27/01/2021 Press release
Total Carbon Neutrality Ventures Invests in Singapore-Based Microgrid Start-up Canopy Power
Singapore, January 27, 2021
Total Carbon Neutrality Ventures announces 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 & 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.
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 over 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,” added 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,” concluded Sujay Malve, CEO of Canopy Power.
About Total Carbon Neutrality Ventures
Total Carbon Neutrality Ventures is the venture capital arm of Total. As part of Total's commitment to a better energy future, Total Carbon Neutrality Ventures is focused on finding, funding and fostering high-potential start-ups that contribute to creating a low carbon future. Current investment focus areas include Renewables, Distributed Energy, New Mobility, Energy Access, Energy Storage, Bio-Fuels, Bioplastics, Circular Economy and Recycling.
About Total Solar Distributed Generation Asia
Total Solar Distributed Generation (TSDG) Asia is a wholly-owned subsidiary of Total dedicated to the development of distributed solar energy solutions, including solar-powered rooftops and ground-mounted solar panels. Active in Asia since 2018, TSDG is a major international provider of fully integrated solar solutions for the commercial and industrial sector, with a portfolio of over 600 MW of projects in operation and development in the region. https://solar.total.asia
About Canopy Power
Founded in 2016, Canopy Power is a technology provider specializing in independent microgrids based on renewable energy. The Singapore company is a one-stop shop offering services for feasibility, design, Engineering, Procurement and Construction (EPC), financing and Operation and Maintenance (O&M) of complete, fully customized microgrid systems. Canopy Power employs in-house developed smart microgrid technology, along with the highest quality renewable energy components to offer robust solutions that provide clean, reliable and cost-effective electricity. Through its service offerings, the company enables remote communities and businesses to unlock the potential for significant and sustainable economic growth. https://canopypower.com
Total is a broad energy company that produces and markets fuels, natural gas and electricity. Our 100,000 employees are committed to better energy that is more affordable, more reliable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.