Pacific Channel, a New Zealand-headquartered venture capital firm, has acquired Engie Factory Asia-Pacific (EFAP) along with its portfolio of securities in seven early-stage climate-tech ventures, the companies announced May 26 [1, 2]. The financial details of the acquisition remain confidential. EFAP’s paid-up capital is S$37.8 million, according to publicly available business filings [1, 2].
Pacific Channel has been investing in climate technology ventures through EFAP since June 2020 and intends to expand its investments across Southeast Asia [1, 2]. EFAP’s portfolio includes Amplicity, Billion Bricks Homes, GetSolar, PHNXX, Polar Cold, Qatalyst, and Verta Bioenergy. These startups focus on solar energy solutions, cooling technologies, climate market platforms, sustainable housing, bioenergy, and data center efficiency [1, 2].
Pacific Channel specializes in deep-tech venture capital and alternative investments. It currently manages 79 portfolio companies in New Zealand and Australia, with 11 successful exits including Regen and SciTOX [1, 2]. The firm has also invested in Singapore-based Transparently.AI, which develops AI technology for early detection of accounting fraud and manipulation [1, 2].
Engie moved earlier this year to sell its startup stakes in Singapore and the region. The company offered partner investors options to purchase its interests in the startups held via EFAP or to acquire EFAP entirely [1, 2]. Observers have suggested that profit constraints and tighter capital margins may have influenced Engie’s decision to divest from its startup ventures [1, 2].
Following the acquisition, Pacific Channel’s Singapore platform will be rebranded as Pacific Channel Climate Ventures. It will manage EFAP’s portfolio investments and establish a permanent base in Singapore to drive further climate tech investment in the region [1, 2].
