Singapore $43 Billion Fullerton Fund Management (Fullerton Carbon Action Fund) Invests in Thailand Leading Recycle of End-of-Life Tires Company Pyro Energie (Founded in 2016), Fullerton Carbon Action Fund Invests in Manufacturing, Industrials, Energy & Electric Vehicles / Mobility Sectors
4th February | Hong Kong
Singapore asset manager Fullerton Fund Management ($43 billion AUM) has announced investment via the Fullerton Carbon Action Fund in Thailand leading recycle of end-of-life tires company Pyro Energie (Founded in 2016). Fullerton Carbon Action Fund invests in manufacturing, industrials, energy & electric vehicles / mobility sectors. Announcement (4/2/26): “Fullerton Fund Management (“Fullerton”) announced that the Fullerton Carbon Action Fund (the “Fund”) has successfully completed an investment in Pyro Energie Thailand’s leading 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 decarbonisation outcomes across Southeast Asia and India. 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 prioritises 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 black1. 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. 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.”
“ Singapore $43 Billion Fullerton Fund Management (Fullerton Carbon Action Fund) Invests in Thailand Leading Recycle of End-of-Life Tires Company Pyro Energie (Founded in 2016), Fullerton Carbon Action Fund Invests in Manufacturing, Industrials, Energy & Electric Vehicles / Mobility Sectors “
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Anisa Keeratiworanan, Director, Alternatives, Fullerton Fund Management and Investment Lead for the Fullerton Carbon Action Fund: “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 decarbonisation. 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.”
Peerapon Ourapeepon, Founder and Chief Executive Officer of Pyro Energie: “We are pleased to welcome the Fullerton Carbon Action Fund as our first institutional investor. Even before the investment, the Fullerton team engaged with us – offering useful perspectives, showing clear alignment with our sustainability priorities and values, and engaging us 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.”
Fullerton Carbon Action Fund – The Fullerton Carbon Action Fund captures the substantial climate market opportunity in Emerging Asia by investing in companies at the forefront of accelerating decarbonisation in the region. It invests in market leading businesses in the rapidly growing manufacturing, industrials, energy, and electric vehicles/mobility sectors and seeks established, profitable and robust cash flow businesses, and avoid earlier stage venture capital investments as well as infrastructure related deals. These target companies have lower inherent downside risks and are well-positioned to deliver attractive financial returns over the long-term. The Fund is managed by Fullerton’s seasoned Alternatives team, who have an average of 13 years industry experience. The investment approach is underpinned by a proprietary sustainability management framework that seeks to drive significant decarbonisation outcomes in portfolio companies.
Fullerton Fund Management – Fullerton Fund Management Company Ltd (“Fullerton”) is an active investment specialist, focused on optimising investment outcomes and enhancing investor experience. We help clients, including government entities, sovereign wealth funds, pension plans, insurance companies, private wealth and retail, from the region and beyond, to achieve their investment objectives through our suite of solutions. Our expertise encompasses equities, fixed income, multi-asset, alternatives and treasury management, across public and private markets. As an active manager, we place strong emphasis on performance, risk management and investment insights. Incorporated in 2003, Fullerton is headquartered in Singapore, and has associated offices in Shanghai, Jakarta and Brunei. Fullerton is part of a multi-asset management group, Seviora, a holding company established by Temasek. Income Insurance, one of Singapore’s leading insurers, is a minority shareholder of Fullerton.
Singapore $43 Billion Fullerton Fund Management (Fullerton Carbon Action Fund) Invests in Thailand Leading Recycle of End-of-Life Tires Company Pyro Energie (Founded in 2016), Fullerton Carbon Action Fund Invests in Manufacturing, Industrials, Energy & Electric Vehicles / Mobility Sectors
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