新加坡——当康纳·马迪根在考虑将把废弃碳原料转化为可持续航空燃料和船用燃料的初创企业设在何处时，一次会议让他的思路更加明确。
SINGAPORE -- When Conor Madigan was debating where to establish his startup that converts waste carbon feedstocks into sustainable aviation and marine fuels, he had a meeting that focused his thinking.
会见对象是Xora Innovation的菲尔·伊纳加基，这是一家总部设在新加坡的早期风险投资公司，由该城邦的主权财富基金淡马锡支持。
It was with Phil Inagaki of Xora Innovation, an early-stage venture capital company based in Singapore backed by Temasek, the city-state's sovereign wealth fund.
与一位愿以耐心、长远眼光投资的投资人合作的前景，让这个东南亚国家对马迪根更具吸引力。
The prospect of working with an investor willing to take a patient, long-term view made the Southeast Asian nation more attractive to Madigan.
“我当然本可以只专注于硅谷的投资人网络，”他对《日经亚洲》表示。
"I certainly could have focused on just the Silicon Valley investor network," he told Nikkei Asia.
“但我被说服了，决定是的，让我们一起做这件事，”他说，并补充道，该城邦的人才聚集和对试点项目的支持也是关键因素。“这里已成为开发和展示创新新技术的绝佳之地。”
"But I was persuaded, and I decided, yes, let's do this together," he said, adding that the city-state's concentration of talent and support for pilot projects were also key factors. "It has become a great place to develop and demonstrate innovative new tech."
Aether Fuels从Xora Innovation获得种子资金，并于2024年在A轮融资中从全球投资人财团筹集了3400万美元。
Aether Fuels secured seed funding from Xora Innovation and raised $34 million from a syndicate of global investors in a series A financing round in 2024.
随后在2025年12月，公司为其首座商业规模可持续航空燃料（SAF）工厂又筹集了1500万美元。预计今年开工建设，目标是2028年实现商业运营。
Then, in December 2025, the company raised an additional $15 million for its first commercial-scale sustainable aviation fuel (SAF) plant. Construction is expected to begin this year and commercial operations are targeted for 2028.
其发展只是新加坡吸引气候相关初创企业的一个例子，新加坡正致力于成为领先的绿色经济体。
Its development is just one example of how Singapore is attracting climate-related startups as it pursues its ambition to become a leading green economy.
Aether Fuels创始人康纳·马迪根选择新加坡作为业务运营和融资基地，理由是该城邦政府关联投资者的长远眼光。
Conor Madigan, founder of Aether Fuels, chose Singapore as a base for both business operations and fundraising, citing the long-term outlook of the city-state's government linked investors.
政府设定了目标，要求从2027年起，从新加坡机场起飞的航班必须使用1%的可持续航空燃料（SAF）混合燃料，目标是到2030年将这一比例提高至3%至5%。其他目标包括到2030年安装至少2吉瓦的太阳能发电能力，足以每年为大约35万户家庭供电；并在本世纪末前在全国范围内推广6万个电动汽车充电桩，以支持向更清洁交通方式的转变。
The government has set a target of requiring a 1% SAF blend for flights departing from Singapore's airports from 2027, with the goal of increasing the proportion to between 3% and 5% by 2030. Other goals include installing at least 2 gigawatts of solar power by 2030, enough to supply electricity to about 350,000 households each year, and to roll out 60,000 electric vehicle charging points nationwide by the end of the decade to support the shift to cleaner transportation.
根据总部位于班加罗尔的市场情报提供商Tracxn的数据，自2020年以来，新加坡已吸引13亿美元的气候技术融资，占东南亚地区总融资额的约80%。印度尼西亚排名第二，融资额为1.66亿美元；越南排名第三，融资额为5400万美元。
The nation has attracted $1.3 billion in climate tech funding since 2020, accounting for about 80% of the total raised in Southeast Asia, according to Tracxn, a Bengaluru-based market intelligence provider. Indonesia ranked second with $166 million, followed by Vietnam with $54 million.
Tracxn的董事长兼总经理Neha Singh表示，东南亚的气候技术融资在2022年达到超过4亿美元的峰值后，已稳定在每年2亿至2.5亿美元之间。这一下降趋势反映了全球气候技术投资的更广泛趋势。
Neha Singh, Tracxn's chair and managing director, said climate tech funding in Southeast Asia has stabilized at between $200 million and $250 million annually after peaking at more than $400 million in 2022. The decline mirrors a broader global trend in climate tech investment.
