InnoCSR Secures New Investment from ADB Ventures, Garden Impact Fund, and Clarion Newlife Capital to Advance Green Non-Fired Brick Manufacturing in South Asia
KATHMANDU, Nepal and SEOUL, South Korea, Feb. 21, 2024 /PRNewswire/ -- InnoCSR, at the forefront of sustainable construction innovation, 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. 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.
South Asia alone is home to nearly a quarter of total global fired brick production. Being one of Nepal's main industries, brick production burns nearly 1 million tons of coal annually, accounting for 37% of the country's total CO2 emissions, significantly impacting the environmental health of the Himalayas.
As InnoCSR's flagship technology, 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, Good Bricks System not only maintains cost competitiveness but also significantly enhances their productivity. 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," said Arsalan Farooquee from ADB Ventures.
"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."
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, Good Bricks System is scheduled to launch in India and Pakistan in early 2024.
About InnoCSR
Since its inception in 2008, InnoCSR has been working with multinational corporations, governments, and global NGOs across Asia, to find and transfer technologies that create positive social, environmental, and financial impact. InnoCSR has come to crystallize its efforts into a proprietary technology called Good Bricks System, which offers a revolutionary way for the construction industry to boost productivity while mitigating harmful environmental impact. The Good Bricks System uses a special soil stabilizer material technology to produce strong, global standard quality bricks. The technology reduces production time by up to 80% while cutting greenhouse gas emissions as it does not require burning.
The advantages InnoCSR offers in terms of cost, labor intensity and the environment, have gained increasing recognition from international organizations and investors. InnoCSR's Good Bricks System is already being used in Nepal and aims to expand into Pakistan and India in early 2024.
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