From green idea to viable project
With the idea of storing energy from the sun, wind... to serve agricultural production and daily life, Mr. Ho Viet Hai and his two friends established Alternō Company, starting a business with a new energy storage technology: sand batteries.
Since early 2023, the company has been conducting sand battery experiments. According to Mr. Ho Viet Hai, sand batteries can be connected to many different energy sources, stored for many months and are easy to produce because sand is an abundant and environmentally friendly material. Sand batteries have been commercialized and will serve to heat, cool or dry tea, rice, coffee, etc.
Thanks to the meticulous and careful research from the beginning, from the time of coming up with the idea, validating the idea to the finished product, the whole team only took about 6 months and raised capital from Antler Investment Fund. After that, Alternō sand batteries also received non-equity sponsorship from Wacom Corporation (a technology corporation from Japan) to complete the first patent for Alternō sand batteries. This product is also sponsored by the Japan International Cooperation Agency (JICA) to promote the production of sand batteries, providing hot water and heating to serve people in the Northern and Central Highlands regions of Vietnam.
Mr. Hai added that the company is hoping to use its sand battery products to participate in the green transformation in Can Gio, Ho Chi Minh City: “There is a plan for almost all public administrative buildings in Can Gio to be equipped with solar batteries… If Alternō is allowed to participate, each building will have a sand battery system to provide hot water for offices, clinics and schools… to better improve the lives and activities of the people here.”
Buyo Company was established in 2022 at a time when the world is promoting the development of green economy, circular economy with environmentally friendly consumer products. Therefore, bioplastic - Buyo's main product - is a material that can easily decompose into CO2, water, biomass, with outstanding advantages compared to traditional plastic products. Buyo's bioplastic project has successfully surpassed many start-ups, won high prizes in many major innovation and startup competitions, and has been able to call for capital from foreign investment funds.
Ms. Do Hong Hanh, founder of Buyo, said that in the context of economic difficulties, the price factor is of more concern, while the price of bioplastic is higher than that of conventional plastic. This is also a barrier, so Buyo is researching to improve production and reduce costs. The company believes it will develop in the startup ecosystem in Ho Chi Minh City.
“Ho Chi Minh City is the economic center of the country, where there is a very vibrant startup ecosystem. In the coming time, we also hope that the city's leaders will have breakthrough policies to encourage circular economy and green economy enterprises located in the city like Buyo to have conditions to develop and expand,” said Ms. Do Hong Hanh.
Advantages of attracting green finance
In Vietnam, foreign investment capital is prioritized to flow into green economic and green growth sectors, creating many development opportunities for startups. In the past two years, dozens of green startups have received support from the Antler Fund.
Through 4 startup support programs held in Vietnam since 2021, Antler Fund has invested a total of more than 3 million USD. This investment has helped 31 successful startups, including Buyo - a company providing biodegradable bioplastic solutions, Alternō - providing low-cost thermal energy storage solutions for the Asian region.
Instead of focusing on investing in existing companies, Antler Ventures Vietnam has been promoting Vietnamese startups with investments and helping startups accelerate their growth. Mr. Erik Jonsson, Managing Partner of Antler Vietnam, said that the Fund empowers startups from the idea stage by connecting them with potential co-founders, providing funding, validating startup ideas, and facilitating startups’ access to a global network.
“Antler has invested in and supported more than 70 startups and met more than 300 founders through it… Each program only invests in about 7 to 10 businesses, each business currently has about 3 to 4 founders. Antler is currently the only fund that invests in the idea stage only, so if there is no desire to contribute, Antler will not invest” - said Mr. Erik Jonsson.
Green technology startup ideas were born at the right time when Vietnam, including Ho Chi Minh City, committed to promoting emission reduction, so they attracted investment capital and products were welcomed by the market.
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