东南亚初创企业投资的长期放缓主要受高利率驱动，但目前正出现缓解迹象。DealStreet Asia和Kickstart Ventures的研究显示，今年上半年，风险投资支持的公司通过股权融资筹集了72.5亿美元，这是自2022年以来的最高总额。尽管这一数据受到一次大额融资的影响——DayOne数据中心融资了45亿美元——但剔除该笔交易后，融资总额仍比2025年同期高出40%。
prolonged slowdown in Southeast Asian startup investment, driven largely by higher interest rates, is showing signs of easing. According to research by DealStreet Asia and Kickstart Ventures, venture-backed companies raised $7.25 billion in equity funding in the first half of the year, the highest total since 2022. While this was skewed by one large capital raise -- $4.5 billion by DayOne Data Centers -- the total without this deal was still 40% higher than the same period of 2025.
Singh表示，政府的举措继续支撑着投资者对气候技术的兴趣。
Singh said government initiatives continue to underpin investor interest in climate tech.
“显然，这将得到需求的支持，”她说，并补充称，伊朗-美国冲突引发的能源安全担忧，加上替代技术成本的下降，也在刺激该地区的气候技术投资。
"Obviously, it is going to be supported by demand," she said, adding that energy security concerns arising from the Iran-U.S. conflict, combined with the falling cost of alternative technologies, are also stimulating regional climate tech investment.
根据Tracxn的数据，该地区融资最多的五个气候技术子行业是能源效率、空气污染管理、固体废弃物管理、智能电网和可再生能源。
The five most-funded climate tech subsectors in the region are energy efficiency, air pollution management, solid waste management, smart grids and renewable energy, according to Tracxn.
推动气候技术投资的政府机构和国有关联机构包括GIC——该国另一只主要的主权财富基金。与淡马锡类似，GIC认为气候、能源及相关基础设施具有吸引力的长期投资机遇。
Among the government agencies and state-linked institutions pushing climate tech investment is GIC, the state's other major sovereign wealth fund. Like Temasek, it views climate, energy and related infrastructure as attractive long-term investment opportunities.
GIC首席投资官杨伟明（Bryan Yeo）对《日经亚洲》表示，该基金计划继续增加其风险资本投资，特别是在气候、能源和基础设施领域。GIC在旧金山和亚洲各地设有技术投资团队，专注于寻找新兴增长型公司的机遇。
Bryan Yeo, GIC's chief investment officer, told Nikkei Asia that the fund plans to continue increasing its venture capital investments, particularly in climate, energy and infrastructure. GIC has technology investment teams based in San Francisco and across Asia that seek opportunities in emerging growth companies.
他表示：“如今许多国家正因能源安全、能源韧性以及人工智能带来的能源需求增长，而寻求升级现有基础设施或建设新基础设施。”他补充道：“这可能是输电、电网或公用事业类基础设施。”他进一步指出，此类资产不仅能够获得高于通胀的回报，还能受益于能源转型和人工智能快速扩张所带来的长期需求。
"Many countries today are looking to either upgrade existing infrastructure or build new infrastructure because of energy security, energy resilience and the growing demand for energy from AI," he said. "This can be power transmission, power grids or utility-type infrastructure." He added that such assets can generate returns well above inflation while benefiting from long-term demand driven by the energy transition and the rapid expansion of artificial intelligence.
Aether Fuels正在新加坡开发其首个商业规模的可持续航空燃料厂，计划于2028年投入运营。
Aether Fuels is developing its first commercial-scale sustainable aviation fuel plant in Singapore, with the start of operations targeted for 2028.
7月，新加坡交易所（SGX）首席执行官罗文财（Loh Boon Chye）宣布计划提升交易所数字披露门户的功能，作为加强透明度、吸引可持续发展及气候相关企业投资的更广泛举措的一部分。
In July, Loh Boon Chye, chief executive officer of the Singapore Exchange (SGX), announced plans to enhance the capabilities of the bourse's digital disclosure portal, as part of broader efforts to strengthen transparency and attract investment into sustainability and climate-related businesses.
