Building on the acquisition of Illumex by NVIDIA, the firm validates its Seed-to-Exit thesis and reinforces its mission to bridge Asian capital with world-class DeepTech.

TAIPEI, TAIWAN – Media OutReach Newswire – 4 March 2026 – Cardumen Capital, a leading European DeepTech venture capital firm, today marks a pivotal milestone in its international momentum following the acquisition of its portfolio company, Illumex, by NVIDIA. This landmark exit further solidifies the firm’s strategic presence in the Asia-Pacific region and cements its 2019 vintage fund’s position as a leading performer within its vintage cohort.

A Seed-to-Exit Success Story

Cardumen Capital was Illumex’s first investor and led its 2021 seed round, supporting the company from inception through to exit. General Partners Gonzalo Martínez de Azagra and Igor de la Sota identified the startup’s potential at the seed stage, guiding it toward this landmark milestone.

“This acquisition validates our DeepTech thesis,” said Gonzalo Martínez de Azagra. “By backing visionary founders early, we demonstrate our ability to identify the core building blocks of the AI era.”

Igor de la Sota added: “The success of the Illumex exit underscores the global demand for robust data infrastructure in the age of Generative AI. We are proud to have supported the team from day one in building a platform that now sits at the heart of the world’s AI computing network.”

Strengthening the Bridge to Asia-Pacific

Illumex joining NVIDIA serves as a powerful catalyst for Cardumen Capital’s mission in Asia. Led by Taipei-based APAC Venture Partner Stan Yu, a serial entrepreneur turned venture capitalist, the firm is intensifying its efforts to bridge Asian strategic capital with world-class innovation hubs in Europe, Israel, and global DeepTech ecosystems.

“Building on this milestone exit to NVIDIA, we are seeing unprecedented momentum for our strategy in the APAC region,” said Stan Yu. “The journey of Illumex proves the caliber of opportunities we bring to our partners. From our base in Asia, we are uniquely positioned to facilitate these high-stakes connections, ensuring that Asian institutional capital has exclusive access to the next wave of transformative DeepTech and frontier innovations.”

As a pioneering venture capital firm with a dedicated partner presence in Taipei bridging the EMEA tech ecosystem, Cardumen Capital is uniquely positioned to drive cross-border synergies and deliver the performance expected by the institutional investment landscape in Asia.

Hashtag: #CardumenCapital #Illumex #NVIDIA #DeepTech #AI #VentureCapital #M&A #Taiwan

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About Cardumen Capital

Cardumen Capital, a leading global venture capital firm supervised by the CNMV (Spanish Securities Market Commission), was founded in 2018 by Gonzalo Martínez de Azagra and Igor de la Sota. With over 15 years of investment experience and a presence across Europe, the Middle East, and Asia, the firm specializes in investing in private market companies and funds, supporting innovation, disruptive technologies, and long-term value creation.

Backed by leading institutional investors, corporations, and family offices, Cardumen Capital focuses on generating sustainable long-term returns through its specialized DeepTech investment strategies and a demonstrated track record of connecting strategic capital with the global innovation frontier.

Under its overall plan, VinEnergo targets the development of 100 GW of renewable energy over the next three years, including 50 GW in core international markets such as North America, Northern Europe, the Mediterranean, and Southeast Asia. These regions demonstrate rapidly-growing power demand, strong renewable energy promotion policies, and significant development headroom for international investors.

In parallel, VinEnergo will also explore expansion into other potential markets such as Central Asia and Africa, where electricity demand and emissions reduction requirements are rising rapidly. Through collaboration with governments and relevant stakeholders, VinEnergo will develop sustainable energy sources, support businesses in accessing clean electricity, contribute to Net Zero goals, and directly participate in shaping green energy policy.

To establish a solid foundation for the structured and long-term deployment of renewable energy projects, VinEnergo has signed partnerships with international financial institutions to access green credit. In addition, VinEnergo has reached agreements with multiple reputable foreign partners to develop a 10 GW project portfolio, with the overall objective of mastering all stages, from design, schedule management, and commercial structuring to long-term operations.

Specifically, in Northern Europe, VinEnergo partners with GreenGo Energy to develop a renewable energy project portfolio of 2 GW in Denmark and Sweden. In the long term, the company plans to expand its capacity in Northern Europe and across Europe to 6.2 GW.

In the Philippines, VinEnergo will develop projects totaling 1.3 GW with NKS Renewables Inc, 1.2 GW with URG Asia Corporation, and 1.3 GW with 11.11 Growth Properties, focusing on large-scale solar power projects in favorable areas such as Luzon, Visayas, and Mindanao.

In these co-development projects, VinEnergo holds over 80 percent ownership and acts as the primary developer, responsible for capital mobilization, construction, and long-term operations. Several projects commenced in early 2026 and are expected to begin operations during 2027 to 2028.

With in-house capability in the manufacturing and integration of battery energy storage systems (BESS), VinEnergo can standardize design, secure equipment supply proactively, and synchronize technical solutions across its entire portfolio. This ensures high operational stability, reduces schedule risk, and optimizes project economics, particularly in markets with high renewable penetration and increasingly stringent dispatch requirements.

