SETP

Viet Nam Launches New Startup Accelerator to Ignite Energy Efficiency Innovations

Da Nang City, 19 September 2024 — At the “National Conference on Energy Saving and Efficiency 2024”, the Ministry of Industry and Trade (MOIT) unveiled a dynamic two-track accelerator programme, aimed at empowering energy efficiency start-ups for Viet Nam’s industry, transportation, and building sectors. This initiative is part of the broader “Accelerating Innovative Start-ups for Energy Efficiency” (AIS4EE) project.

The AIS4EE project is funded by the European Union (EU) as a part of the EU-Viet Nam Sustainable Energy Transition Programme* (SETP), hosted by the Ministry of Industry and Trade (MOIT). The AIS4EE project is co-funded and implemented by the Global Green Growth Institute (GGGI).

By promoting investment in energy efficiency startups, the programme aims to support the Viet Nam National Programme on Energy Efficiency and Conservation for the period 2019-2030 (VNEEP 3), which targets to achieve 8-10% savings in total national energy consumption by 2030 and contribute to Viet Nam’s net-zero commitment.

In her opening remarks at the National Conference on Energy Saving and Efficiency 2024, Ms. Nguyen Thi Lam Giang – Director General of the Energy Efficiency and Sustainable Development Department, Ministry of Industry and Trade, emphasised that “Energy saving and efficiency play an increasingly important role in ensuring national energy security, reserving national energy resources, protecting the environment and mitigating the global impact of climate change”.

Ms. Nguyen Thi Lam Giang – Director of the Department of Energy Efficiency and Sustainable Development, Ministry of Industry and Trade giving opening remarks (Photo: Cong Thuong newspaper)

Studies from the International Energy Agency (IEA) indicate that existing technologies can only achieve about one-third of the emissions reductions needed to reach net-zero by 2050.

In this regard, Mr. Juhern Kim, GGGI Country Representative to Viet Nam, highlighted that addressing the remaining two-thirds of emissions for the net-zero goal requires significant innovative solutions from climate technologies, many of which are still in early adoption, demonstration, and prototype stages, a field where startups can play a crucial role. Amid the emergence of AI and machine learning technologies, he underscored the importance of nurturing such climate technology start-ups in Viet Nam, a rising manufacturing powerhouse that urgently needs effective decarbonisation solutions.

Mr. Juhern Kim, GGGI Country Representative to Viet Nam speaking at the event. (Photo: GGGI)

The AIS4EE’s accelerator program is the first government-led accelerator programme dedicated to energy efficiency-focused solutions by start-ups and student groups in Viet Nam. The accelerator program operates in partnership with Touchstone Partners, a venture capital firm specialised in climate tech startups in Viet Nam.

Specifically designed for start-ups and youth, the accelerator programme features two distinct tracks tailored to each group. Up to 15 startups and 15 youth teams will be selected to participate in a 9-week coaching and training programme, led by experts in the domain of energy efficiency and mentors from the start-up ecosystem. The programme offers a total prize pool of 35,000 USD for the top three start-ups and 10,000 USD for the top three youth teams. In addition, the participants will have the opportunity to join national and international pitching events and meet with potential investors through the programme.

A ritual by the delegates to kick-start the accelerator programme. (Photo: GGGI)

The event had the attendance Ms. Nguyen Thi Lam Giang, Director of the Department of Energy Efficiency and Sustainable Development at the Ministry of Industry and Trade, Mr. Nguyen Van Chu, Deputy Director of the Department of Industry and Trade of Da Nang City, Mr. Juhern Kim, GGGI Country Representative to Viet Nam, Mr. Vo Quang Lam, Deputy General Director of EVN, and Mr. Tran Nhat Khanh, Managing Partner of Touchstone Partners. Among the participants were representatives from the Ministry of Industry and Trade, Ministry of Construction, provincial and centrally-run city Departments of Industry and Trade, Energy Efficiency Centres, and students from various universities and colleges in Hue and Da Nang, as well as development partners, businesses, investors, and start-ups in the field of energy efficiency.

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