July 7, 2022

Singapore’s ABC Impact Leads USD36M Funding Round In Precision Immersion Cooling Leader Iceotope Technologies

  • UK-based Iceotope’s environmentally efficient technology reduces the energy and water required to cool data centre servers and contributes to the achievement of net-zero emissions for the data centre industry;
  • Singapore-based ABC Impact’s investment further drives the potential for this technology to be deployed in new and existing data centres in Singapore and across Southeast Asia;
  • This is ABC Impact’s first investment in the UK as the impact investing firm continues to seek innovative solutions that can help address the challenges of climate change in the region.

Singapore, 7 July 2022 – Singapore impact investing firm ABC Impact today announced its investment in Iceotope Technologies Limited (“Iceotope”), the global leader in precision immersion cooling technology based in the United Kingdom (“UK”). The Singapore impact investor leads a USD36M global syndicate in its first investment in the UK as it continues to seek innovative solutions that can help address the climate challenges in Asia.

Tan Shao Ming, Chief Investment Officer at ABC Impact said: “We have a strong investment focus on climate and water solutions. With data centres in Asia set to proliferate on the back of increasing IoT use and the rollout of 5G networks, the precision immersion cooling solutions developed by Iceotope will enable data centres to transit to a more sustainable infrastructure with reduced environmental and real estate footprint. We see vast potential to deploy this technology in Asia, especially in regions with tropical climates, and we look forward to working with Iceotope to scale its positive impact and address the growing climate change challenges we face.”

David Craig, CEO of Iceotope Technologies said: “This significant investment, one of the largest amounts recently invested in liquid cooling, is a testament to the great work of our designers for our customers across the globe, as well as the many technology and channel partners that have placed their trust in our ability to cool data centre servers more efficiently in a vertical rack form factor. Given the global importance of the data centre sector, which can only increase as edge facilities proliferate and extend to the far reaches of civilization, we look forward to accelerating our global deployment plan with the help of our new and existing investment partners.”

Earlier this year, the Singapore government lifted a data centre moratorium that has been in place since 2019 to pave the way for new data centre projects that must comply with new sustainable conditions. These new conditions include maintaining energy efficiency with a power usage effectiveness (PUE)[1] of 1.3 and below. Deploying Iceotope’s patented liquid cooling technology in place of traditional air-cooling measures offers up to 96% reduction in water use, up to 40% reduction in power consumption, and up to 40% carbon emissions reduction per kW of ITE[2]. With carbon taxes set to increase from 2024 in Singapore, energy-efficient cooling technologies such as Iceotope’s precision immersion solution will also help data centre owners and end users save additional costs. 

In April 2022, ST Telemedia Global Data Centres, one of the fastest growing global data centre operators headquartered in Singapore, partnered Iceotope and Schneider Electric to jointly conduct a proof-of-concept (“POC”) in Singapore[3]. The POC project aims to future-proof next-generation data centre builds and reduce both power and water consumption.

This is ABC Impact’s first investment in the UK since its inception in 2019. The impact investor has a growing portfolio of innovative companies working to address pressing challenges in Asia such as better healthcare and education, climate and water solutions, sustainable food and agriculture, as well as financial and digital inclusion. With an investment strategy anchored on UN Sustainable Development Goals, ABC Impact actively engages with companies that have the potential to generate positive impact on societies and the environment in Asia.

Joining ABC Impact in the investment syndicate are leading global electrical solutions provider nVent, Northern Gritstone, British Patient Capital, FTSE 250 investment company SDCL Energy Efficiency Income Trust, Pavilion Capital, and existing investor Edinv. 

END

[1] Power Usage Effectiveness or PUE refers to the amount of power consumed by a data centre, divided by the amount of power used to operate the IT equipment in the data centre; a lower value represents higher efficiency.

[2] Independently verified by Cundall: Desktop Study Report – Liquid and Air-Cooling Compared

[3] https://www.iceotope.com/company/news-events/st-telemedia-global-data-centres-partners-with-iceotope-and-schneider-electric-to-deliver-an-innovative-sustainable-liquid-cooling-proof-of-concept/

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Yeo Zuo Yi

Director
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Ryan Liew Bing En

Director
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Aditya Misra

Director
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Silky Raheja

Director
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Tan Ming Xian

Vice President
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Yap Xue Qi

Vice President
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Jason Xu

Vice President
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Ngan Ye Ring

Vice President
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Hiew Wen Ji

Assistant VP
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Tran Khanh Linh

Assistant VP
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Rachel Fong

Assistant VP
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Jirada Jongjakapun

Assistant VP
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Lim Shang Yi

Associate
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Boey Kai Jie

Analyst
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Liew Bing En

Analyst
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Chin Keen Tat

Analyst
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Goh Yew Lin

Goh Yew Lin

Chairman and Non-Executive Director

Mr Goh Yew Lin is Chief Executive Officer of G. K. Goh Holdings Pte Ltd, an investment company with substantial assets in aged care in Australia and Singapore, alongside venture capital and private equity. He is Chairman of Xora Innovation, a Temasek-owned venture builder, and a Director of Temasek Trust. He was Chairman of Seviora Holdings, Temasek’s asset management arm, until September 2025, and served as a non-executive Director of Temasek Holdings from 2005 to 2018.

