Kasikornbank and SUN group fund Thai solar startup Ion Energy

Kasikornbank’s subsidiary Beacon Venture Capital has collaborated with Indonesia’s Solar United Network (SUN) Group to complete a Series A funding round for Ion Energy, a solar energy startup based in Thailand. The funding round closed at US$3 million. Ion Energy offers affordable, clean energy solutions to both residential and commercial sectors within Thailand.

Beacon Venture Capital Managing Director Thanapong Na Ranong explained that since the establishment of Beacon Impact Fund in February 2023, Ion Energy is the first Thai startup to secure investment.

“The investment aims to support Ion in developing products and services to meet the needs of a wide range of customers, enabling residential users and small and medium-sized enterprises [SMEs] to access solar energy systems at affordable prices, with high standards for installation and services.”

The investment also presents an opportunity for KBank to maximise its financial product design expertise and vast SME customer base in Thailand. This would help Ion to extend its services, comprising low-cost energy access, straightforward installation, and after-sales services, through its mobile and online platforms.

More potential in technology

Thanapong further added to the statement that Beacon sees great potential in the technology being developed by Ion to facilitate the transition to solar energy for both residential and business users, paving the way for a future solar energy ecosystem. The Beacon Impact Fund seeks to invest in innovative businesses that generate positive environmental and social impacts, aligning with KBank’s policy.

Ion Energy CEO Peerakarn Manakit pointed out that as awareness about sustainable living and increased energy costs rises, the demand for solar energy solutions is growing from all user segments. Ion’s offerings include a solar monitoring and payment platform that allows businesses to track and monitor the performance of solar systems from various inverter manufacturers on a single platform.

Peerakarn revealed that the Series A funding of US$3 million from Beacon VC and SUN Group is crucial for us to expand our business, supporting growth. The funding raised will be invested in expanding our services and offerings across our business models.

SUN Group’s director, Hendy Limadi Tohan, further stated that the investment reflects SUN’s recognition of the growth potential of the Thai solar energy market. He further revealed that Ion is progressing with plans to develop an end-to-end digital customer journey through a mobile app, which would allow users to monitor and manage solar energy systems.

He also mentioned SUN’s plan to build a comprehensive clean energy platform for Thailand’s residential market through a joint venture with Ion. We aim to integrate this technology with Ion for the Thai market, he concluded, reported Bangkok Post.