What Keppel Energy-as-a-Service (EaaS) does

Keppel EaaS Pte. Ltd. is the Energy-as-a-Service platform of Keppel Ltd. (SGX:BN4), a publicly listed Singapore conglomerate, and operates as the first and largest district cooling system developer and operator in Singapore. The company offers an integrated suite of cooling, solar, and EV charging services — including district cooling, retail cooling, residential Centralised Cooling Systems (via subsidiary Keppel DHCS), solar leasing and rooftop licensing, and EV charging infrastructure under the Volt brand — serving commercial, industrial, government, residential, and mission-critical customers across Singapore, China, Thailand, and Vietnam, with expansion underway in India, the Middle East, and the Philippines.

The technology stack is anchored by the proprietary Operations Nerve Centre (ONC) and Infrastructure Intelligence (II) digital platform, which leverage AI and machine learning for 24/7 remote monitoring, fault detection and diagnosis, predictive maintenance, and real-time optimisation across cooling, EV charging, and district energy networks. Differentiated technical components include proprietary Phase Change Material (PCM) Thermal Energy Storage claimed to carry up to three times more energy than conventional water systems, and integration with geothermal district heating and cooling in the Sino-Singapore Tianjin Eco-City. Performance claims include up to 30% higher energy efficiency and up to 20% lifecycle cost savings versus conventional in-building cooling, and a 50% reduction in energy consumption at Keppel Infrastructure@Changi.

The business model combines subscription-based Cooling-as-a-Service with usage-based solar and EV charging revenue, structured around long-dated 15-30 year contracts (e.g., 25-year Changi Airport PV contract, 30-year URA Jurong Lake District DCS contract, 20-year HDB residential cooling contract). Keppel designs, builds, owns, and operates the underlying infrastructure, with customers paying Demand Charges and Energy Charges rather than upfront capital — a zero-Capex model that embeds long-duration switching costs. Customer concentration spans government (HDB), airport operations, semiconductor fabrication (Micron), REIT property owners (Sabana), real estate developers (Perennial Holdings), EV fleet operators (ComfortDelGro), and hospitality (Siam Mandarina Hotel), supported by an enterprise field sales motion, direct-to-consumer residential sign-up via The Cooling Studio, and joint-venture channels in Thailand and India.

Name

Keppel Energy-as-a-Service (EaaS)

Legal name

Keppel EaaS Pte. Ltd.

Website

https://keppeleaas.com

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

11–50 employees

Short description

Keppel EaaS Pte. Ltd. operates an integrated Energy-as-a-Service platform offering cooling-as-a-service, solar leasing, and EV charging infrastructure across Singapore and Asia-Pacific, serving commercial, industrial, government, and residential customers under a zero-Capex subscription model.

Ownership category

akta.pro rank

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Technology or R&D, Personnel, Supply Chain, Marketing or Sales

Revenue model

1. Cooling-as-a-Service (CaaS): Subscription-based cooling service where Keppel designs, builds, owns, and operates chilled water systems. Customers pay recurring Demand Charge and Energy Charge for cooling services. Zero Capex model available for customers. Contracts typically align with building leases (15-30 years for district cooling, 15-20 years for retail cooling).
2. Solar Leasing and Rooftop Licensing: Solar leasing allows property owners to install solar panels without upfront costs with fixed monthly payments. Rooftop licensing provides rental income from leasing rooftop space for solar equipment installations. Both models offer long-term contracts with performance guarantees.
3. EV Charging Infrastructure (Volt): EV charging solutions providing charging services to building owners, fleet operators, and EV drivers. Revenue based on charging usage (pay-per-use model). Volt operates charging infrastructure across retail malls, commercial and industrial destinations.
4. Residential Centralised Cooling Systems: Residential cooling subscription for HDB BTO projects. Residents pay Energy Charge based on consumption (10 cents/kWrh w/o GST as of Q3 2026). Installation Charge for Fan Coil Units is $3,760. Quarterly reviewed energy charge rates.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Keppel Energy-as-a-Service (EaaS) provides subscription-based district cooling, retail cooling, residential centralised cooling, solar leasing, rooftop licensing, and EV charging infrastructure (Volt) to commercial, industrial, government and residential customers. Services are delivered under zero-Capex, pay-per-use or long-term subscription contracts (typically 15–30 years), unified by a proprietary AI-powered Operations Nerve Centre that monitors and optimises assets in real time.

Product overview

Keppel EaaS operates as an integrated Energy-as-a-Service platform offering cooling-as-a-service (District Cooling, Retail Cooling, and Residential Centralised Cooling Systems), distributed solar photovoltaic solutions (Solar Leasing and Rooftop Licensing), and electric vehicle charging infrastructure (Volt). The portfolio is unified by the proprietary Operations Nerve Centre (ONC) and Infrastructure Intelligence (II) platform, which provide AI-powered remote monitoring, optimization, and predictive maintenance across all service lines. Core offerings include zero-Capex subscription models, while the platform supports mission-critical facilities, commercial buildings, industrial parks, and residential developments through scalable, decarbonisation-focused solutions.