这些升级将为引入人工智能驱动的功能铺平道路，以分阶段支持企业准备披露、评估气候相关风险与机遇，并制定气候目标和转型计划。
The upgrades will pave the way for the phased introduction of AI-powered capabilities to support companies in preparing disclosures, assessing climate-related risks and opportunities, and developing climate targets and transition plans.
“最近的地缘政治发展显然推动了气候讨论和企业披露的进展”，洛说，并补充称，类似的冲击很可能出现以考验公司。
"Recent geopolitical developments have clearly moved the needle" on climate discussions and corporate disclosures, Loh said, adding that similar shocks are likely to emerge to test companies.
新加坡的气候技术生态系统也吸引了来自该地区其他地区的企业家。
Singapore's climate tech ecosystem has also attracted entrepreneurs from elsewhere in the region.
Alterno 公司开发的砂电池能够将太阳能和风能储存为高温热能，该公司成立于越南，其主要研发中心和生产设施仍位于该国。但它现在总部设在新加坡。与传统锂离子电池相比，其技术可以降低前期成本，同时降低火灾风险。
Alterno, which develops sand batteries that store solar and wind energy as high-temperature heat, was established in Vietnam, and its main research and development center and production facility are still in the country. But it is now headquartered in Singapore. Its technology can reduce upfront costs compared with traditional lithium-ion batteries while lowering fire risks.
联合创始人海浩表示，两地发挥互补作用，越南提供工程人才、较低的运营成本、制造能力以及直接接触工业客户的渠道，而新加坡则作为地区基地，用于融资、跨境扩张以及与新加坡国立大学等机构的合作。
Cofounder Hai Ho said the two locations play complementary roles, with Vietnam providing engineering talent, lower operating costs, manufacturing capability and direct access to industrial customers, while Singapore serves as a regional base for fundraising, cross-border expansion and partnerships with institutions like the National University of Singapore.
“越南是我们建设的地方；新加坡是世界验证我们所建成的地方”，他说。
"Vietnam is where we build; Singapore is where the world can verify what we built," he said.
该公司获得了专注于东南亚的日本投资者UntroD Capital Asia的投资，亚洲开发银行风险投资部ADB Ventures也参与其中。
The company has received funding from UntroD Capital Asia, a Southeast Asia-focused Japanese investor, with participation from ADB Ventures, the venture arm of the Asian Development Bank.
随着能源成本和能源安全问题日益突出，Alterno 正将其电池系统作为零排放供暖替代方案提供给工厂，包括百事公司等食品饮料巨头旗下的工厂。
As concerns over energy costs and energy security grow, Alterno is providing its battery systems as a zero-emission heating alternative for factories, including those operated by food and beverage giant PepsiCo.
随着中国竞争对手快速扩张并以价格激烈竞争，在越南保持成本效益高的基地已成为Alterno战略的重要组成部分。
With Chinese competitors expanding rapidly and competing aggressively on price, maintaining a cost-efficient base in Vietnam has become an essential part of Alterno's strategy.
Alterno 开发的砂电池能够将能量储存为高温热，帮助客户在与锂离子电池相比时降低前期成本。
Alterno develops sand batteries that store energy as high-temperature heat, helping customers lower upfront costs compared with lithium-ion batteries.
其他在海外成立的气候技术公司也正通过新加坡筹集资金，利用该城邦作为金融中心的地位及其政府支持的创新和初创企业生态系统。
Other overseas-founded climate tech companies are also raising capital through Singapore, leveraging the city-state's position as a financial hub and its government-backed innovation and startup ecosystem.
根据Tracxn的数据，RWDC Industries已从包括淡马锡在内的投资者处累计融资2.63亿美元。这家生物技术初创公司在美国扩大了业务规模，随后在新加坡建立了生产基地，用于生产用于消费品包装的可降解生物聚合物材料。
RWDC Industries has raised a total of $263 million from investors including Temasek, according to Tracxn. The biotechnology startup scaled up its operations in the U.S. before establishing production in Singapore for biodegradable biopolymer materials used in consumer packaged goods.
Amperesand同样在美国成立，于2025年在由淡马锡共同牵头的融资轮次中筹集了8000万美元。
Amperesand, which was also founded in the U.S., raised $80 million in 2025 in a funding round co-led by Temasek.
