TLDR:
- Vietnamese battery startup Alternō secures over $1.5 million in funding from leading impact and venture capital funds.
- The funding round was co-led by The Radical Fund and Touchstone Partners, with additional participation from Antler, Impact Square, and Glocalink.
Vietnamese battery startup Alternō has successfully secured over $1.5 million in an oversubscribed round co-led by leading impact and venture capital funds The Radical Fund (Singapore) and Touchstone Partners (Vietnam). The round also saw participation from Antler (Vietnam), Impact Square (Korea), and Glocalink (Singapore) along with grants from international organizations, surpassing its initial seed funding target. The company provides an innovative thermal energy storage solution utilizing sand battery technology tailored for agricultural applications across drying, warming, or heating needs. This patented technology comprises insulated sand with custom heat-conducting tubes, enabling a seamless transition to low-carbon agricultural practices and substantial cost savings for customers. Alternō is developing industrial versions of its sand battery systems with capacities ranging from 250 kWh to 1.8 megawatts, aiming to reduce energy consumption and carbon emissions for farms worldwide.
According to the statement, over 75% of investors worldwide have identified or decided to invest in businesses focused on environmental, social, and governance (ESG) factors, making green startups a preferred investment trend. Alternō was one of the three winning teams of Net Zero Challenge 2023 in Vietnam and has received grants from international foundations and support from organizations such as JETRO, Qualcomm, and New Energy Nexus. The company’s mission towards sustainable energy solutions aligns with global goals for combating climate change and achieving net-zero emissions.
Touchstone Partners expressed their support for Alternō’s efforts in making sustainable heating solutions accessible and affordable through sand battery technology, contributing to Vietnam’s goal of net-zero emissions and reducing operational costs in the agricultural sector. The scalability of Alternō’s technology positions it to meet increasing global demand for thermal energy storage solutions and contribute to broader sustainability goals.