Differentiator

Problem solved

Functional benefit

Brands

• Volt: Keppel's EV charging solutions provider helping businesses and drivers seamlessly convert to EVs. Offers charging infrastructure, installation, maintenance and operation services.
• Keppel DHCS

Products and services

• District Cooling Large-scale central plant cooling systems that supply chilled water through underground distribution networks to multiple buildings in a designated district. Designed for commercial, industrial and mission-critical facilities, claiming up to 30% higher energy efficiency than conventional in-building cooling.
• Retail Cooling Chilled water cooling solutions supplied to individual commercial and industrial buildings outside district cooling zones under a pay-as-you-use utility tariff structure, with up to 20% lifecycle cost savings versus conventional systems.
• Residential Cooling (Centralised Cooling System) Centralised Cooling Systems (CCS) for HDB and private residential developments that use industrial-grade chilled water to cool homes more efficiently than conventional split-unit air conditioning, with fan coil units installed in each room and subscription-based billing (Energy Charge plus one-time installation charge).
• Solar Leasing Long-term solar PV system leasing service that lets property owners install panels with no upfront costs, fixed monthly payments, full maintenance coverage, and performance guarantees based on system capacity.
• Rooftop Licensing Leasing of rooftop space on commercial and industrial properties to third parties for installation of solar equipment, generating rental income for property owners and increasing property value through on-site renewable generation.
• Volt EV Charging Turnkey EV charging infrastructure and operating service under the Volt brand, providing ultrafast DC charging hubs and networks across retail malls, commercial and industrial sites, public carparks, and dedicated bus fleet depots for building owners, fleet operators and EV drivers.

Quantifiable outcome

• 30% higher energy efficiency vs conventional in-building systems
• +5 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature4 records

Partnerships

14 partnerships are on record, tiered core, flagship, standard and minor.

• Setsco Services Pte LtdcoreStrategic or Co-development Partner · 13 July 2026Collaboration to develop Singapore's largest public electric bus charging hub at Jalan Papan. Setsco provides electrical infrastructure and facilities, Volt operates fast-charging hub for up to 15 years. Supports ComfortDelGro Bus fleet electrification.
• ComfortDelGro BuscoreChannel Partner/ Reseller/ Distributor · 13 July 2026Appointed charging partner for electric bus fleet operations. Jalan Papan hub serves as key charging base for CDGB's fleet operating in western Singapore. Validates facility as centralised, ultrafast, and scalable solution for heavy-vehicle fleet electrification.
• Midea Building Technologies (MBT)flagshipStrategic or Co-development Partner · 13 April 2026Strategic collaboration to jointly pursue opportunities in AI-enabled, energy-efficient modular cooling solutions across Asia. Combines Keppel's CaaS and digital optimisation with MBT's HVAC manufacturing and intelligent building systems. Includes establishment of AI-first Centre of Excellence. Non-exclusive collaboration with project agreements negotiated case-by-case.
• JTC CorporationflagshipStrategic or Co-development Partner · 24 November 2025MOU to advance low-carbon energy infrastructure on Jurong Island. Four key areas: integrated low-carbon district energy solutions, smart microgrid testbeds, AI-enabled digital energy layer, and unified multi-energy EaaS models. Aims to position Jurong Island as Singapore's low-carbon living lab for new energies.
• Tata Power (Renewable Energy Limited and Tata Power Trading Company Ltd.)coreStrategic or Co-development Partner · 3 December 2024Partnership to provide integrative Energy-as-a-Service solutions including renewables and cooling solutions, focusing on decarbonising India's energy-intensive sectors (data centres, industrial parks, advanced manufacturing). Leverages Tata Power's renewable energy assets and trading expertise.
• JBM Group (India)coreStrategic or Co-development Partner · 3 December 2024Joint development of electro-mobility projects including EV charging networks, Battery Energy Storage Systems (BESS), and e-waste solutions. Feasibility studies for electromobility hubs and resource recovery facilities to drive system-wide electrification of transport infrastructure in India.
• Johnson ControlscoreStrategic or Co-development Partner · 3 December 2024Deployment of cooling systems incorporating high-efficiency chillers, IoT monitoring, and AI-powered predictive controls. End-to-end smart building and space management solutions with real-time analytics and demand-response mechanisms for India's built environment.
• Nucleus Office Parks (Blackstone)standardChannel Partner/ Reseller/ Distributor · 1 October 2024First CaaS contract in India from Nucleus Office Parks, operating platform fully-owned by Blackstone offices in India. Cooling-as-a-Service deployment for commercial office properties.
• AM GreenminorStrategic or Co-development Partner · 1 October 2024MOU with AM Green, wholly-owned subsidiary of Greenko Group, to explore opportunities in carbon-free sustainable fuels.
• GPSC (Global Power Synergy Public Company Limited)flagshipStrategic or Co-development Partner · 14 August 2024Joint Venture Agreement with CHPP (Combined Heat and Power Producing Co., Ltd.) for developing cooling services in Thailand. CHPP holds 51%, Keppel holds 49%. Also Business Collaboration Agreement for EaaS, EV charging platforms, and ASEAN Power Grid development.
• Siam Mandarina HotelstandardChannel Partner/ Reseller/ Distributor · 14 August 2024Contract to design and retrofit existing chilled water system at upscale hotel near Suvarnabhumi Airport. Expected to improve energy efficiency and achieve over 20% savings in running cost over 20-year life cycle. Integration into Keppel's ONC.
• Perennial HoldingsflagshipStrategic or Co-development Partner · 25 July 2024Partnership to design, retrofit, manage and operate cooling and heating systems at Perennial Qingyang Mall and Perennial International Healthcare and Medical Hub Chengdu. 10-year contracts with combined cooling capacity over 11,000 refrigerant tonnes. Expected to achieve 20%+ energy savings.
• Sojitz CorporationcoreStrategic or Co-development Partner · 18 July 2024MOU to jointly pursue decarbonisation and clean energy business opportunities in Asia Pacific. Focus on bioenergy, resource recovery, and deploying EaaS know-how in markets where Sojitz operates.
• Masdar (Abu Dhabi Future Energy Company PJSC)coreStrategic or Co-development Partner · 7 December 2023MOU signed at COP28 to pursue multilateral decarbonisation and sustainability projects in ASEAN and Middle East. Joint exploration of utility-scale renewables, floating solar PV, Energy-as-a-Service, Waste-to-Energy, and desalination solutions.

