EnergyX, a social energy platform, announced on the 25th that it had raised ₩5.1 billion in Series A funding from Hyundai Technology Investment, Shimborn Investment Partners, Gloria Advanced Materials Investment, Ophir Equity Partners, VentureSquare and others.

Including this Series A round, funding for its subsidiaries, and a similar investment through an in-kind contribution, EnergyX has raised a total of ₩11.6 billion. The funding brings the company’s equity to ₩13.2 billion, about one year after its founding.

EnergyX provides an AI-powered online-to-offline (O2O) platform that connects users and member companies across the renewable energy sector, including power project developers, property owners, EPC firms and financial investors. Through its transparent online platform, EnergyX aims to give the public access to returns from energy finance and help create a greener world for future generations.

Countries around the world are accelerating renewable energy development. McKinsey Energy Insights projects that renewables will account for 51% of global power generation by 2035. In South Korea, however, renewables make up just 4.4% of total power generation—one-sixth of the OECD average and the world’s fifth-lowest share, behind oil-exporting countries such as Saudi Arabia, Kuwait and the United Arab Emirates. This also points to significant growth potential in South Korea’s domestic renewable energy market.

Han Sang-wook, a director at Hyundai Technology Investment, which led the investment, said, “EnergyX makes solar development more transparent and provides reliable solutions for power projects. We are confident it will bring innovation to the solar market, which has strong growth potential but has faced challenges due to opaque development processes.”

Park Sung-hyun, CEO of EnergyX, said the company would “lead South Korea’s renewable energy market through a transparent platform and offer a better, new direction for the energy and financial markets.”

EnergyX: http://energyx.co.kr/

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