Tembusu backs Singapore energy efficiency business
Singapore-based GP Tembusu Partners has invested in local energy efficiency services start-up Barghest Building Performance (BBP), providing a "seven-figure" mezzanine commitment.
The company offers energy optimization services to businesses in the hospitality, industrial, office and retail sectors. It is estimated that energy expenses comprise up to 60% of a building's operational costs.
BBP uses cloud technology to provide real-time data on how a company's existing buildings and equipment can be optimized to reduce energy costs and environmental impact. It also support clients in attaining the Green Mark Certification, the Singapore government's green rating system.
BBP collects its fees either through fixed monthly payments or by receiving a pre-agreed percentage of a client's long-term energy savings. The company plans to use the new investment to expand into Malaysia and Thailand. It also wants to grow its client base across more industry sectors in Singapore and the surrounding region.
"This investment will allow us to scale up our operations and engage major companies to facilitate greater cost savings and reduce environmental impact for clients in the region," said BBP CEO Poyan Rajamand in a statement.
Tembusu was set up in 2006 and now has S$300 million ($222 million) under management. This is the first investment out of Tembusu Growth GIP Fund III, which has a target size of S$150 million. The GP invests in growth-stage companies across Asia in sectors such as education, healthcare, technology and resources. It has offices in Beijing, Shanghai, Nanjing and Qingdao, as well as in Singapore.
Other invesment made over the past 12 months include a $7.5 million commitment to Param Mitra Coal Resources (PMCR), which owns two operating coal mines in Indonesia, and a S$7 million seed investment in GNum, developer of a patent-pending technology that allows calls from PCs and handheld devices to be routed to a user's mobile phone without the need to first download an app.
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