Beacon Venture Capital, a subsidiary of Kasikornbank (KBank), has partnered with Solar United Network (SUN) Group, an Indonesia-based solar energy firm, to close a Series A funding round of US$3 million for Ion Energy, a Thai solar energy startup.
Ion provides clean and affordable energy solutions to Thai residential users and businesses.
Thanapong Na Ranong, managing director of Beacon Venture Capital, said since the Beacon Impact Fund was established in February 2023 to invest in sustainable startups with measurable impacts across various dimensions, Ion Energy marks the first Thai startup to receive investment.
"The investment aims to support Ion in developing products and services to meet the needs of a wide range of customers, enabling residential users and small and medium-sized enterprises [SMEs] to access solar energy systems at affordable prices, with high standards for installation and services," he said.
The investment also offers an opportunity for KBank to leverage its financial product design expertise and extensive SME customer base in Thailand to expand Ion's services, including low-cost energy access, as well as easy installation and after-sales services through its mobile and online platforms, said Mr Thanapong.
"Beacon sees great potential in the technology being developed by Ion to facilitate the transition to solar energy for both residential and business users, paving the way for a future solar energy ecosystem," he said.
Mr Thanapong said the Beacon Impact Fund seeks innovative businesses that generate positive environmental and social impacts, aligning with KBank's policy to foster balanced growth in environmental, social and governance aspects, while driving sustainable banking practices and generating attractive financial returns for investors.
Peerakarn Manakit, chief executive of Ion Energy, said as awareness rises about sustainable living and elevated energy costs, demand is growing for solar energy solutions from all user segments.
Ion's solutions include a solar monitoring and payment platform that allows businesses to track and monitor the performance of solar systems from various inverter manufacturers on a single platform.
Another initiative supports private power purchase agreements' billing and payment directly within the platform.
"The Series A funding of $3 million from Beacon VC and SUN Group is crucial for us to expand our business, supporting growth," said Mr Peerakarn.
"The funding raised will be invested in expanding our services and offerings across our business models."
Hendy Limadi Tohan, director of SUN Group, said this investment indicates Sun recognises the growth potential of the Thai solar energy market.
Ion is moving forward with plans to develop an end-to-end digital customer journey through a mobile app, allowing users to monitor and manage solar energy systems, he said.
Mr Tohan said SUN also plans to build a comprehensive clean energy platform for Thailand's residential market through a joint venture with Ion.
"We are successfully operating residential and SME solar projects in Indonesia, driven by our technology, which simplifies the journey for customers," he said.
"We aim to integrate this technology with Ion for the Thai market."