Sun Electric

About Sun Electric

Sun Electric marked its presence in Singapore's energy sector as the nation's first fully licensed solar energy retail company. Founded in 2013 by Dr. Matthew Peloso, the company aimed to address the challenges of solar energy adoption in dense urban environments. Dr. Peloso, who previously consulted for technology businesses and had a background in patent law and quantum communications, started the company after identifying a gap in the market for accessible solar energy solutions.

The core of Sun Electric's business was a decentralized power trading platform called SolarSpace™. This platform connected owners of underutilized rooftops with consumers who wanted to purchase clean energy but lacked the space for solar panel installations. Through SolarSpace™, property owners could generate solar power and sell it to other users connected to the city's power grid, with the platform tracking energy production and consumption in real-time. This model effectively created a marketplace, allowing businesses and smaller energy consumers to buy solar power, which was often priced at a discount of up to 15% compared to conventional electricity. Revenue was generated by bridging this gap between producers and consumers and through various clean energy packages like SolarFLEX, SolarLITE, and SolarPEAK that offered discounts and carbon credits.

The company's primary clients included property owners who provided rooftop space and electricity consumers, particularly small and medium-sized enterprises (SMEs), who purchased the clean energy. Sun Electric also collaborated with government agencies like JTC Corporation to install solar panels on industrial buildings. A significant milestone was a contract to install up to 5 MWp of solar arrays on 27 JTC buildings. In 2019, the company secured a major investment of up to $100 million from Hector Capital and Agritrade International to expand its project pipeline, which at the time exceeded 80 MW. However, despite its early successes and ambitious expansion plans into markets like the US and Japan, Sun Electric faced significant financial and legal challenges. The company entered into liquidation in 2020 due to insolvency, following disputes with creditors and legal proceedings.