global energy sector and is home to a thriving startup scene”.
The firm added that Enterprise Singapore has been a key partner in the setting up of Engie Factory.
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“With Enterprise Singapore’s support, we were able to understand the startup landscape, and get connected to various startups, SMEs, and ecosystem enablers,” shared Mr Vaquette.
Going forward, Engie Factory said it will be working closely with Enterprise Singapore to “reach out to local and regional startups, explore co-financing deal flow, and catalyse industry engagements through community events”.