Case Studies

Southeast Asia is at the heart of a global energy shift, driven by rapid economic growth, urbanization, and a rising middle class. With energy demand projected to surge by 60% by 2040, the region must transition from its historical reliance on coal, oil, and natural gas—which have supplied nearly 80% of its energy since 2010—to renewable sources like solar, wind, and geothermal [1]. This transformation is critical not only to meet escalating energy needs but also to align with global climate goals and address pressing environmental concerns.

Despite the urgent need, clean energy investment in Southeast Asia remains strikingly low, accounting for just 2% of global clean energy spending in 2023. The International Energy Agency estimates the region requires $190 billion annually in clean energy investments by 2035—a fivefold increase—to achieve climate targets [2]. Barriers such as the dominance of coal-fired power, high capital costs, policy uncertainty, and underdeveloped grid infrastructure continue to stifle progress.

However, a new generation of innovators and investors is stepping up to tackle these challenges, unlocking the potential of clean energy to not only fuel growth but also ensure a just and sustainable transition for the region.

At the forefront of this movement is Clime Capital and their fund SEACEF II (Southeast Asia Clean Energy Fund II) who understand the crucial opportunity to reshape Southeast Asia’s energy landscape and secure a greener future.

Investing in the future: Clime Capital and SEACEF II fuels Southeast Asia’s clean energy startups

Clime Capital, a Singapore-based fund manager, is driving the low-carbon transition through its flagship fund, SEACEF II. Announcing its first close in January 2024 with USD 127 million [3] committed, the fund has achieved its final close at its target of USD 175 million in December 2024, reflecting strong investor appetite for transformative climate solutions in the region.

SEACEF II’s blended finance approach and experienced team enable high-impact investments in early-stage renewable energy, energy efficiency, e-mobility, and grid solutions. It draws on the flexible risk capital that underlies its successful inaugural fund SEACEF I, and de-risks innovative projects to accelerate the scale-up of clean energy businesses across Southeast Asia.

SEACEF II has invested in seven startups to date [4], highlighting the fund’s dedication to fostering innovative clean energy solutions while achieving measurable ESG and climate objectives:

• Mober (June 2024): USD 6 million investment in the Philippine-based logistics technology company to expand its EV fleet, enabling sustainable last-mile delivery for major clients like IKEA and Starbucks.
• Nami Distributed Energy (July 2024): Committed USD 10 million to the Vietnam-based firm specializing in rooftop solar and on-site energy solutions for commercial and industrial clients.
• Xurya (July 2024): Committed USD 10 million to the Jakarta-based company that provides distributed energy solutions for commercial & industrial customers.
• Upgrade Energy Philippines (UGEP) (September 2024): Solar energy provider focused on commercial and industrial clients.
• Investasi Hijau Selaras (Hijau) (October 2024): Committed USD 10 million to the Indonesian distributed solar developer to expand its project pipeline, addressing the country’s growing demand for renewable energy.
• Ampotech (January 2025): Committed USD 3 million to the Singapore-based provider of power management solutions for commercial buildings, households, and industrial customers.
• Stride (January 2025): Committed USD 1.5 million to the rooftop solar development and financing platform targeting Vietnam’s residential and small business consumers.

These investments highlight how funds are not only achieving measurable ESG outcomes but also helping build the ecosystem for a just and accelerated energy transition in the region.

For companies, who require additional support, Clime can mobilize resources from their investors like Australian Development Investments (ADI), formerly known as EMIIF, to access technical assistance to provide tailored support to their portfolio companies. ADI is a first close, junior investor in SEACEF II and has been instrumental in providing access to additional catalytic capital to support Clime’s portfolio to grow strategically and sustainably.

“At Sarona, through the Australian Development Investment, we are committed to driving climate action, gender equality, and inclusive growth in Southeast Asia. In partnership with SEACEF II, we support businesses leading the energy transition, creating local jobs, and building resilient communities.”

– Ralista Rizvanolli, Partner and Head of Investments at Sarona Asset Management

Technical Assistance as a Key Lever for Portfolio Growth and Resilience

Technical assistance is a key driver in ensuring a just transition. A study shows that 63% of blended finance transactions with TA have benefited low-income populations, underscoring its effectiveness in driving equitable outcomes. [5]

The study also highlights that the Energy sector has the highest rate of TA usage, with 28% of all Energy deals incorporating this support, [6] suggesting that TA is critical to addressing complex challenges and enhancing the success and sustainability of investments in this sector. By de-risking projects and creating a more appealing investment environment, TA enhances the impact of blended finance, especially when gender and social outcomes are prioritized.

ADI exemplifies this approach, in addition to its commercial capital, ADI deploys technical assistance at the fund and investee level to accelerate financial and social returns. Australia’s AUD 250 million impact investment fund [7] aims to expand the Australian Government’s capacity to mobilise private sector investment to expand SMEs in the Indo-Pacific region to drive climate and gender outcomes. ADI provides early stage and concessional investment to impact investment funds, and these funds in turn give critical early-stage finance to businesses in the Indo-Pacific region.

