The solar cleantech startup backed by Clime Capital and Touchstone Partners has a mission to accelerate Vietnam’s low-carbon transition
Clime Capital and Touchstone Partners announced a joint $2 million investment into an innovative cleantech company Stride operating in Vietnam.
The startup’s mission is to boost the country’s net zero transition and bring a clean energy future closer. It provides households and small businesses with eco-friendly home improvement projects, smart home technology, energy-efficient products and access to solar energy at the point of sale with 0% interest.
The company reduces high upfront purchase costs for cleantech solutions with financing plans and provides complimentary insurance. Stride is not only enabling more people to contribute to Vietnam’s carbon neutrality goal but is also helping them save money on electricity costs in the process.
The investors found Stride to be a promising startup, considering its rapid growth. Besides, funding solutions facilitating Vietnam’s transition to a sustainable future is extremely relevant and timely, since Vietnam’s recent approval of Power Development Plan 8, which encourages homes and businesses to install solar systems for self-consumption.
According to McKinsey, Vietnam is among the top five countries in the world exposed to climate change risks e.g. sea level rises. Most recently, in the National Strategy on Climate Change, Vietnam announced a 43.5% emissions-reduction target by 2030 along with sector-specific emissions targets for 2030 and 2050.
However, reaching the targets won’t be easy. The transition will expectedly require considerable investments, significant mindset changes and operational updates.
At the same time, about 30% of total greenhouse gas emissions in the country come from the power sector. Therefore, the widespread use of solar cleantech may significantly improve the situation.
The Stride startup will use the fresh funding to accelerate its business capacities, making green energy projects for local households and small businesses more accessible and affordable.
We have recently reported on the Top Solar Fintechs, helping people across the globe find, install and finance alternative cleaner energy solutions.