Fullerton Fund Management announced that its Fullerton Carbon Action Fund has completed an investment in PyroEnergie, Thailand’s leading end-of-life tire (ELT) recycler.

This marks the Fund’s second deployment and its first investment in Southeast Asia, reinforcing its strategy of backing established, mid-market leaders that combine scalable decarbonisation impact with strong financial fundamentals.

Strategic Focus: Scalable Decarbonisation in Emerging Asia

The Fullerton Carbon Action Fund targets transition-critical sectors across Southeast Asia and India, including:

  • Industrials and manufacturing
  • Circular economy
  • Energy
  • Mobility

The strategy prioritises companies with:

  • Proven operating track records
  • Defensible competitive positioning
  • Clear value-creation pathways
  • Strong cash-flow visibility

It deliberately avoids early-stage technologies and capital-intensive infrastructure projects, focusing instead on established businesses capable of delivering measurable emissions reductions and attractive long-term returns.

PyroEnergie: Market Leader in ELT Recycling

Founded in 2016, PyroEnergie operates commercial-scale pyrolysis facilities converting waste tires into:

  • Pyrolysis oil
  • Recovered carbon black (rCB)
  • Steel wire scrap

The company has established a leadership position in Thailand’s ELT recycling sector, with annual capacity exceeding 40 million litres of pyrolysis oil and over 30 million tons of recovered carbon black.

Its market position is supported by operational scale, technical know-how, and long-standing customer relationships. Structural demand is further reinforced by global tire manufacturers, chemical producers, and policymakers accelerating circular economy adoption and recycled feedstock integration.

Capital Deployment: Premium Product Expansion

Investment proceeds will fund the construction of a new production facility aimed at:

  • Upgrading product quality
  • Expanding into premium-grade applications
  • Broadening end-market penetration
  • Enhancing long-term earnings visibility

This strategic expansion positions PyroEnergie to capture higher-margin segments within the circular materials value chain.

Partnership-Oriented Investment Approach

Anisa Keeratiworanan, Director of Alternatives and Investment Lead for the Fund, highlighted PyroEnergie’s strong operating fundamentals and strategic importance in enabling industrial decarbonisation. She emphasised that Fullerton’s engagement model is based on long-term partnership, disciplined capital allocation, and collaborative sustainability enhancement.

Peerapon Ourapeepon, Founder and CEO of PyroEnergie, noted that Fullerton’s early engagement and alignment on sustainability priorities provided confidence in scaling responsibly while maintaining long-term value creation.

About the Fullerton Carbon Action Fund

The Fund seeks to capture climate-related growth opportunities in Emerging Asia by investing in profitable, market-leading businesses accelerating regional decarbonisation. Managed by Fullerton’s Alternatives team (average 13 years industry experience), the strategy integrates a proprietary sustainability management framework designed to drive measurable emissions outcomes across portfolio companies.

About Fullerton Fund Management

Incorporated in 2003 and headquartered in Singapore, Fullerton is an active investment specialist serving sovereign wealth funds, pension plans, insurers, government entities, and private wealth clients. The firm operates across equities, fixed income, multi-asset, alternatives, and treasury strategies in public and private markets.

Fullerton is part of Seviora, a Temasek-established multi-asset management holding company, with Income Insurance as a minority shareholder.

Strategic Significance

This transaction underscores growing institutional capital allocation toward scalable circular-economy platforms in Southeast Asia, particularly in ELT pyrolysis, where regulatory momentum, corporate sustainability mandates, and recycled feedstock demand are converging.

For more information, please read the official press release by Fullerton.