According to the plan, in the first quarter of 2026, VinEnergo will increase its total international renewable energy portfolio to 20 GW, with at least 8 GW of additional projects in Southeast Asia and Africa to be signed during the period.

Mr. Nguyen Anh Khoa, Chief Executive Officer of VinEnergo, stated: “Entering 2026, VinEnergo moves into a new development phase with the aspiration to become a renewable energy enterprise with global scale and competitiveness. The simultaneous deployment of a large portfolio across multiple markets affirms our capacity for governance and execution of complex projects. VinEnergo believes we will make an important contribution to the global energy transition process, while elevating the stature of Vietnamese enterprises on the global green energy map.”

In 2025, VinEnergo broke ground on the Hai Phong LNG thermal power plant, with a total investment of approximately VND 178 trillion and a designed capacity of 4,800 MW, placing it among the largest LNG-to-power projects in Vietnam and globally. VinEnergo has also been assigned as the investor for two offshore wind power projects in Ha Tinh, totaling approximately 900 MW with a combined investment exceeding VND 39 trillion.

Most recently, VinEnergo also invested in Phase 1 of the Hon Trau Wind Power Plant project in Gia Lai, with a capacity of 750 MW, one of the largest renewable energy projects in the province. In addition, VinEnergo has been approved as the qualified investor for the Vinh Thuan Wind Power Project, with a capacity of 143 MW.

Co-operation agreements both domestically and internationally reflect partners’ confidence in VinEnergo’s financial strength, governance, and execution capability, while affirming the company’s increasingly established position in the international renewable energy value chain.

With a long-term development orientation and as part of the Vingroup ecosystem, VinEnergo pursues the mission of providing clean, stable, and efficient energy, aligned with disciplined investment, international governance standards, and sustainable value creation for the community, while proactively adopting the latest trends such as AI and big data applications in operations and smart power solution development.

Hashtag: #VinEnergo

The issuer is solely responsible for the content of this announcement.

About VinEnergo

As part of the Green Energy pillar of Vingroup, VinEnergo Energy Joint Stock Company envisions becoming a comprehensive green energy investor and developer, contributing to Vietnam’s net-zero emissions goal and strengthening the country’s position on the global energy map. VinEnergo focuses on developing large-scale solar and wind power projects, applying modern technologies and international standards in safety and quality.

Find out more at: https://vinenergo.com/

About GreenGo Energy

GreenGo Energy was founded in 2011 with the vision to accelerate the global shift to renewable energy. GreenGo Energy’s 360-degree full-services platform includes project origination, investment structuring, development, offtake, EPC management and asset management services.

GreenGo Energy has 40 GW of solar, wind, BESS, and Megaton PtX projects in various stages of development and construction in Europe, USA and Africa/MENA. GreenGo Energy is headquartered in Denmark.

About NKS Renewables Inc
NKS Renewables Inc., or NKSRI, is a subsidiary of NKS Corporation Group and focuses mainly on developing utility-size solar power projects, mostly with international investors, and is currently engaged with other Asian and European investors. Its President, being renowned as the pioneer of the first large-scale floating solar project in the Philippines, has been in the power industry for more than 35 years.

About URG Asia Corporation
URG Asia Corporation is the Philippine renewable energy development arm of URG Australasia, a diversified industrial group with proven execution across logistics, commodities, construction materials, and infrastructure. Leveraging its land consolidation advantage, URG is progressing up to ~800 MWp of utility‑scale solar projects (~550 ha) toward RTB by 2027, with over 1.2 GWp of additional long‑term capacity available across its land bank.

About 11.11 Growth Properties
11.11 Growth is a real estate platform in the Philippines that is currently expanding into the development of utility scale renewable energy projects. The company focuses on developing solar power projects in Luzon, Visayas, and Mindanao, supported by a land bank totaling more than 1,700 hectares. It has a well-structured and multidisciplinary team covering project development, technical services, land aggregation and acquisition, and regulatory compliance, enabling full-cycle project execution from start to finish. The platform is led by Alberto “Bert” Dalusung III, a seasoned renewable energy professional with extensive expertise and a broad industry network across the Philippines.

Among hundreds of candidates from across the globe, Vinhomes Green Paradise has emerged as the first official participant in the global campaign New7Wonders’ “7 Wonders of Future Cities”. It signals that on the southern edge of Ho Chi Minh City, in Can Gio’s coastal expanse, a new urban thesis is being tested – one in which development is calibrated not by vertical ambition alone, but by the durability of its quality of life.

“Vinhomes Green Paradise is a truly compelling model for the concept of a ‘future city,'” said Jean-Paul de la Fuente, Director of New7Wonders and President of the “7 Wonders of Future Cities” campaign. “Here, the benchmark of progress is measured in the quality of living across generations.”

That future is now materializing at pace. Construction advances with uncommon velocity. Infrastructure grids are being laid with the discipline of long-term urban choreography. At the center of this unfolding ecosystem lies a 50-meter-wide artery known as the “Future Boulevard” – planned as the district’s commercial spine and among the earliest components to be completed and activated.

