Climate change startup FlexBase International has closed a six-figure AngelList placement from leading Silicon Valley VCs. They join Singapore-based OSS Group in funding innovative new solutions to climate change.
SINGAPORE, July 19, 2022 /PRNewswire-PRWeb/ -- Singapore-based climate change company FlexBase International has closed a six-figure placement on the investment platform AngelList. The placement was backed by notable investors and entrepreneurs, among them Patri Friedman, GP of Pronomos Capital and Miles Albert, a deeptech serial entrepreneur and angel investor.
FlexBase International, which has roots in the Netherlands and Singapore, develops and deploys foundations for amphibious and floating structures. It uses a proprietary expanded polystyrene (EPS) and concrete hybrid. Proceeds from the placement on AngelList will finance working capital needs, talent acquisition, research & development, strategic business development, as well as pilot projects.
This proprietary EPS-concrete hybrid allows for a 25% to 40% cost reduction than when compared to structures built using marine steel. It also comes with significant reductions in lifecycle costs and carbon footprint. This is due to the lower maintenance requirements and reduction in the use of steel and concrete. Besides the EPS being recyclable, structures built with the material are virtually unsinkable. This is due to the high buoyancy of the hybrid EPS-concrete foundation.
Commenting on his personal investment in the firm, Friedman said, "FlexBase's technology is proven and has been used in sites across the Netherlands, Philippines, Bangladesh and Bahrain. Given the economic potential that such tech has to enable marine urbanisation at scale and in a sustainable, affordable way, I see it really moving the needle on urban resilience for coastal communities."
Co-investor Albert adds, "My investment in FlexBase was motivated by a keen interest in its potential for industrial and energy applications. With the threat posed to infrastructure along the coast by rising seas, FlexBase and its unique approach to floating construction represents a robust approach."
These Silicon Valley investors join Singapore-based Oilfield Services & Supplies (OSS Group), an oil & gas firm with a pan-Asian footprint, in backing the company. Currently, FlexBase is in ongoing discussions with investors in the US, Japan and Singapore. This is part of a growing interest in the development of water space as a means to make urban areas more resilient to climate change. The company also counts Inderjit Singh Dhaliwal, President of the World Business Angel Investment Forum (WBAF) Global Startup Committee and a former Singapore parliamentarian, as a senior advisor.
With sights on growing its Indo-Asia Pacific (Indo-APAC) footprint, FlexBase International intends to establish showcase projects in the city-state. It is also exploring projects in Singapore, Thailand, Vietnam, India and Australia. Jan Willem Roël, co-founder and chief technologist at FlexBase International, was a key contributor to the development of NTA 8111:2011, Dutch regulations which govern specifications, determination methods and conditions for floating construction in the Netherlands.
Speaking on the latest capital injection and future development plans, Roël said, "We've attracted a constellation of notable angel investors with a strong conviction in how we tackle the challenge of rising seas. What was once a Dutch problem of adapting to the water is now a global problem. Our solution will enable marine urbanisation and the use of water estate in a sustainable and affordable manner. We look forward to cooperating with our capital partners in building for the future!"
Media Contact
Shiwen Yap, FlexBase International, 65 87485571, [email protected]
Jan Willem Roel, FlexBase International, 651202933, [email protected]
SOURCE FlexBase International
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