Singapore/London – 9 February 2024 – Alcom Carbon Markets Pte Ltd (“ACM”), a fully integrated Climate Tech company focusing on developing high-tech biochar projects globally, is proud to announce the completion of its Pre-Series A fund raising.
The funding round was led by Singapore-based agri-food and climate-focused bespoke investment firm Capital Code. Also participating in this round are investment companies backed by a London-based veteran trader and a former C-suite tech executive in Singapore.
This fundraising brings total investment in the Singapore-based carbon project developer close to USD 5 million.
Harsh Rajpal – Founding Partner of Capital Code said: “After the successful operations of its biochar CHP plants in the Philippines, ACM is set to develop multiple projects in Southeast Asia, India and beyond. We are excited to support ACM to help achieve their ambitious climate goals”.
ACM is currently operating the first internationally accredited rice husk-based combined heat and biochar facility in the Philippines. The company is already operating and developing other biochar projects in Southeast Asia and India.
In the near term, the funds will help ACM to roll out additional biochar projects in the Philippines, India and other countries as well as to develop other climate technologies from Syngas produced during the pyrolysis process. These technologies include extraction of hydrogen and Gas to Liquids (“GTL”) for production of ethanol for sustainable aviation fuel (“SAF”) and green methanol for low carbon marine fuels.
Prateek Tiwari, Founder & CEO of Alcom Carbon Markets said: “On the back of our recent JV announcement with our technology partner TAPI, this funding will further enable ACM to achieve its goal of 1 million mt (metric tons) CO2 removals by 2030 through biochar. While scaling up of biochar projects is important, we focus on developing quality projects, delivering maximum impact to address serious challenges such as climate change, food security and clean energy that the world is facing today”.
ACM has built end-to-end capabilities across project conceptualisation, design, technology, operation, project registration and approval, as well as issuance and marketing of carbon credits. The company is able to process several types of biomass feedstock inputs (e.g. rice husks, corn cobs, coffee husks and wood chips), as well as produce customisable and optimised output across biochar, electricity, heat and bio-oils, based on project and stakeholder requirements.
Biochar is a carbon-rich solid material produced by heating biomass residues at high temperatures under an oxygen-limited environment, called ‘pyrolysis’. Biomass residues mainly include wood and agricultural waste such as wood chips, macadamia nutshell, coconut shell, miscanthus, rice husks/straw and bamboo, but can also include manure.
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info@alcomcm.com
About Alcom Carbon Markets (ACM):
Formed in 2021, ACM is a carbon removals platform based in Singapore that focuses on developing and operating bioenergy and biochar projects globally. ACM has developed, owns and is currently operating the first internationally accredited rice husk-based combined heat and biochar facility in the Philippines. ACM is also involved in other biochar/CHP projects. As part of sector-specific decarbonisation efforts, ACM is also working with Gold Standard on developing the world’s first voluntary decarbonization methodology via fuel switching for the maritime sector.
