First investment in Southeast Asia backing a market-leading circular-economy business
with scaled operations and strong decarbonisation impact.
SINGAPORE, 4 February 2026 – 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.
Anisa Keeratiworanan, Director, Alternatives, Fullerton Fund Management and Investment
Lead for the Fullerton Carbon Action Fund said: “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 said: “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.”
About the 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 avoids 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.
About 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.
For more information, please visit www.fullertonfund.com