Mr Goh is also a board member of A*STAR (the Agency for Science, Technology and Research) and Chairman of the Governing Board of Duke-NUS Medical School. He holds a degree from the Wharton School, University of Pennsylvania.

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David Heng

David Heng

Chief Executive Officer and Executive Director

As Chief Executive Officer of Temasek Trust Asset Management (TTAM), Mr David Heng oversees two investment platforms: ABC Impact, an Asia-focused growth impact private equity firm with over S$1 billion (US$900 million) in assets under management, and Temasek Trust Capital, a purpose-aligned investment platform managing a diversified portfolio in support of Temasek Trust’s long-term philanthropic objectives.

With over 30 years in the investment industry, Mr Heng spent 14 years in senior leadership roles at Temasek, including Head of Real Estate, Head of Japan & Korea, Joint Head of Consumer, and Joint Head of China, prior to which he was with Deutsche Bank AG. He serves as an Independent Director of Sea Limited (NYSE: SE) and is a board member of the Centre for Impact Investing and Practices (CIIP). Mr Heng is an IBF Fellow (Asset Management). He holds an MBA from the University of Hull and a Bachelor of Engineering from the University of Canterbury.

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Desmond Kuek

Desmond Kuek

Non-Executive Director

Mr Desmond Kuek is Executive Director and Chief Executive Officer of Temasek Trust, the philanthropic arm of Temasek, a role he has held since January 2023. He was previously Divisional Vice Chairman, Global Wealth Management at UBS AG (2019 to 2022), where he headed Sustainable Finance for Asia Pacific, and President and Group CEO of SMRT Corporation (2012 to 2018). Earlier in his career he served nearly three decades in the Singapore public service and Singapore Armed Forces, including as Permanent Secretary of the Ministry of the Environment and Water Resources, Chief of Defence Force, and Chief of Army.

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Chan Wai Ching

Chan Wai Ching

Non-Executive Director

Ms Chan Wai Ching is Chief Corporate Officer of Temasek International and a member of its Strategy, Portfolio and Risk Committee and Senior Management Committee. She heads Temasek’s Organisation & People function and is a Director of Temasek Trust. She joined the board of Seviora Holdings, Temasek’s asset management group, in September 2025. Ms Chan joined Temasek in June 2006, following an extensive human resources career at Fullerton Financial Holdings, Citibank, Singapore Technologies, United Overseas Bank and Overseas Union Bank. She holds a Bachelor of Business Administration from the National University of Singapore and completed the Advanced Management Programme at Harvard Business School in 2012.

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Margaret Lui

Margaret Lui

Non-Executive Director

Ms Margaret Lui is an experienced investment professional in direct investments, asset management and private equity. She was Chief Executive Officer of Azalea Investment Management, a wholly owned subsidiary of Temasek, from its founding in 2015 until her retirement on 31 March 2025; under her leadership, Azalea grew to manage around US$11 billion in assets and developed its two flagship platforms, the Astrea Private Equity Bonds and the Altrium PE Funds. She remains an Adviser to Azalea and sits on the Investment Committees of its Altrium funds.

Ms Lui spent 40 years with the Temasek group from 1985, including as Senior Managing Director and, prior to Azalea, as Chief Operating Officer of two of Temasek’s affiliate investment management companies. She also serves on the Board of Trustees of the Singapore Institute of Technology, as an independent non-executive director of Lendlease, as Chair of PSA International’s Marine Services Supervisory Committee, and as a member of the Singapore Exchange’s Listing Advisory Committee.

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David Heng

David Heng

Chief Executive Officer

As Chief Executive Officer of Temasek Trust Asset Management (TTAM), Mr David Heng oversees two investment platforms: ABC Impact, an Asia-focused growth impact private equity firm with over S$1 billion (US$900 million) in assets under management, and Temasek Trust Capital, a purpose-aligned investment platform managing a diversified portfolio in support of Temasek Trust’s long-term philanthropic objectives.

