South Korea’s green energy firm InnoCSR has secured a substantial investment for its technology, Good Bricks System, through a successful Series A funding round.

This new investment comes from ADB Ventures, along with support from Singapore-based Garden Impact Fund and Clarion Newlife Capital, InnoCSR said in a statement on Wednesday.

According to the statement, the funds will be instrumental in accelerating operations and driving the widespread adoption of the Good Bricks System across Nepal and the rest of Asia.

This strategic investment marks a pivotal moment in Good Bricks System’s quest to revolutionize the traditional brick manufacturing industry with its non-fired, clean brick-making technology, significantly reducing the environmental, economic, and health impacts caused by the manufacturing of traditional fired bricks.

InnoCSR said South Asia alone is home to nearly a quarter of total global fired brick production.

It said that being one of Nepal’s main industries, brick production burns nearly 1 million tons of coal annually, accounting for 37 percent of the country’s total carbon dioxide emissions, significantly impacting the environmental health of the Himalayas.

As its flagship technology, InnoCSR said Good Bricks System offers a holistic solution to developing high-quality, durable non-fired bricks without harming the environment.

By collaborating directly with existing and future brick kiln owners, it said Good Bricks System not only maintains cost competitiveness but also significantly enhances their productivity.

It said this approach addresses industry challenges head-on, showcasing the Good Bricks System’s multifaceted impact, something its new investors highly value.

“The Good Bricks System is poised to disrupt South Asia’s carbon-intensive brick manufacturing industry, which heavily relies on decades-old processes and technology,

“With ADB’s extensive infrastructure operations in the region, there is a strong synergy that can be leveraged to support the deployment of impactful tech solutions like the Good Bricks System at scale,” said Arsalan Farooquee from ADB Ventures.

According to the statement, this new investment from Garden Impact Fund, Clarion Newlife Capital, and ADB Ventures, will be instrumental in expanding the reach of the Good Bricks System across Nepal and other parts of Asia, fostering a shift towards greener practices within the construction sector.

“We are thrilled to receive this investment. It not only reaffirms the positive impact of Good Bricks System but it also propels us closer to our vision of transforming the brick manufacturing industry which has lacked innovation,” said InnoCSR Chief Executive Officer, Sam Yoonsuk Lee.

Already making strides in Nepal, InnoCSR said Good Bricks System is scheduled to launch in India and Pakistan in early 2024.

Since its inception in 2008, InnoCSR has been working with multinational corporations, governments, and global non-governmental organizations (NGOs) across Asia, to find and transfer technologies that create positive social, environmental, and financial impact.

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