该公司正在为人工智能数据中心及其他工业应用开发下一代电力基础设施。它在新加坡港口开展了试点测试，支持与新加坡港口运营商和物流服务提供商PSA International的充电试点。
The company develops next-generation power infrastructure for AI data centers and other industrial applications. It has carried out pilot tests at the Port of Singapore, supporting a charging pilot with PSA International, a Singapore-based port operator and logistics services provider.
新加坡的初创企业也正在海外获得认可。上周，来自该城邦的企业在印度尼西亚举办的气候影响创新挑战赛2026中，赢得了三个类别中的两个。该赛事由印尼本土的East Ventures、Tokopedia、Traveloka、淡马锡基金会和腾讯共同组织。Tokopedia和Traveloka是印尼知名的早期科技独角兽之一。
Singaporean startups are also earning recognition overseas. Last week, businesses from the city-state won two of the three categories at Climate Impact Innovations Challenge 2026, in Indonesia, a competition organized by Indonesia-based East Ventures, Tokopedia, Traveloka, Temasek Foundation and Tencent. Tokopedia and Traveloka are among Indonesia's prominent early technology unicorns.
林康辉（Lim Kang Hui），CRecTech联合创始人兼首席执行官，居右二，于10月6日在雅加达的气候影响创新挑战赛2026能源转型板块中领取获奖牌匾。
Lim Kang Hui, second right, CRecTech co-founder and CEO, receives his winner's plaque in the energy transition section of the Climate Impact Innovations Challenge 2026 in Jakarta on Oct. 6.
CRecTech在能源转型赛道中获胜，而Blueyou则在食品和能源解决方案板块中排名第一。两家公司各自获得50亿印尼卢比（约28万美元），此外CRecTech还被选中获得腾讯提供的100万美元碳信用额度，以及来自印尼公司Sinarmas的5万美元资助。
CRecTech triumphed in the energy transition track and Blueyou came first in the food and energy solutions section. Each won 5 billion rupiah ($280,000), and CRecTech was also selected to receive $1 million in carbon credits from Tencent and $50,000 in funding from Sinarmas, an Indonesian company.
“有了这笔奖金，我们肩负着很多责任去执行，” CRecTech 联合创始人兼首席执行官林康辉对《日经亚洲》表示，“真正产生有意义、积极的影响，尤其是对印度尼西亚的经济。” CRecTech 是从新加坡国立大学分拆出来的，林康辉曾在那里学习。他解释说，在研究期间，他发现了印度尼西亚农业废弃物的潜力，这成为公司技术的起点——将棕榈油厂产生的废水所衍生的气体转化为液体生物甲醇，这种物质更易于运输。
"With this prize money, we have a lot of responsibility to execute," Lim Kang Hui, CRecTech co-founder and CEO, told Nikkei Asia, "to actually make a meaningful, positive impact, especially to Indonesia's economy." CRecTech was spun out of the National University of Singapore, where Lim studied. He explained that during his research he recognized the potential of agricultural waste in Indonesia, which became the starting point for the company's technology to convert gas derived from wastewater generated at palm oil mills into liquid biomethanol, which is easier to transport.
“对我们来说，[绿色技术] 就是要在我们希望将绿色阴霾降至零的地方产生积极影响——也就是说，从废弃物中创造价值，而不需要人们付出更多成本，” 林康辉说。
"For us, [green tech] is about making a positive impact where we want to slash that green grimness down to zero -- so essentially creating a value from waste that does not require people to pay more," Lim said.
竞赛评委之一、淡马锡基金会气候与宜居性负责人恒李朗表示，资金只是新加坡能够提供的“一个方面”。
Heng Li Lang, one of the competition judges and head of climate and livability at Temasek Foundation, said funding is "just one aspect" of what Singapore could offer.
“对整体而言重要的是，生态系统要共同协作，” 她说。“拥有创新的人——愿意测试它的人。”
"What is important for the whole is the ecosystem coming together," she said. "Those with the innovation -- those who are willing to test it."
她还说，像[印尼国有石油公司]佩尔塔米纳或新加玛斯这样的公司也扮演着重要角色，作为碳的买受方。“因此，为了让项目成功，必须让整个价值链上的各方共同参与。”
Companies such as [Indonesian state oil company] Pertamina or Sinarmas also play important roles as carbon offtakers, she said. "So it's the whole value chain of people that must come together for a project to be successful."