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Energy storage solution provider Alternō wrapped up its Series A funding round in mid-May, led by UntroD Capital Asia, with participation from ADB Ventures, the venture arm of the Asian Development Bank. The funding round marks a pivotal step in Alternō’s effort to bring scalable, affordable decarbonisation to global industries.
The capital injection is accelerating manufacturing capacity in Vietnam and supporting research and development for Alternō E – an advanced electricity storage solution. Positioned as a transformative force, the Alternō E aims to reshape how clean energy is stored and deployed across global markets.
Hai Ho, co-founder and CEO of Alternō, said, “In Vietnam, Alternō has already demonstrated measurable impact with clients like PepsiCo, Mondelez, and Arista Partners. With this round, we are expanding into Southeast Asia and Japan, services to make clean thermal energy accessible without large upfront costs. The funds also supports our overseas expansion, allowing us to validate our technology at industrial scale and set the stage for mass deployment by 2026.”
Energy storage remains one of the most promising investment segments within climate tech, particularly as industrial decarbonisation gains urgency. Long-duration thermal storage, like Alternō’s sand battery, is increasingly recognised as a cost-effective and scalable alternative to lithium-ion or hydrogen in sectors requiring high-temperature heat.
“Beyond storage, venture capital groups are actively exploring innovations in carbon capture, AI-powered energy management, bio-based materials, and circular economy platforms. As a curator of climate tech, Alternō integrates and co-develops these technologies – such as biomass systems and smart heating for greenhouses – into tailored solutions for industrial clients,” he added.
In March, solar cleantech provider Stride successfully closed a Series A round, welcoming UOB Venture Management as a new investor and receiving continued backing from Clime Capital and Touchstone Partners.
With the latest funding round, Stride focuses on accelerating solar adoption in Vietnam through technology-driven customer experiences, smarter financing models, and digital operations. Stride’s goal is to make rooftop solar accessible and affordable for every Vietnamese household and business.
Stride CEO Andrew Fairthorne said Vietnam presents a compelling opportunity for climate-tech innovation and investment.
“The country’s strong renewable energy potential, combined with ambitious climate goals and a growing middle class, makes it an attractive destination for foreign groups” Fairthorne said. “For startups, the key is to demonstrate scalable impact, strong local execution, and the ability to bridge financing and technology gaps. Investors are increasingly looking for solutions tailored to local realities – Vietnamese startups that can localise global climate solutions stand to gain the most.”
The climate tech sector in Vietnam still faces challenges, including limited early-stage funding, regulatory uncertainty, and a need for deeper technical expertise, Fairthorne said.
“We believe this requires partnerships between startups, government, and the private sector to de-risk innovation and build long-term infrastructure for clean energy,” he added. “Continued support from international investors also plays a vital role in bringing global experience and and capital to a fast-growing but underfunded ecosystem.”
Meanwhile, electric two-wheeler manufacturing company Dat Bike is in talks to raise at least $10 million in a Series B funding round. As of August 2024, Dat Bike had raised over $20 million in funding, as reported by DealStreetAsia.
Between 2015 and 2023, climate tech startups in Vietnam secured over 120 publicly announced deals, amounting to $93.8 million in funding. This period saw a remarkable acceleration in investment, with funding for Vietnam’s climate tech startups increasing 365 per cent year-over-year from 2021 to 2023.
Most deals were early-stage, with seed and Series A funding comprising 47 per cent of the deal count, according to a 2024 report by New Energy Nexus Vietnam and Clickable Impact Consulting Group.
The sector has experienced a notable increase in investor interest, with deal activity gaining momentum in 2024, reaching $23 million in funding.
While the total capital invested remained relatively stable, the number of deals surged from four to 10. This trend is driven by strong regulatory tailwinds, increasing environmental, social, and governance adoption, and rising demand for clean energy and e-mobility solutions.
Justin Hall, partner at Golden Gate Ventures, stated, “Climate tech isn’t just a necessity – it’s Vietnam’s next trillion-dollar opportunity. As the country races to meet net-zero targets, startups that can decarbonise manufacturing, energy, and logistics will define the next decade of growth.”
Jessica Tran, Clime Capital’s country manager in Vietnam, stated, “We believe that over the next few years, climate tech investments will continue to increase while shifting towards technologies that can cut the most emissions. Despite challenging market fundamentals, we have seen a steady influx of first-time climate tech investors, proving that the industry remains attractive.”
Attaining climate justice with climate finance goals
The significant global changes are leading to three planetary crises – climate change, biodiversity loss, and environmental pollution. Therefore, climate finance, when invested sufficiently and appropriately, is the pathway to climate justice.
