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Uncovering Excellence: 7 Lesser-Known ESG Startups in Asia
Asia is witnessing a rise in startups prioritizing environmental and social impact alongside financial growth. This week, we introduce seven innovative ESG companies that are making a difference in the region. These startups are addressing pressing challenges in renewable energy, sustainable agriculture, and responsible manufacturing. Their creative solutions prove that businesses can thrive while contributing to a more sustainable future.
1. Citiponics
As the Earth's climate becomes more unstable, it is becoming increasingly harder to maintain stable, year-round farming conditions. Citiponics is a Singaporean startup tackling this global issue by turning farms into a hydroponic modular system. The company introduced custom-made farming modules to grow 25 kinds of leafy vegetables and herbs without pesticides. The system is also extremely efficient, only using about 1% of water compared to conventional farming.
Danielle Chan, co-founder of Citiponics, started her next-generation farming project by turning under-utilized spaces, such as vacant parking lots, into modular farms. The former technology consultant with experience in IBM looks forward to growing her startup into an agritech solution provider. The startup also established an e-commerce system where customers can purchase urban-grown plants. Currently, Citiponics is focusing on two objectives: Securing Singapore’s food sovereignty and expanding its field-tested urban farming solution to other nations like Malaysia and China.
(Refer to : Farm to fork: This millennial urban farmer grows vegetables on carpark rooftops in Singapore)
2. Who’s Good
ESG is now an inevitable factor for today’s businesses, and South Korea’s startups are no exception. They must be prepared to provide reliable data on their ESG activities when required. Who’s Good is one of the earliest companies to understand this paradigm shift and provides an all-in-one, AI-based ESG management solution.
The company's founder, Thomas Yoon, discovered a business opportunity in the vague and closed reality of the non-financial information market, especially the ESG. He thought all companies would confront an increasing need to prove the authenticity of caring environment-friendliness, transparent governance, and social activities. His provision and effort made Who’s Good Asia’s first AI-based ESG data service.
Who’s Good analyzes clients’ ESG performance-related incidents. Based on over 10,000 news articles from various media providers, the solution systematically displays the full picture of ESG risk management. With more than 3,000 clients encompassing investors, major corporations, and SMEs, Who’s Good is supporting businesses’ ESG-complying growth.
(Refer to : At a Glance: Who’s Good - ESG Performance & Incident Analysis)
3. Gogoro
Numerous startups claim to offer eco-friendly mobility, but only a handful have endured. Gogoro, founded in 2011, is one of the few companies that survived and earned the title “Tesla of electric scooters.” With its swappable battery and on-the-go charging stations, Gogoro established the world’s largest green mobility network.
After working for nearly a decade at Microsoft, Horace Luke learned how to create an ecosystem of a brand’s manufacturers, distributors, retailers, and customers based on a single platform. Horace took climate change very seriously and decided to make a change by introducing clean-energy scooters, which will directly impact his country’s transportation market. With improvements like all-digital drive systems and easy-to-swap batteries, the Taiwanese startup expanded its network to countries like Japan, India, and South Korea.
Gogoro is also actively investing in advancing mobility-related technologies. SmartGEN AI automatically optimizes the scooters, and the vehicles' onboard OS allows Gogoro to update the latest safety and efficiency features on the fly. For now, Gogoro is planning to connect with partners like Foxconn and Yamaha for better, smarter mobility in the future.
(Refer to : How Did Gogoro Go From Stealth Startup To Global Battery-Swapping Leader in A Decade?)
4. Shiok Meats
Shiok Meats is a Singaporean startup that produces cell-based seafood, including shrimp, lobster, and crab. It is also the very first of its kind in Singapore. Although the company had to endure several hardships because cell-based seafood was a relatively new business area, Shiok Meats gathered multiple investors. The Singapore-based food pioneer looks forward to launching lab-grown products in restaurants by mid-2024.
