Đồng Mai Lâm, Cluster President of Schneider Electric Vietnam and Cambodia (left), visits Alterno Vietnam Joint Stock Company. — Photo courtesy of the firm
Schneider Electric, the global leader in the digital transformation of energy management and automation, on Monday announced that its Schneider Electric Energy Access Asia (SEEAA) fund has participated in a US$1.5 million funding round for Alterno Vietnam Joint Stock Company.
Alterno is an innovative start-up spearheading the development of sand battery energy storage solutions designed to reduce carbon emissions in agriculture.
Cluster President of Schneider Electric Vietnam and Cambodia Đồng Mai Lâm, said: "Our investment in Alterno isn’t just about supporting a promising sand battery energy storage technology.
"It aligns with Schneider Electric's commitment to decarbonisation and driving the renewable energy revolution. As we work hand-in-hand with Việt Nam to fast-track progress toward net zero by 2050, we firmly believe that accelerating renewable energy development is the cornerstone of our sustainability vision, as energy consumption powers everything from daily life to industrial and commercial activities."
According to the International Energy Agency (IEA), global renewable electricity production capacity is growing at the fastest rate in three decades. It is projected to reach 7,300GW by 2028, aiming to triple capacity by 2030 as per commitments made at COP28. However, the adoption of renewable energy still faces significant barriers due to the lack of effective and affordable energy storage solutions.
The sand battery technology developed by the start-up Alterno is paving a new path in alternative energy storage solutions that is critical to the adoption of renewable energy. The SEEAA’s investment in Alternō aims to boost financial resources, helping the startup turn its sand battery technology into sustainable commercial solutions. This will enable the expansion of these solutions to underdeveloped regions in need of access to clean energy.
Alterno’s Co-Founder & CEO Hải Hồ said: “Alterno is revolutionising how the world stores renewable energy by focusing on energy storage solutions that reduce carbon emissions in drying and heating processes for food industry, agriculture, residential and other industrial purposes.
"With the support of the SEEAA Fund, Alternō’s sand batteries, which are significantly cheaper and longer-lasting than traditional lithium-ion batteries, will help address the biggest challenge of long-term energy storage with optimised costs.”.
The SEEAA fund, established in 2019, seeks to identify and invest in companies capable of addressing practical energy challenges in Asia. The fund aims to improve access to affordable green energy for countries and accelerate the transition to renewable energy to achieve net zero by 2050 across the continent. — VNS