Photo: Le Toan

In early March, SmartSolar become the latest Vietnam-based energy tech company securing a $1.85 million seed funding from Picus Capital and 2degrees, with additional backing from Iterative. The company offers an innovative zero-upfront-cost business model enabling small- and medium-sized enterprises (SMEs) across Southeast Asia to rapidly adopt rooftop solar solutions, removing financial barriers to clean energy transitions.

After six months of launching, SmartSolar has installed nearly 1MWp of capacity across various SMEs in Vietnam. The company will use the fresh funding to scale up its operations locally and expand its footprint across Southeast Asia.

The company’s long-term objective goes beyond installations, with plans to create a comprehensive EnergyTech platform that will enable SMEs to smoothly shift to renewable energy.

Soren Wiberg Holm, venture lead at 2degrees, said, “We consider the market for solar in Vietnam at an inflection point, with surging local demand, favourable natural conditions, and strong policy tailwinds. SmartSolar directly addresses what is perhaps one of the largest barriers to solar adoption by SMEs in the region – access to upfront capital.”

“We have deep, deep conviction that the SmartSolar team is positioned to build financing infrastructure to power the transition to clean energy in not just Vietnam, but ultimately the entire region,” Holm added.

In early February, Clime Capital made an investment in Ampotech, a Singapore-based energy management solution provider with operations in Vietnam. This investment, facilitated through the Southeast Asia Clean Energy Fund II, will support Ampotech’s regional Southeast Asia expansion with an initial focus on market growth in Vietnam, Indonesia, and also the Philippines.

Ampotech platform, using smart Internet of Things solutions and AI support, optimises energy usage in large buildings, factories, and infrastructure, helping reduce energy costs, ensure energy security, and contribute to Vietnam’s carbon reduction and sustainability goals.

Jessica Tran, Clime Capital’s country manager in Vietnam, said, “Ampotech and energy tech companies are playing a pivotal role in transforming Southeast Asian countries’ energy landscape by leveraging innovation and technology to drive the transition to clean, sustainable energy.”

Ampotech and others are introducing cutting-edge solutions such as AI-enabled platforms that optimise energy management in large-scale infrastructures, multi-construction builds environment including office buildings, factories, logistics facilities. This innovation helps businesses reduce energy consumption, lower operational costs, and increase energy efficiency.

“With growing demand for energy infrastructure to support economic development, technology-driven companies are helping Vietnam modernise its energy sector and shift towards renewable energy sources,” Tran said.

Indeed, more foreign funds and financial institutions are ramping up their support to Vietnam’s energy transition efforts.

On March 12, the European Investment Bank (EIB), the financing arm of the European Union, reaffirmed its commitment to deepening cooperation with the State Bank of Vietnam on sustainable finance through technical assistance under the EIB’s Greening Financial Systems programme (see Page 6).

On March 6, net-zero solutions provider Banpu NEXT signed a deal with SolarBK, a Vietnamese clean energy company, to establish a joint venture named Esco NEXT to continue expanding the scale of renewable energy in Vietnam. In the first phase, Esco NEXT targets to deploy at least 390MW of rooftop solar power within the first few years.

James Rama Phataminviphas, group senior vice president for Strategic Investment and Partnership at Banpu NEXT, said, “This strategic partnership is a key milestone in our renewable business to accelerating the growth of our solar rooftop portfolio in Vietnam. We see Vietnam as a potential renewable market, and we believe that this joint venture can strengthen our business growth and ecosystem while contributing to the country’s net-zero goal.”

In January, Vietnam’s CME Solar secured $20 million investment from Emerging Africa & Asia Infrastructure Fund (EAAIF) to develop a pipeline of rooftop solar projects for companies in Vietnam, aiming to reach over 260MWp of projects.

Esther Chan, fund manager of EAAIF, said Vietnam was a standout example of a dynamic, resilient growth market in Asia, with 6.5 per cent growth forecast in 2025 and 2026, up from 5 per cent in 2023.

“We also find Vietnam an attractive place to invest because of the quality of companies and management we find in the country,” Chan said. “In Asia, there is a $1.7 trillion annual infrastructure investment opportunity. EAAIF is poised to capitalise on this potential to drive growth, rapidly enhance climate-resilient infrastructure, and support communities in adapting to climate change.”

Also in January, Mirova, an affiliate of Natixis Investment Managers, announced its investment in Ecoligo, a global solar commercial and industrial player. This marks the first investment by Mirova Gigaton Fund in Vietnam, with a commitment of $10 million in senior debt financing. The investment aims to finance a portfolio of greenfield solar rooftop projects.