The founders emphasize that the conventional seafood industry produces more carbon emissions than expected. Although lobster and shrimp account for only 6% of the industry's total production, they represent more than 22% of the total carbon emissions. Shiok Meats pinpointed this issue with cellular technology, which will be helpful for both environment friendliness and minimizing animal cruelty.
The startup's prospects are also promising since Asian countries consume more seafood than the rest of the world. The high-tech food startup also gained momentum for growth by merging with Umami Bioworks, another market leader in Singapore. Based on the merger, Shiok Meats is making its way to produce sellable cultivated seafood and expedite the legal process for entering the food and business market.
(Refer to : Navigating Challenges in Deep Tech: Umami Bioworks' Journey in Cellular Agriculture)
5. Challenergy
Challenergy is one of many startups developing energy-generating wind turbines. What makes the Japanese company exceptional is its world’s first typhoon-proof design. Since 2014, the startup has been invested in developing noise-reduced, more efficient turbines. The result is Magnus Technology, an exclusive alternative energy tech that allows the generators to operate even in extreme weather conditions.
Atsushi Shimizu, CEO of Challenergy, realized the need for a safer, reliable energy source during the Fukushima nuclear disaster. He pledged to contribute to helping his country shift to eco-friendly energy. The founder’s dedication resulted in 10-kW generators in Okinawa, Japan, and Batanes, Philippines. Atsushi also ensured that Challenergy’s products minimize the risk of harming wildlife with a slow-rotating, weather-proof design.
The next-gen wind turbine producer has raised more than 8.3 million USD in investments. Challenergy aims to commercialize its turbines by 2025 while introducing an off-shore variant that can be installed in regions like the Americas, East Africa, and the Pacific.
(Refer to : Challenergy, a developer of next-generation wind turbines in Japan, raised $8.3M )
6. Fairatmos
Fairatmos is an Indonesia-based startup with an ambitious slogan: to be the ‘steam engine’ in transitioning from the Industrial Revolution to the carbon-neutral economy.
The startup is trying to democratize access to the carbon emission market for local developers and individuals alike. Fairatmos provides three solutions: a carbon credit report creator, a comprehensive digital monitoring system, and a carbon offset trading platform.
Based on the founders’ expertise, Fairatmos has gathered over 40 clients in less than a year since its launch. The company was also selected as the official partner for the carbon-neutral initiative, a part of the official G20 forum. These achievements were possible thanks to its pre-feasibility platform, which measures the user’s carbon emission in less than a week. Previous solutions with the same features needed more than 60 days.
Fairatmos sees Indonesia as a land of opportunity. With more than 126 million hectares of forest, the potential for its carbon market is enormous. The revolutionary startup tries to connect this possibility with more users through its easy-to-use and efficient services.
(Refer to : Climate Technology Startup "Fairatmos" Receives Initial Funding of 69 Billion RupiahCarbon technology platform, Fairatmos, raises US$4.5 million in seed round )
7. Carbonstop
The international carbon accounting standards state “no quantitative, no management.” This means companies are required to keep track of their pollutant emissions accurately. Carbonstop is one of the earliest startups to focus on this topic in China. Since 2011, Carbonstop has provided B2B carbon emissions solutions such as pollutant management, carbon neutrality goal setting, and carbon accounting.
Carbonstop has shown steady and remarkable growth, especially during the global pandemic. This was possible due to more than ten years of dedication to the company’s profession. Carbonstop developed its carbon neutrality methodology and one of the largest emission-related databases. Its clients include several global companies, such as Alibaba, Baidu, and Starbucks.
The Chinese pioneer also plans to expand its service to daily life. Its latest mobile app, Walk & Win, allows users to track their steps. Carbonstop is utilizing this solution to incentivize its employees by providing gifts and vouchers to members with the highest average step logs. Carbonstop is looking forward to expanding its marketing and consulting based on the latest Round-B investment worth 14.8 million USD.
(Refer to : Beijing-based Carbonstop raises USD 14.82 million in Series B funding)
Written by Jinsoo Choi
*Read the other articles and delve into the landscape of rising startups in the Asia region!
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