Climate technology startup PHNXX raises $1.8m
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The news: Climate technology company PHNXX has raised $1.8 million in seed funding to expand its modular grid-in-a-box solution throughout the Asia Pacific. The Victorian startup has also secured a strategic partnership with ASX-listed engineering company Synertec to boost sales efforts.
The numbers: PHNXX has developed a containerised battery and solar solution that is 34 times cleaner than diesel generators and five times cheaper on a kilowatt/hour basis. The company has a sales pipeline worth more than $US20 million ($31.4 million). PHNXX aims to abate 100 megatonnes of carbon emissions by 2035.
The context: PHNXX's grid-in-a-box solution is designed for remote and rural industrial communities, including the construction, mining, agriculture and farming sectors. The system can be installed within days rather than months. Following successful pilot programs in Australia, PHNXX plans to launch its first systems in Singapore and Malaysia in the second quarter of 2025. The funding round included investments from Synertec, ENGIE Factory, Pacific Channel, LaunchVic's Hugh Victor McKay Fund and climate-focused angel investors.
What they said: "We're excited to have onboard such amazing investors and partners. We're on track to abate 100Mt of carbon emissions by 2035, driving significant global impact and reducing industries' environmental footprints," PHNXX chief executive officer Joel Tay said.
"This investment allows Synertec exposure to market sectors that we would not otherwise have. By working together, we will leverage PHNXX's manufacturing expertise and target market while supporting their vision with our engineering and commercialisation experience," Synertec managing director Michael Carroll said.
The source: PHNXX press release
