The absence of EV charging infrastructure has been cited as a critical factor that is holding back the pace of EV deployment in Vietnam and other parts of Southeast Asia.
Clime Capital, a Singapore-based fund manager focusing on accelerating the low carbon transition, is helping Vietnam address this concern through its partnership with EBOOST, the first mover open network electric vehicle (EV) charging operator in the country.
In a statement, Clime Capital announced that the Southeast Asia Clean Energy Facility (SEACEF) has committed to fund EBOOST.
SEACEF’s investment is expected to boost the deployment of EV charging installations in Vietnam and provide safe and affordable EV charging services to the early EV adopters.
The company’s investment in expanding EV charging availability has the potential to accelerate the decarbonisation of Vietnam’s transportation sector, which accounts for at least 25% of the country’s CO2 emissions.
“We are thrilled to support EBOOST in dramatically expanding the critical resources to electrify transport in urban centres like Ho Chi Minh and Hanoi, which will provide urgent and massive CO2 mitigation when we need it the most – right now,” Mason Wallick, Chief Executive Officer at Clime Capital, said.
Stefan Kaufmann, Chief Executive Officer at EBOOST, said that he is very excited to move forward with SEACEF and to continue supporting Vietnam’s decarbonisation initiatives.
The partnership, according to Kaufman, will enable them to accelerate their mission of building a smart EV infrastructure across Vietnam and later on offer their charging service to as many EV users that they would reach.
For Joshua Kramer, Chief Investment Officer at Clime Capital, the accelerated deployment of EBOOST’s open network EV charging infrastructure has the potential to create a virtuous cycle that is expected to drive EV adoption. This could in turn support further the deployment of EV charging infrastructure.
Before it decided to invest on EBOOST, SEACEF also made seven other investments in Indonesia, Vietnam, and the Philippines.