Singapore-based Fullerton Fund Management announced Wednesday that the Fullerton Carbon Action Fund has successfully completed an investment in Pyro Energie, Thailand’s recycler of end-of-life tires.

The investment represents the Fund’s second deployment and its first in Southeast Asia, advancing its strategy of partnering with established, market-leading businesses that
combine strong financials with scalable decarbonization outcomes across Southeast Asia and India, Fullerton said in a statement.

Proceeds from the investment will support Pyro Energie’s expansion into higher-value, premium-grade products.

Through the construction of a new production facility, Pyro Energie can enhance product quality, broaden end-market applications, and strengthen long-term earnings visibility.

The Fullerton Carbon Action Fund focuses on mid-market leaders operating in transition- critical sectors including industrials and manufacturing, circular economy, energy, and mobility.

The fund prioritizes companies with proven operating histories, defensible competitive positioning, and clear value-creation pathways, while avoiding early-stage technologies and capital-intensive infrastructure projects.

Founded in 2016, Pyro Energie operates commercial-scale pyrolysis facilities that convert waste tires into pyrolysis oil, recovered carbon black, and wire scrap.

Today, the company has established itself as a market leader in Thailand’s end-of-life tire recycling sector, boasting an annual capacity of over 40 million liters of pyrolysis oil and over 30 million tons of recovered carbon black.

Its leadership position is supported by technical expertise, operating scale, and long-standing relationships with customers and partners.

Structural demand is further driven by global tire manufacturers, chemical companies, and policymakers accelerating adoption of circular-economy solutions and recycled feedstocks.

“We look forward to working with Pyro Energie following the investment. The company is a market-leading business with strong operating fundamentals, defensible positioning, and a clear role in enabling industrial decarbonization,

“Our engagement to date has been grounded in partnership — engaging constructively on the company’s operating model and sustainability priorities and building trust through a disciplined and collaborative approach. This reflects how we invest and support companies over the long term,” said Anisa Keeratiworanan, Director, Alternatives, Fullerton Fund Management and Investment Lead for the Fullerton Carbon Action Fund.

Peerapon Ourapeepon, Founder and Chief Executive Officer of Pyro Energie said even before the investment, the Fullerton team engaged with them – offering useful perspectives,
showing clear alignment with their sustainability priorities and values, and engaging tehm through a collaborative and considered approach.

“This gives us confidence as we work together to scale the business responsibly and focus on long-term value,” he added.

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