Vietnamese solar energy firm Stride has announced that it has secured a Series A equity investment from new investor UOB Venture Management, alongside existing investors Clime Capital and Touchstone Partners.
This round comes less than a year after the company secured US$3 million in a debt financing facility from the Swedish solar investment platform Trine.
The company stated that this fresh capital injection will be crucial in scaling its operations and unlocking further green financing opportunities from current and potential lenders.
Stride’s business model revolves around a platform that integrates tailored financing, technology, and quality assurance to simplify adopting rooftop solar and battery energy storage systems for residential and small and medium-sized enterprise (SME) customers across Vietnam.
The firm claims it has experienced rapid growth through strategic partnerships with a wide network of solar installers. This network, combined with Stride’s proprietary digital platform, ensures that homeowners and SMEs receive high-quality solar installations.
This development aligns with Vietnam’s ambitious plans to increase its solar power capacity. The Ministry of Industry and Trade (MoIT) is revising its Power Development Plan VIII (PDP8) to elevate the targeted solar power capacity from over 25GW to 34GW by 2030.
Also Read: Swedish firm Trine backs Vietnamese solar energy startup Stride
Notably, solar energy is expected to constitute approximately 45 per cent of this added power capacity. Stride believes its innovative platform will play a significant role in supporting PDP8 and facilitating the widespread adoption of solar energy in Vietnam.
Andrew Fairthorne, co-founder and CEO at Stride, said this funding will contribute to Vietnam’s climate goals by enabling more households and small businesses to access cost-efficient green energy.
Clarissa Loh, Executive Director at UOB Venture Management, commented on Stride’s unique position in supporting micro businesses transitioning to solar energy via rooftop installations. She stated that Stride is making a significant contribution to Vietnam’s clean energy transition needs, especially considering the country’s vulnerability to climate change impacts. Furthermore, she added that this new financing round will enable Stride to expand its solution and generate positive social and environmental impact within the ASEAN region.
Since its establishment in 2021, Stride has rapidly expanded its presence across Vietnam, establishing itself as a leading provider of financed clean energy solutions for Vietnamese residential and SME customers.
Previously, Stride raised seed-stage equity capital from Clime in May 2023 through its first fund, SEACEF I, and Touchstone Partners.
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