Singapore’s Fullerton Fund Management through its Carbon Action Fund has completed a strategic investment in Pyro Energie, Thailand’s leading recycler of end-of-life tires, marking the fund’s first investment in Southeast Asia and its second overall, advancing “its mission to accelerate decarbonization in transition-critical sectors across the region”.

Pyro Energie, founded in 2016, operates one of Thailand’s largest commercial-scale pyrolysis platforms, converting discarded tires into valuable outputs such as pyrolysis oil, recovered carbon black and wire scrap.

With an annual production capacity exceeding 40 million litres of oil and 30 million tonnes of carbon black, the company, it shares, plays a central role in enabling circular economy solutions in the industrial sector.

Fullerton’s investment, it says, will help scale Pyro Energie’s operations further, specifically by supporting the development of a new facility focused on producing higher-value, premium-grade materials for expanded end-market applications.

These upgrades aim to strengthen product quality, diversify revenue streams and improve long-term earnings visibility.

The Fullerton Carbon Action Fund targets mid-market businesses in sectors like industrials, manufacturing, energy and mobility, focusing on companies with proven operations, defensible market positions and scalable decarbonisation pathways.

It deliberately avoids, the fund points out, early-stage tech bets and capital-heavy infrastructure, favouring resilient businesses capable of delivering both climate and financial returns.

This investment, Fullerton argues, underscores the fund’s principles that meaningful climate impact in Emerging Asia is most effectively achieved by supporting mature, commercially viable businesses already delivering measurable environmental outcomes.

“We’re backing a market leader with robust fundamentals and strong sustainability impact,” adds Anisa Keeratiworanan, the fund’s director of alternatives and investment lead. “Our engagement model has been grounded in long-term partnership and operational alignment.”