Alterno, Forte Biotech, and AirX Carbon won the inaugural Net Zero Challenge 2023, a climate innovations competition in Vietnam by Touchstone Partners and Temasek Foundation.
Alterno, which produces low-cost thermal energy storage using sand-based batteries, won the Renewables and Carbon Removal track.
Forte Biotech, a producer of onsite RAPID diagnostic tests for early detection of prawn diseases, is the winner of the Food Systems & Sustainable Agriculture track.
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AirX Carbon, which produces cost-comparable fossil-based plastic replacement from biowaste, is the Circular Economy & Waste Management track winner.
The three companies will receive a total of VND 15 billion (US$630,000) in grants from the Net Zero Challenge, which will be used to pilot their climate innovation in Vietnam. Two additional investment prizes of US$50,000, each from Touchstone Partners and East Ventures, have been awarded to AirX Carbon and Alterno.
All nine finalists can also receive up to US$90,000 in cloud credits from Amazon Web Services.
Net Zero Challenge 2023 provides opportunities for climate innovators to showcase their sustainable innovations in addressing ecological challenges and mitigating the impacts of climate change.
Since its launch on 21 August this year, the Net Zero Challenge has received over 300 applications from 45 countries within a seven-week period. Over 30 per cent of the application pool were from teams outside of Vietnam.
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Nine finalists were shortlisted and underwent three weeks of mentoring sessions, communications coaching, and collaboration with potential local pilot partners. Touchstone Partners provided localised mentorship and support in facilitating strategic partnerships in Vietnam.
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