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REDEX, a Singapore-based renewable energy certificates (RECs) trading platform, has been chosen as the exclusive partner to Malaysia’s utility firm Tenaga Nasional Berhad (TNB)’s wholly-owned subsidiary TNBX. This partnership aims to develop the Malaysia Green Attribute Trading System (mGATS) into the leading digital trading platform for Malaysia Renewable Energy Certificates (mREC).
In a statement on May 20, REDEX announced that the upgraded platform will offer businesses a convenient way to meet their renewable energy commitments and accelerate Malaysia's move towards a sustainable energy future.
Launched five years ago as an information hub on RECs, the revamped mGATS will use REDEX’s advanced technological solutions to support live trading and auctions, offering price transparency for mREC acquisitions.
“REDEX is honored to be chosen by TNBX as a partner for the development of mGATS into a premier digital trading platform for the Malaysian market," said REDEX Founder and CEO Kang Jen Wee.
"We are excited to be part of the country’s journey to create a sustainable future for current and future generations.” He said that this collaboration deepens REDEX's presence in Malaysia and showcases its innovative technological solutions to the broader REC industry.
“It also paves the way for deploying similar proven solutions in other countries. Utilizing our expertise and experience, REDEX will work closely with TNBX to enable more renewable electricity certification in Malaysia.”
TNBX Managing Director Mohd Razif Abd Halim said, “The revamped mGATS is a significant step forward in Malaysia’s journey towards a low-carbon energy future.” He emphasized that this initiative aligns with the National Energy Transition Roadmap (NETR) and will support Malaysia’s goal of achieving net zero carbon emissions by 2050.
“We are pleased to have REDEX, an experienced REC solution provider, as our exclusive partner, and we look forward to working with REDEX to develop a world-class platform for Malaysian corporate and industrial entities to use.”
He also noted that TNBX will continue to offer practical and user-friendly renewable energy solutions to its valued customers and the Malaysian market.
REDEX provides innovative technological solutions that enable companies to easily adopt renewable energy. Established in 2018, REDEX is one of the early players in the REC sector in Asia and operates Asia’s leading trading platform for RECs. It offers a comprehensive ecosystem for RECs, supporting clients through the entire REC lifecycle – from asset registration and verification to marketplace and retirement.
REDEX raised $10 million in a Series A funding round last October, led by Aramco Ventures, a subsidiary of Saudi Aramco, marking one of its initial investments in the region. Additional investors from the Middle East, Southeast Asia, and Japan also participated.
With the new funding, REDEX aims to accelerate the global transition towards renewable energy, expand its operations beyond Asia, and continue enhancing the efficiency and digitalization of REC issuance and trading.
TNBX, a one-stop mREC solutions provider for Malaysian consumers and businesses, aims to deliver value propositions via smart and innovative solutions, particularly in renewable energy and energy efficiency. It offers comprehensive solutions including supply agreements for renewable energy, mREC, and electric vehicle charging platforms.
Source：：TNGlobal、AsiaTechDaily、REDEX
