New climate tech partnership to help accelerate industrial transformation in Asia
HSBC, Third Derivative and Founders Factory launch the Future Industries Partnership – a philanthropic programme supporting startups to overcome barriers to investment and deployment.
Singapore | May 6, 2025 — A new initiative to fast-track the deployment of innovative climate technologies has launched today, with a mission to help decarbonise heavy industries such as iron, steel, cement and chemicals across Asia and the Middle East.
The Future Industries Partnership, a three-year philanthropic programme, will connect climate tech startups in the regions with the collective global expertise and networks of its founders: HSBC, RMI’s accelerator Third Derivative, and Founders Factory.
Production of industrial commodities is rapidly increasing across Asia and the Middle East, as their economies and cities continue to expand. However, nascent climate technologies in the industrial sectors only receive 10% of venture capital funding and only 3% of total global investment[1]. Scaling new technologies can be challenging as it requires specific skillsets and significant upfront capital to support development and deployment. It can also often face greater commercial and regulatory complexities.
At a time when much of the technology needed to decarbonise heavy industry has yet to reach material market adoption, the Future Industries Partnership hopes to select and support climate tech startups offering the most promising solutions across both regions. The Partnership will leverage the collective global expertise of the three partners to address the challenges faced by startups. Innovators will receive hands-on catalytic technical and commercial help to better plan, prepare and reduce risks in order to get on a successful pathway to investment and deployment.
Beyond technical support, startups will gain access to an ecosystem of investors and corporate partners seeking opportunities to accelerate the net zero transition in emerging markets. Launched in Singapore, which is home to 4,500 tech startups, entrepreneurs joining the programme could particularly benefit from Singapore’s green economy focus and position as an international trade and finance hub to grow their network and expand into the region.
“The Future Industries Partnership is helping shape the future of global industry—where it matters most. Rapidly growing markets like Asia and the Middle East can lead on industrial decarbonization by choosing innovation and entrepreneurship. By applying our collective expertise and connecting startups with investors and corporate partners, we’re enabling breakthrough technologies to achieve commercialization and scale,” said Rushad Nanavatty, Managing Director of Third Derivative
“At HSBC, we know that net zero innovation requires a constant flow of knowledge and talent to break down barriers to investment and large-scale implementation.
“By connecting startups, corporates, investors, and financial institutions, the Future Industries Partnership aims to use our global network to help take game-changing ideas and make them a reality, opening up opportunities for economic growth,” said Julian Wentzel, Group Chief Sustainability Officer at HSBC
“Decarbonising heavy industry is one of the greatest challenges in the climate transition. While breakthrough climate technologies show great potential, too many struggle to move beyond the lab due to funding gaps, complex regulations, and difficulty accessing industrial customers. Through the Future Industries Partnership and working with HSBC and Third Derivative, we’re addressing these barriers head-on. By combining deep technical expertise, global investor and corporate networks, and tailored commercial support, we’re helping future industrial leaders become bankable, scalable, and ready for deployment across Asia and the Middle East,” said George Northcott, President at Founders Factory.
Visit Third Derivative’s website for startup eligibility requirements and more information on how to get involved with the Partnership.
For media inquiries, please contact:
Andrew Low | andrew.low@hsbc.com.sg | +65 96583441
The Future Industries Partnership is a three-year philanthropic programme supported by HSBC and delivered by Third Derivative and Founders Factory. Using the collective power of their expertise and networks, these organisations aim to help climate tech startups overcome barriers to investment and implementation at scale. This includes establishing connections with investors and corporate partners and providing guidance to help these startups break into new markets. The Partnership focuses on identifying climate tech solutions for heavy industries such as steel, cement, and chemicals for geographies across Asia and the Middle East. Selected startups will receive hands-on technical and commercial support over 18 months to help them develop bankable propositions to raise capital from potential investors and corporations to deploy their technologies.
About Third Derivative
Third Derivative, RMI’s global climate tech accelerator, is accelerating the rate of climate innovation. Third Derivative’s inclusive ecosystem rapidly finds, funds, and scales climate tech globally. By uniting and aligning investors, corporations, and experts with the world’s most promising climate tech startups, Third Derivative bridges finance and resource gaps to increase the speed to market. The flexible and highly curated remote accelerator program enables startups to focus on their unique needs and opportunities. Together, we are moving markets to achieve an equitable climate future. Learn more at www.third-derivative.org.
About RMI
Rocky Mountain Institute (RMI) transforms energy systems through market-driven solutions to secure a prosperous, resilient, clean energy future for all. We work with businesses, policymakers, and communities through market-driven solutions in the world’s most critical geographies to scale renewable energy solutions, reduce energy waste, and boost access to affordable clean energy.
About Founders Factory
Founders Factory builds and funds startups together with exceptional entrepreneurs and the world’s leading companies. Created by IPO-exited founders and operating globally, including London, New York, Berlin, Milan, Perth, and Singapore, Founders Factory offers founders capital, operational support from a team of hands-on experts, and unrivalled access to a coalition of industry leading corporate partners. Founders Factory’s Venture Studio co-founds businesses from inception, developing new ideas, technologies and business models into high growth companies. Operating sector-focused Accelerator programmes and Venture Funds for pre-seed and seed stage startups, Founders Factory invests in talented and diverse founding teams across industries and geographies – with a current focus on FinTech, Health, Climate, and Deep Tech. Since 2015, Founders Factory’s 300+ portfolio companies have raised $4bn+ follow-on funding from leading funds and investors. http://www.foundersfactory.com/
About HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 58 countries and territories. With assets of US$3,054bn at 31 March 2025, HSBC is one of the world’s largest banking and financial services organisations.
[1] According to the IEA, PwC and BNEF
