Vietnamese solar energy solutions company Stride has secured US$3 million in a debt financing facility from the Swedish solar investment platform Trine.
This capital injection will enable the Ho Chi Minh City-based cleantech company to expand its capacity to fund customers’ clean-energy installations in Vietnam in partnership with local installers.
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Andrew Fairthorne, CEO at Stride, said, “This debt funding facility will enable Stride to accelerate the deployment of solar energy solutions in Vietnam, a country with immense renewable energy potential. Our collaboration with Trine aligns perfectly with our mission to reduce the barriers to access solar and batteries for every Vietnamese household, and small- and medium-sized business.”
Incorporated in Singapore, Stride provides solar energy to households and small businesses in Vietnam.
Vietnam’s target of 50 per cent of residential homes and office buildings using self-produced rooftop solar power for self-consumption by 2030 aligns with Stride’s mission. The country has the potential to generate 380 gigawatts of capacity, significantly exceeding the government’s solar capacity goals.
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The startup offers low upfront-cost financing, complementary insurance, independent quality assurance, and a streamlined online consumer onboarding process at the point of sale. The company has received increasing interest from residential and small business consumers who want to shift to lower-cost clean energy to reduce energy bills. Stride addresses this interest with a commercial solution that removes the barrier of high up-front costs.
Last year, Stride secured US$2 million in seed-stage equity funding from Clime Capital and Touchstone Partners.
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Image Credit: Stride.
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