Total Carbon Neutrality Ventures invest in renewable microgrids
Total Carbon Neutrality Ventures announced its investment in Canopy Power, a Singapore-based company specializing in renewable microgrids. Canopy Power is one of Southeast Asia’s leading independent players with deep technical expertise in hybrid projects, involving both solar and battery technology, and digital solutions. It helps remotely located commercial and industrial companies and communities shrink their carbon footprint and significantly reduce energy costs while improving their energy self-sufficiency.
Total Carbon Neutrality Ventures is the venture capital arm of Total. Current investment focus areas include renewables, distributed energy, new mobility, energy access, energy storage, bio-fuels, bioplastics, circular economy and recycling.
Canopy Power’s microgrids have already been deployed in Indonesia, Myanmar and Malaysia. The company also provides engineering services related to microgrid deployment for remote customers such as island resorts, mines, plantations and island utilities.
Canopy Power is currently developing a solar and battery storage microgrid on the remote island of Koh Rong Sanloem in Sihanoukville, Cambodia, with Total Solar Distributed Generation (TSDG) as its Engineering, Procurement and Construction (EPC) partner. The microgrid is designed to reduce island-wide diesel consumption by more than 600,000 liters per year. The project will be one of Southeast Asia’s largest off-grid renewable energy microgrids.
“Total Carbon Neutrality Ventures invests in early-stage companies that support Total’s ambition to get to net-zero emissions by 2050, together with society. Its investments allow us to expand the reach of our low carbon-businesses beyond our own borders. We are pleased to invest in Canopy Power, a leading independent renewable hybrid player in Southeast Asia (SEA), where Total Solar Distributed Generation is actively developing commercial and industrial projects,” said Xin Ma, managing director and head of Total Carbon Neutrality Ventures’ Asia platform.
“Total Solar Distributed Generation Asia has more than doubled its growth annually since 2018. With customers across nine markets, we are one of the largest players in the region and continue to be the preferred partner for industry-leading companies. We expect this investment to further enhance the growth of our activities in the region and further contribute to Total’s global ambition to get to net zero emissions,” said Gavin Adda, CEO of Total Solar Distributed Generation Asia.
“Remote microgrids and hybrid systems is a fast-growing segment in the ever-expanding distributed energy industry. Canopy Power has a proven track record in decarbonizing and digitalizing hydrocarbon-based generation systems in remote locations. This investment by Total Carbon Neutrality Ventures is an endorsement of our business model and technical competence. We are very pleased to join forces with Total towards a net zero future,” said Sujay Malve, CEO of Canopy Power.