Stride, a solar company based in Vietnam, announced on Monday that it has raised Series A funding from new investor UOB Venture Management and existing investors Clime Capital and Touchstone Partners.
Stride said this investment will help the company grow and secure green financing from both new and current lenders.
It’s platform offers customized financing, technology, and quality assurance to make it easier for homeowners and small businesses in Vietnam to adopt rooftop solar and battery energy storage systems.
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The company is growing quickly by partnering with a large network of solar installers. Using its own digital platform, it provides homeowners and small businesses with high-quality solar installations.
To support economic growth, Vietnam’s Ministry of Industry and Trade (MoIT) is updating its power plan (PDP8) to increase solar power capacity from 25GW to 34GW by 2030.
Andrew Fairthorne, Co-founder and Chief Executive Officer at Stride said,
“We are delighted to have attracted a further round of equity investment to fuel Stride’s growth, This will help Vietnam move toward achieving its climate goals by enabling more households and small businesses to
access cost-efficient green energy,”.
Vanshika Khemka, Investment Manager at Clime Capital, said , “Clime’s approach means that as portfolio companies meet their growth and development targets, further equity funding is available to accelerate their progress. Stride’s success demonstrates the effectiveness of deploying early-stage risk capital into promising clean energy companies,”.
Clarissa Loh, Executive Director at UOB Venture Management, said , “with its unique position as a company that supports micro businesses transitioning to solar energy through rooftop installations, Stride is contributing to the clean energy transition needs of Vietnam, one of the most vulnerable regions to the impact of climate change. This new round of financing will enable Stride to further scale its solution, creating positive social and environmental impact in ASEAN,”.
About Stride
Stride is a forward-thinking renewable energy company focused on creating a sustainable future in Vietnam by providing solar energy to every household and small or medium-sized business.
