InnoCSR Secures Investment for Advancing Eco-Friendly Brick Manufacturing in South Asia from ADB Ventures, Garden Impact Fund, and Clarion Newlife Capital
InnoCSR, leading the charge in sustainable construction innovation, has successfully secured a substantial investment for its groundbreaking technology, the Good Bricks System, through a Series A funding round. This infusion of capital comes from ADB Ventures, supported by Singapore-based Garden Impact Fund and Clarion Newlife Capital, and is poised to propel operations forward, facilitating widespread adoption of the Good Bricks System throughout Nepal and across Asia.
This strategic investment signifies a pivotal moment for the Good Bricks System, as it endeavors to transform the traditional brick manufacturing industry with its environmentally-friendly, non-fired brick-making technology. This innovation promises to significantly mitigate the environmental, economic, and health ramifications associated with conventional fired brick production.
In South Asia, which accounts for nearly a quarter of global fired brick production, brick manufacturing is a major industry in Nepal, burning close to 1 million tons of coal annually and contributing to 37 percent of the country’s total CO2 emissions, thereby adversely affecting the environmental health of the Himalayas.
As the flagship technology of InnoCSR, the Good Bricks System provides a comprehensive solution for producing high-quality, durable non-fired bricks without compromising environmental integrity. Through direct collaboration with existing and future brick kiln owners, the Good Bricks System not only maintains cost competitiveness but also substantially enhances productivity. This approach directly tackles industry challenges, demonstrating the multifaceted impact of the Good Bricks System, a quality highly esteemed by its new investors.
“With ADB’s extensive infrastructure operations in the region, there exists a strong synergy that can be harnessed to bolster the deployment of impactful technological solutions like the Good Bricks System on a large scale.”
The infusion of capital from Garden Impact Fund, Clarion Newlife Capital, and ADB Ventures will play a pivotal role in extending the reach of the Good Bricks System across Nepal and various other parts of Asia, facilitating a transition towards more sustainable practices within the construction sector.
“We are delighted to receive this investment. It not only validates the positive impact of the Good Bricks System but also brings us closer to realizing our vision of revolutionizing the brick manufacturing industry, which has been lacking in innovation,” remarked InnoCSR’s Chief Executive Officer, Sam Yoonsuk Lee.
With significant progress already underway in Nepal, the Good Bricks System is set to launch in India and Pakistan in early 2024, further solidifying its footprint in the region.
