JULYASIA BUSINESS OUTLOOK8WORLD BANK SANCTIONS ENERGY PROJECT IN INDONESIA BY INVESTING $500 MILLIONENERGY STORAGE PROVIDER AMPD SECURES $8 MILLION IN SERIES A FUNDING EYEING GLOBAL EXPANSIONWorld Bank Sanctions Energy Project In Indonesia by Investing $500 Million according to the World Bank, the plan would link around 2 million people to the electrical grid, stimulate solar power investment, and assist Indonesia's national utility Perusahaan Listrik Negara (PLN) in improving its capacity to manage energy transition.The World Bank, the private sector, and PLN will co-fund it, as will the Canada Clean Energy and Forest Climate Facility and the Clean Technology Fund.The project "will mobilise private sector finance for Indonesia's energy transition and assist communities in adapting to climate change," said Manuela V. Ferro, World Bank Vice President for East Asia and the PacificIndonesia, which relies on coal for the majority of its electricity, plans to reduce emissions by 32 percent by 2030 and achieve net-zero emissions by 2060. Energy Storage Provider Ampd Secures $8 Million In Series A Funding Eyeing Global ExpansionMTR Lab Company Limited (MTR Lab) has teamed with technology investors 2150 and Taronga Ventures to co-invest in Ampd, according to a statement issued by Ampd on Tuesday.This collaboration, according to the release, intends to accelerate Ampd's growth and alter the international construction industry with its all-electric replacement for diesel generators, advancing carbon neutrality targets and boosting sector sustainability.The money will also help Ampd Energy expand into the markets of the United Arab Emirates and the United States this year, while also reinforcing its presence in Australia and the United Kingdom.Ampd received Series A funding sponsored by 2150 and Taronga Ventures in 2021, paving the way for its meteoric rise.Ampd expanded to Singapore in 2021 and will enter the Australian and United Kingdom markets in 2022, building on its successful momentum."This co-investment validates the importance of our energy storage solutions, empowers us to accelerate our expansion plans, and supports our research and development (R&D) work on new solutions," said Brandon Ng, Co-Founder and Chief Executive Officer of Ampd.According to him, the company is in the final phases of developing a new hypermobile product built for everyday movement to fulfil the needs of customers in mobile worksites such as infrastructure projects."With the combined expertise and resources of our partners, we are confident in our ability to create a sustainable impact in the construction industry," he added.Founded in 2014, Ampd is a firm involved in manufacturing energy storage systems for construction sites. NEWSROOM
< Page 7 | Page 9 >