With over 30 years in the investment industry, Mr Heng spent 14 years in senior leadership roles at Temasek, including Head of Real Estate, Head of Japan & Korea, Joint Head of Consumer, and Joint Head of China, prior to which he was with Deutsche Bank AG. He serves as an Independent Director of Sea Limited (NYSE: SE) and is a board member of the Centre for Impact Investing and Practices (CIIP). Mr Heng is an IBF Fellow (Asset Management). He holds an MBA from the University of Hull and a Bachelor of Engineering from the University of Canterbury.

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Tan Shao Ming

Tan Shao Ming

Chief Investment Officer

Mr Tan Shao Ming leads a diverse team of impact-oriented investment professionals in building a portfolio that generates impact alongside compelling, market-rate risk-adjusted returns across Asia.

He brings over 20 years of institutional investing experience across a range of styles and strategies. At Temasek, he worked on acquiring controlling and minority positions in Asian banks in the aftermath of the 1997 Asian financial crisis. He later focused on special situations and structured credit at Citadel Investment Group in Hong Kong, covering China, Taiwan and Southeast Asia, and led Southeast Asian mid-market investing at Citi Private Equity.

Mr Tan is a Chartered Financial Analyst. He holds a Bachelor of Engineering (Chemical), First Class Honours, and a Master of Engineering (Chemical) from the National University of Singapore.

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Sugandhi Matta

Sugandhi Matta

Chief Impact Officer

As Chief Impact Officer, Ms Sugandhi Matta leads ABC Impact’s approach to assessing, measuring and driving impact outcomes across its portfolio, and also invests for the firm across South and Southeast Asia. She brings over 20 years of investing experience in the region, having previously been Director of Investment at LeapFrog Investments, a billion-dollar impact fund focused on financial inclusion, and before that focused on Southeast Asian mid-market private equity at Actis. She began her investing career as a member of Temasek Holdings’ Financial Services team.

Ms Matta sits on the boards of several portfolio companies across India and the UK, and has also held board directorships in Thailand and Indonesia. She holds an MBA from the Indian Institute of Management, Bangalore, and a Bachelor of Engineering from Maharaja Sayaji Rao University, Baroda.

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Eugene Huang

Eugene Huang

Chief Strategy Officer

Mr Eugene Huang was previously Managing Director, Investments at Temasek, where over a 12-year tenure based in Singapore, Beijing and Shenzhen he invested and exited over US$5 billion of capital globally across industries such as software, e-commerce, social media, education and consumer. He was most recently responsible for Temasek’s technology and consumer investments in China and head of its Shenzhen office.

Mr Huang began his career as an investment banker with Merrill Lynch & Co. (now Bank of America) in New York and Hong Kong. He graduated summa cum laude from New York University’s Stern School of Business.

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Charina Chan

Charina Chan

Chief People Officer

Ms Charina Chan is Chief People Officer of ABC Impact, a role she holds concurrently with Chief People Officer of Temasek Foundation Ltd and Head of Organisation, Human Resources and Administration at Temasek Trust Ltd. She was previously part of Temasek International’s Organisation & People team, where she led the Non-Executive Talent portfolio, covering board governance and the management of an extended talent network for Temasek and its portfolio companies. Earlier in her career she worked at Fullerton Financial Holdings, a wholly owned subsidiary of Temasek Holdings.

Ms Chan holds an MBA from Imperial College London and a Bachelor of Science from the National University of Singapore.

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Koh Boon San

Koh Boon San

Managing Director, Operations (Non-Investment)

Mr Koh Boon San is responsible for finance, risk, compliance and operations at ABC Impact. He brings more than 20 years of experience across fund management, finance and the corporate sector.

Before joining ABC Impact, Mr Koh headed the business management team at HSBC Securities Services, covering trustee, fund administration and custody services, and spent 10 years at Fullerton Fund Management heading various finance, risk and compliance functions. He began his career at Pricewaterhouse before joining Temasek Holdings’ finance department.

Mr Koh holds a Bachelor in Accounting (Second Class Honours, Upper Division) from Nanyang Technological University and is a member of the Institute of Singapore Chartered Accountants.

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Jeffrey Fang

Jeffrey Fang

Head of Investor Relations and Communications

Mr Jeffrey Fang leads Investor Relations at ABC Impact, responsible for capital raising, investor engagement and external communications across global markets.

Earlier in his career, Mr Fang held roles across corporate development, operations and financial communications. He was Director of Strategic and Public Affairs at Temasek, managing global M&A communications, media relations, and crisis and issues management. He subsequently built a portfolio as an angel investor and venture operator, alongside his own advisory practice, before joining Temasek Trust Asset Management.

Mr Fang serves on the boards of Kim Dental, the Home Nursing Foundation, and several venture-backed companies. He holds an MA in International Relations and Affairs from the Fletcher School of Law and Diplomacy at Tufts University and a BA in Mass Communication from RMIT University.

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