In an oversubscribed round co-led by top impact and venture capital funds The Radical Fund (Singapore) and Touchstone Partners (Vietnam), Vietnamese battery startup Alternō has successfully raised over $1.5 million.
In a statement released on Tuesday, Alternō said that in addition to grants from foreign organizations, the round also saw participation from Antler (Vietnam), Impact Square (Korea), and Glocalink (Singapore), exceeding its initial seed funding target.
“With the upcoming carbon tax (CBAM) by the European Union on imported products, our vision not only contributes to reducing carbon emissions in agriculture but also enhances the competitiveness of Vietnamese companies on the international market with products meeting global green standards,” said Hai Ho, Co-Founder and Chief Commercial Officer of Alternō.
Using sand battery technology, Alternō is a company that offers a cutting-edge thermal energy storage solution for agricultural applications that include drying, warming, and heating requirements.
This unique heat-conducting tube system is used in conjunction with insulated sand.
In comparison to current market offerings of lithium-ion batteries and conventional grid energy, it guarantees a smooth shift to low-carbon agricultural practices and allows customers in a price-sensitive sector to realize significant cost savings.
The statement states that finding clean, sustainable energy sources to lower carbon emissions is crucial given the extreme climate change and rising thermal energy demand in agriculture.
With current capacities ranging from 250 kWh to 1.8 megawatts, Alternō is developing industrial versions of its sand battery systems.
This will result in substantial energy savings and a yearly reduction in carbon emissions for farms and agricultural businesses globally.
“We are very excited to be backing Alterno, who are poised to transform the application of thermal energy through novel battery technology across Southeast Asia, as well as globally – such as potential future markets of Africa, Middle East and Latin America,” said Alina Truhina, Chief Executive Officer and Managing Partner of The Radical Fund.
“Alterno’s integrated hardware and proprietary software currently decarbonizes Southeast Asia’s agricultural sector, which contributes to 11 percent of the region’s gross domestic product (GDP) and 13 percent of GHG emissions,
“The company is a first-of-a-kind (FOAK) thermal battery and is the only low-duration thermal energy storage (LDTES) startup in Southeast Asia addressing the agricultural sector,” she added.
