This investment aims to support ION’s efforts in providing clean and cost-effective energy solutions to both residential users and businesses in Thailand.
May 03, 2024. By Abha Rustagi
Beacon Venture Capital, the corporate venture capital arm of Kasikornbank, has joined forces with Solar United Network Group (SUN Group), an Asia-Pacific solar energy company based in Indonesia, to spearhead a Series A funding round of USD 3 million for ION Energy Company Limited (ION), a Thai solar energy startup.
This investment aims to support ION’s efforts in providing clean and cost-effective energy solutions to both residential users and businesses in Thailand, leveraging Kasikornbank’s extensive customer base.
Thanapong Na Ranong, Managing Director of Beacon VC, highlighted the significance of this investment, stating that ION Energy marks the first Thai startup to receive funding through Beacon Impact Fund, established in February 2023 to invest in sustainable startups with measurable positive impacts. The investment is intended to support ION in developing products and services to cater to a diverse range of customers, facilitating access to solar energy systems at affordable prices with superior installation and service standards. Additionally, it presents an opportunity for Kasikornbank to leverage its financial product design expertise and SME customer base to further expand ION’s services.
Beacon VC recognizes the potential of ION’s technology in facilitating the transition to solar energy, particularly through solutions such as the Solar Monitoring & Payment Platform and the Home Energy Management System. These innovations aim to empower both residential and business users and pave the way for a future solar energy ecosystem, including plans for peer-to-peer energy trading and Renewable Energy Credit (REC) aggregation.
Thanapong emphasized, “Beacon Impact Fund seeks innovative businesses that generate positive environmental and social impacts, aligning with Kasikornbank’s policy to foster balanced growth in environmental, social, and governance aspects and drive sustainable banking practices, while able to generate attractive financial returns for investors.”
Peerakarn Manakit, CEO of ION Energy, emphasized the growing demand for solar energy solutions across all user segments and highlighted the importance of the Series A funding from Beacon VC and SUN Group in supporting ION’s expansion efforts. The funding will be utilized to expand ION’s services across two primary business models: Engineering, Procurement, and Construction (EPC) services, and Private Power Purchase Agreements (PPAs).
Hendy Limadi Tohan, Director of SUN, expressed SUN’s recognition of the growth potential in the Thai solar energy market and outlined plans for SUN to collaborate with ION in developing an end-to-end digital customer journey platform. This platform will enable users to monitor and manage solar energy systems seamlessly. Additionally, SUN Group plans to establish a comprehensive clean energy platform for the Thai residential market through a Joint Venture with ION.
