Temasek-linked Fullerton Fund Management said it has completed an investment in Pyro Energie, a Thailand-based recycler of end-of-life tires, marking its first climate fund investment in Southeast Asia.
The investment by the Fullerton Carbon Action Fund is the vehicle’s second deployment overall. Fullerton did disclose financial terms.
Pyro Energie, founded in 2016, operates commercial-scale pyrolysis facilities that process end-of-life tyres into pyrolysis oil, recovered carbon black, and wire scrap, per the announcement.
Fullerton said the company is a market leader in Thailand’s tyre recycling sector and has an annual capacity of more than 40 million litres of pyrolysis oil and over 30 million tonnes of recovered carbon black.
The asset manager said the proceeds will support Pyro Energie’s push into higher-value, premium-grade products, including the construction of a new production facility aimed at improving product quality, expanding end-market applications, and strengthening long-term earnings visibility.
Anisa Keeratiworanan, director for alternatives at Fullerton and investment lead for the fund, said Pyro Energie had “strong operating fundamentals” and a role in enabling industrial decarbonisation, adding that Fullerton’s work with portfolio companies is structured as a long-term partnership.
Pyro Energie founder and chief executive Peerapon Ourapeepon said the fund will become its first institutional investor, and described Fullerton’s engagement as collaborative and aligned with the company’s sustainability priorities.
Last December, Fullerton rolled out its first retail fund under the Equity Market Development Programme of the Monetary Authority of Singapore.
Fullerton said its Carbon Action Fund targets mid-market leaders in transition-critical sectors such as industrials and manufacturing, circular economy, energy and mobility, and avoids early-stage technologies and capital-intensive infrastructure projects
The fund invests across emerging Asia, including Southeast Asia and India, and focuses on established companies with defensible competitive positions and clear value-creation pathways, Fullerton said.
Fullerton is part of Seviora, a Singapore-based asset management group established by Temasek, and manages assets across public and private markets.
