Smartsolar Secures $1.3 Million Debt Funding To Expand Rooftop Solar Access In Vietnam

SmartSolar, a Vietnam-based energy technology startup, has secured $1.3 million in debt financing to expand solar power access for businesses across the region. The funding includes a $300,000 loan from the SECO Startup Fund, backed by the Swiss government, and a $1 million debt facility from SKR Reisen.

This development comes at a time when many climate-tech startups are facing reduced funding from traditional investors, especially in the United States. Despite this slowdown, SmartSolar has managed to attract European financial support to continue its growth plans. The company focuses on helping small and medium-sized enterprises (SMEs) adopt solar energy by removing upfront investment barriers.

SmartSolar operates on a zero-upfront cost model. It installs, owns, and manages rooftop solar systems, allowing businesses to purchase electricity at lower rates than the national grid. This model is particularly useful in markets like Vietnam, where access to financing for small-scale solar projects remains limited.

The latest debt round follows an earlier $1.85 million seed funding round led by Picus Capital and 2degrees, with support from Iterative. Founded in 2024 by Kevin Junker, a former consultant at McKinsey & Company, the company has shown rapid progress. Within six months of its launch, it deployed nearly 1 MWp of solar capacity across various businesses, including factories, food processing units, and fitness centers.

Vietnam is already a leading solar market in Southeast Asia, but many businesses still face challenges such as high interest rates and complex loan procedures. SmartSolar’s “pay-as-you-go” approach helps overcome these issues by offering immediate cost savings and reducing carbon emissions. Businesses can cut electricity costs by up to 20% from the first day.

With the new funding, SmartSolar plans to expand further within Vietnam and explore opportunities in other Southeast Asian countries. As energy demand in the region continues to grow rapidly, the company aims to build a strong platform that supports clean, affordable, and scalable energy solutions for the future.