Alternō, a Vietnamese startup providing a thermal energy storage solution utilising sand battery technology, has secured over US$1.5 million in an oversubscribed seed investment round co-led by The Radical Fund (Singapore) and Touchstone Partners (Vietnam).
Antler (Vietnam), Impact Square (Korea), and Glocalink (Singapore) also participated.
Previously, Alternō received grants from international foundations, including US$200,000 from the Temasek Foundation, US$350,000 from P4G, and US$40,000 from the Japan International Cooperation Agency.
Also Read: How Alternō’s vision is changing the energy landscape with sand batteries
Alternō provides an innovative thermal energy storage solution utilising sand battery technology tailored for agricultural applications across drying, warming, or heating needs. This technology comprises insulated sand with custom heat-conducting tubes. It ensures a “seamless” transition to low-carbon agricultural practices while enabling cost savings for customers in a price-sensitive sector, compared to conventional grid energy and lithium-ion batteries.
“With the upcoming carbon tax (CBAM) by the European Union on imported products, our vision not only contributes to reducing carbon emissions in agriculture but also enhances the competitiveness of Vietnamese companies on the international market with products meeting global green standards,” said Hai Ho, co-founder and chief commercial of Alternō.
The company is now developing industrial versions of its sand battery systems with capacities ranging from 250 kWh to up to 1.8 megawatts. This will significantly save energy and reduce annual carbon emissions for farms and agricultural enterprises worldwide.
It was one of the three winners at Net Zero Challenge 2023, a climate innovations competition in Vietnam organised by Touchstone Partners and Temasek Foundation.
Also Read: Balancing act: Carbon Balance’s quest to tackle climate crises with tech-driven sustainability
In recent years, green environment, green economy, and green growth have become a priority for global investors. According to PwC’s “Global Investor Survey,” over 75 per cent of investors have identified or decided to invest in businesses focused on environmental, social, and governance (ESG) factors. Furthermore, the report highlights that green startups and businesses are becoming focal points and preferred investment trends among global investors.
—
X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.
Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.
The post Vietnam’s sand-based thermal energy storage startup Alternō secures US$1.5M appeared first on e27.