Scale indicators8 records

Recent moves6 records

Expansion highlights7 records

Broad incumbents

• ENGIE: Global energy and utility major with significant district cooling and energy services operations across Europe, Asia and the Middle East. Competes for the same large-scale CaaS contracts but as part of a much broader power, gas and services portfolio rather than a dedicated EaaS platform.
• Veolia Energy: Global environmental services and energy major operating district heating and cooling networks in cities across Europe and Asia. Overlaps with Keppel on urban cooling, energy-as-a-service and decarbonization mandates but operates across waste, water and broader environmental services.
• SP Group (Singapore Power): Singapore national utility group operating the country's electricity transmission/distribution network and increasingly active in distributed energy, EV charging (SP Mobility) and sustainability services. Competes with Keppel EaaS across multiple Singapore verticals as an incumbent utility player.

Regional players

• Singapore District Cooling Pte Ltd (SDC): Singapore-headquartered district cooling provider operating multi-user chilled water plants. Direct Singapore competitor to Keppel's flagship DCS business and a clear yardstick for local market share dynamics.

Direct peers

• Enwave Energy Corporation: Canadian district cooling/energy provider operating the world's largest underground cooling distribution network in Toronto and expanding into the US. Comparable deep-utility district energy model with long-term municipal and commercial contracts.
• Shinryo Corporation: Japanese engineering and services company with a dedicated district cooling/heating business across Japan and Southeast Asia. Closest direct Asian competitor with similar plant ownership, long-term concession, and integrated operations models.
• Charge+: Singapore-headquartered EV charging operator deploying public charging infrastructure across condominiums, offices and fleet operators. Direct competitor to Keppel Volt in the Singapore market with overlapping customer segments and a shared charging-as-a-service business model.
• Emirates Central Cooling Systems Corporation (Empower): Dubai-based district cooling operator serving 1.5+ million RT and listed on DFM. Operates the same CaaS model for commercial, residential and mixed-use developments in the Middle East — directly comparable in business model, contract structure (typically 20-30 years), and customer mix to Keppel's Singapore and regional operations.
• Tabreed (National Central Cooling & Refrigeration): UAE-listed district cooling leader with ~1.2 million refrigeration tonnes across the Gulf region. Closest functional peer to Keppel EaaS — same cooling-as-a-service subscription model, mission-critical customer base (real estate, government), and 20+ year concession contracts. Direct benchmark for valuation and unit economics.

Others

• Masdar (Abu Dhabi Future Energy Company): Abu Dhabi-based renewable energy and decarbonization major with a broad portfolio spanning solar, wind, green hydrogen and EaaS partnerships (including the Keppel MOU at COP28). Strategic partner rather than direct competitor, but representative of the global utility-scale decarbonization players Keppel is increasingly collaborating — and competing — with for Asian EaaS contracts.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Customer concentration

• LinkedInlinkedin.com/company/keppel-eaas

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Keppel Energy-as-a-Service (EaaS)