“Mober and its leadership team embody the dynamic ecosystem driving the Philippines’ clean energy transition. As early movers in this space, they play a key role in shaping the region’s sustainable future – an effort the Australian Government is proud to support with local partners. Australia is committed to supporting Mober in creating value, driving innovation, improving efficiency, and expanding operations. Through strategic investments, we aim to amplify its impact on people and the planet while strengthening the Philippine economy.”

– Her Excellency HK Yu PSM, FCPA (Aust), Australian Ambassador to the Philippines

Values-aligned in their vision of a clean and just energy transition, Clime and ADI are working to support companies achieve their growth and impact ambitions through this targeted technical assistance.

Driving Impact Through Innovation: The Mober Story

Mober, a leading logistics tech company in the Philippines, is revolutionizing last-mile deliveries with a strong focus on sustainability and inclusivity. As the first mover for EV adoption in the delivery sector, Mober owns the country’s largest EV fleet (90 EVs as of November 2024), and aims to have at least 200 EVs on hand and in operation by 2025 [8]. By phasing out ICE vehicles, Mober is driving the decarbonization of logistics.

“Mober’s ambition to provide fully electric B2B delivery services is a compelling example of a first-mover business that can accelerate the low carbon transition through our strategic investment. Clime Capital’s purpose is to help these businesses accelerate their growth”

– Mason Wallick, CEO, Clime Capital (on Clime’s investment in Mober) [9]

Achievements:

• Supports major companies like IKEA, Starbucks, and Nestle in reducing delivery emissions, directly contributing to their sustainability goals.
• Reduced delivery times and maximized cost efficiency through batching deliveries and proprietary software for vehicle utilization.
• Trains female drivers and assemblers, fostering diversity and empowerment in its workforce; Mober is also 2x aligned, strengthening its commitment to growing while creating impact.
• Mober has cumulatively avoided ~430 tons of CO2 and plans to reach ~3000 tons annually [10]

Through its transition from a C2C model to B2B and B2B2C operations, Mober now dispatches vehicles from 100+ shopping malls and manages middle-mile deliveries for clients like Nestle, Nespresso, Kuehne+Nagel, and Maersk. By customizing EVs to meet operational needs, Mober ensures reliability and superior service delivery.

As part of Clime’s portfolio, Mober has leveraged TA to enhance ESG processes and strengthen operations, laying the foundation for scalable, impactful growth. Mober is setting a benchmark for sustainable logistics in the Philippines while aligning innovation with social and environmental responsibility.

In addition to its environmental initiatives, Mober is committed to inclusivity by training female drivers and assemblers, reflecting the company’s dedication to diversity within its workforce.

Looking ahead: How Technical Assistance will continue to transform Mober’s ESG and operational practices

The TA provided to Mober addressed critical areas of both ESG and operational priorities, enabling the company to enhance its sustainability performance and business capabilities:

1. Climate resilience and environmental sustainability

The TA helped Mober strengthen its environmental sustainability efforts by developing a framework to assess climate change risks, ensuring the company’s facilities remain resilient to environmental impacts. In preparation for transitioning to a fully electric fleet, the TA also emphasized the importance of sustainable e-waste management, including proper disposal and recycling of end-of-life EV batteries. Additionally, Mober was supported in finalizing its platform for real-time tracking of GHG emissions avoided, enabling the company to better quantify and communicate its positive environmental impact.

2. Employee policies and human rights

The TA guided Mober in improving its employee practices by consolidating policies to enhance clarity and consistency across the workforce. Updates to hiring practices were also recommended, ensuring compliance with Philippine labor laws and promoting inclusivity within the organization. Furthermore, the TA encouraged screening Mober’s supply chain, particularly EV and battery manufacturers, to identify potential human rights risks and ensure ethical practices across its operations.

3. Operational efficiency and safety

To improve safety and operational efficiency, the TA supported the creation of an SOP for EV charging, ensuring secure and consistent protocols across the fleet. This initiative complemented the emphasis on real-time data tracking tools, which help Mober optimize fleet performance and enhance operational transparency.

“The ADI SME TA support, coordinated with Clime Capital, has been a game-changer for Mober. Thanks to this partnership, we successfully piloted and fully integrated our ESG management system (ESGMS) across all operations. This structured approach not only strengthened our sustainability commitments but also boosted our appeal to clients and investors, accelerating partnerships and solidifying Mober’s leadership in green logistics.”

– Dennis Ng, the CEO of Mober

Mober will continue to be a leader in the region. In a recently concluded deal in Dec’24, Mober partnered with BDO Unibank to finance the acquisition of 60 new EV trucks, a one-of-its-kind deal in the Philippines, with SEACEF II providing key support throughout the process.

In summary, Southeast Asia’s energy transition is gaining momentum, and Mober’s success shines as a powerful example of what’s possible when funders, technical experts, and investees join forces. By equipping businesses with the right strategies and tools, strategic Technical Assistance doesn’t just support progress—it amplifies it. Mober’s journey proves that innovation, fueled by strategic partnerships, can catalyze lasting change and lead the charge toward a low-carbon, inclusive future.