The initiative is part of the Accelerating Innovative Startups for Energy Efficiency project, funded by the EU within the framework of EU-Vietnam Sustainable Energy Transition Programme.

It is hosted by the Ministry of Industry and Trade and co-funded and implemented by the Global Green Growth Institute.

Under the project, the accelerator programme is being organised by Touchstone Partners, an early-stage venture capital firm in Vietnam.

Dedicated to fostering innovation in energy efficiency, the accelerator programme focuses on attracting investments in cutting-edge solutions for energy efficiency in the industry, transportation, and green building sectors.

Selected teams will undergo a nine-week training course led by experienced experts, mentors in the startup ecosystem and energy efficiency space.

The programme’s total prize pool amounts to $35,000 for the three best startups and $10,000 for the three best youth teams. In addition, teams joining will secure the opportunity to join national and international pitching events to call for investments of up to $1 million from Touchstone Partners, and from strategic venture capital partners.

The initiative consists of two components. The first component is designed for startups (between pre-seed to seed stage) with a minimum viable product centred on energy efficiency solutions for the industry, construction and transportation in Vietnam.

Participants must be startups registered in Vietnam or those registered overseas with plans to operate in Vietnam. This component will equip startups with the essential skills and knowledge for successful entry into Vietnam’s energy efficiency market.

The second component is tailored for students aged 15-25 with innovative ideas in energy saving and efficient solutions with relevance to Vietnam’s context.

By promoting investment in energy efficiency projects, the scheme aims to support the National Programme on Energy Efficiency and Conservation for the 2019-2030 period, aiming to achieve 8-10 per cent savings in total national energy consumption by 2030 and contribute to Vietnam’s net-zero ambitions.