Global energy giant Engie pulling out of startups in Singapore and the region

[SINGAPORE] French multinational energy giant Engie has moved to sell its startup stakes in Singapore and the region.

The Paris and London-listed company has extended an offer to its partner investors to buy all its interests in the startups held via venture arm Engie Factory in Apac (EFAP). Alternatively, the group may also divest EFAP in its entirety.

A source told The Business Times on Wednesday (Jan 21) that the move could impact several early-stage technology companies in the region, including Table Pointer and Get Solar in Singapore, and Verta Bioenergy in the Philippines.

An e-mail on Jan 15 seen by BT from Caroline Guyot, managing director of Engie Factory, noted that all founders and existing investors have the option to purchase the shares, and convertible notes or simple agreement for future equity, which EFAP currently holds in their ventures.

These parties have from Jan 21 until 12pm on Feb 16, 2026, to submit their bids to EFAP, after which its board will “assess whether to continue with the sale of EFAP as a whole, or to sell the shares EFAP holds in each individual venture”.

EFAP had set fixed parameters for the bid – in cash and/or an earn-out mechanism. It said it would not accept variations or amendments to these considerations.

The move has caused disquiet among various investors, BT has found, given that losing a big-name investor often has a negative impact on startups.

In addition, the shareholding structure and balance of power will change. The divestments – if successful – will result in “Engie Factory’s shares in each company being auctioned off to other investors”, a source said.

The effective shuttering of EFAP may also cause job losses across the team in Singapore. However, the Jan 15 e-mail cited “some employee continuation”. The company is believed to have 10 staff in the Republic.

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EFAP’s restructuring has been underway for some time, another source familiar with the matter confirmed with BT.

The firm’s office in Golden Agri Plaza at Pasir Panjang was quiet and generally empty as at 4.30 pm on Wednesday, upon BT’s visit to the site.

A company representative told BT on-site that no layoffs within EFAP have been conducted yet, and that a formal statement from Engie and EFAP on the matter will be released soon.

Founded in 2018, the Apac unit was launched by Engie Group to nurture independent and scalable startups that will accelerate the energy transition.

The parent company itself – which has multiple listings with a current market capitalisation of over 55 billion euros (S$82.6 billion) – touts itself as a major player in energy transition straddling thermal, wind and solar energy.