To acquire a Boulevard Prime townhouse along this axis is, by many measures, to participate in the district’s economic overture before the crescendo. Can Gio is envisioned as a tourism capital welcoming up to 40 million visitors annually. As infrastructure scales and connectivity deepens, the pricing paradigm is expected to reset accordingly. Early ownership, therefore, is a position in an emerging consumption corridor.

The Irreplicable Value of a “Rare Axis”

In urban economics, frontage along a primary commercial axis carries a structural premium. In Can Gio, this logic is rendered tangible along the 50-meter Future Boulevard, the first commercial lifeline of Vinhomes Green Paradise.

Each segment of the street is anchored to a destination of international scale: a six-star luxury resort; the 5,000-seat Blue Waves Theater; the global entertainment complex VinWonders; a Safari park; the 24/7 retail and leisure hub Cosmo Bay; Landmark Harbour international marina; twin 18-hole golf courses; and a five-star Vinmec International Hospital.

According to development plans, these flagship amenities are slated for substantial completion by the third quarter of 2027. Once synchronized in operation, the boulevard will transcend its infrastructural role. It will function as a sustained “consumption corridor” – channeling a stable, continuous stream of visitors past the doors of Boulevard Prime properties.

The anticipated clientele arrives for resort stays, theatrical performances, golf tournaments, wellness programs, global events – activities that imply longer dwell times and elevated discretionary spending. The rhythm of commerce here is not circumscribed by office hours. It extends day and night, across all seasons.

Such an environment is naturally suited to structured, premium service models: fine-dining establishments; curated boutiques; concept stores; flagship showrooms; spa and wellness centers; branded hospitality hybrids. The boulevard’s design, retail interlaced with major attractions, ensures that each property benefits not from a single demand stream, but from layered and overlapping consumer flows.

This “amenity-adjacent” architecture confers resilience. When consumption is underwritten by an entire ecosystem rather than a solitary anchor, volatility is diffused. As the district matures and visitor patterns stabilize, assets positioned along the core axis are likely to see their competitive advantages sharpen.

It is this structural clarity, of connectivity, scarcity and projected demand, that positions Boulevard Prime as a focal point for international capital seeking long-horizon growth in Southeast Asia’s evolving urban markets.

Securing Capital Costs, Anticipating the Cycle

Urban planners often note that the intrinsic value of commercial property along a central axis derives from infrastructural singularity. A city may expand outward, layering additional amenities and residential clusters, but it rarely replicates its primary connective spine. Once established, such axes become enduring frameworks around which value consolidates.

In Can Gio, the 50-meter Future Boulevard is the sole route designed to link, directly and comprehensively, the district’s full spectrum of large-scale amenities. The supply of Boulevard Prime townhouses along this stretch is, by definition, finite. As the urban organism reaches operational maturity, that scarcity is expected to become increasingly pronounced.

If rarity underwrites long-term value, timing determines margin. At the present juncture, while the boulevard is advancing toward completion, pricing does not yet fully encode the district’s projected consumption capacity. Early investors retain latitude in site selection and stand to capture the repricing that typically accompanies infrastructural activation.

Complementing locational advantage is a financing structure engineered to minimize capital risk. The program “Buy a Vinhomes Home – No Worries About Interest Rates” offers 0% interest support for 36 months, followed by a capped maximum rate of 9% per annum for the subsequent 24 months. In effect, investors can model capital costs across a five-year horizon with unusual clarity.

This structure is calibrated to an entire economic cycle. Rather than remaining exposed to market rate volatility, investors can establish predictable cash-flow projections from the outset. In a climate where interest rates exhibit upward pressure and liquidity discipline tempers expansion plans, such insulation functions as a financial shield.

Long-term fixed-rate commitments of this duration are not commonplace in the current market. They presuppose balance-sheet strength and a willingness on the part of the developer to absorb rate risk alongside buyers. For investors, particularly those navigating cross-border allocations, this arrangement reduces friction at the point of entry and fortifies holding strategy during the formative years of the district’s growth.

A City Measured in Generations

What distinguishes Vinhomes Green Paradise is not a singular building or amenity, but its integrative thesis. It proposes that tourism, culture, healthcare, recreation and commerce need not exist as disjointed clusters. When orchestrated deliberately, they can reinforce one another, creating both a lifestyle destination and a durable economic engine.

In that sense, the project’s participation in the New7Wonders campaign reads less as accolade and more as validation of intent. The aspiration is to cultivate a city where daily life, for residents, entrepreneurs and visitors alike, unfolds within a coherent, future-oriented framework.

If cities of the past were defined by fortifications or factories, and the cities of the 20th century by skylines, the cities of the future may well be judged by their capacity to harmonize infrastructure with human experience. In Can Gio, that experiment is already underway – not as speculation, but as construction steel rising against the coastal horizon.

Hashtag: #Vinhomes

The issuer is solely responsible for the content of this announcement.