Schneider Electric Energy Access Asia announces investment in startup in Vietnam

Schneider Electric, a global leader in digital transformation of energy management and automation, announced that the Schneider Electric Energy Access Asia (SEEAA) fund has invested in a $1.5 million funding round of Alterno Vietnam Joint Stock Company, a pioneering startup in energy storage solutions using sand batteries for agriculture to reduce carbon emissions.

Mr. Dong Mai Lam, General Director of Schneider Electric Vietnam and Cambodia met with representatives of startup Alterno Vietnam

In Vietnam, the SEEAA fund made its first investment in 2023 in Startup Selex Motors, a pioneer in smart electric vehicle solutions, applying electrification to transportation. The investment from Schneider Electric's SEEAA Fund has helped Selex Motors expand its production scale, develop sustainable battery technology and contribute to the long-term goal of reducing carbon emissions in the transportation industry in Vietnam... and Alterno Vietnam is the second company to receive investment from the SEEAA fund.

Mr. Dong Mai Lam, General Director of Schneider Electric Vietnam and Cambodia shared: “We invest in Alterno Vietnam not only because it is a startup with potential sand battery energy storage technology, but also because this is in line with Schneider Electric's commitment to decarbonization and promoting the renewable energy revolution. Accompanying Vietnam to accelerate towards Net Zero 2050, Schneider Electric believes that promoting the development of the renewable energy industry is a key factor to realize the sustainable vision when all activities from normal living to production and business are associated with the need to use energy”.

Sand battery technology developed by Startup Alterno is opening a new direction in the field of renewable energy storage, besides solar energy. The SEEAA fund's decision to invest in Alterno aims to increase financial resources, helping this startup realize sand battery technology into sustainable commercial solutions. From there, expand this solution to underdeveloped areas that need access to clean energy sources.

The SEEAA Fund is one of five impact investment funds initiated and managed by Schneider Electric with its partners. The other four funds include: Schneider Electric Energy Access (SEEA), launched in 2009 and operating primarily in Europe; E3 Capital Impact Fund and Gaia Energy Impact Fund II, operating in Africa; and Livelihoods Carbon Funds, which finance rural energy projects globally.

In addition, Schneider Electric also established SE Ventures, a global venture capital fund with a committed capital of 1 billion USD, to seek and support innovative startups and businesses in the field of energy management and automation. Through each project, Schneider Electric has proven to be a reliable partner of businesses and countries on the journey of innovation towards sustainable development.

KIM THANH

Source: https://www.sggp.org.vn/schneider-electric-energy-access-asia-cong-bo-khoan-dau-tu-cho-startup-tai-viet-nam-post763757.html