Vietnam’s SmartSolar Raises $1.85M to Expand Solar Solutions for SMEs

Vietnam-based energy-tech startup SmartSolar has raised $1.85 million in a seed funding round co-led by Picus Capital and 2degrees, with additional backing from Iterative. The company focuses on expanding rooftop solar adoption among small and medium-sized enterprises (SMEs) in Southeast Asia, aiming to accelerate the region’s shift toward renewable energy.

Since its launch, SmartSolar has deployed nearly 1MW of rooftop solar projects across multiple SMEs in Vietnam. With the fresh capital, the company plans to scale its operations locally and expand its presence across Southeast Asia. Beyond installations, SmartSolar envisions developing a full-scale EnergyTech platform to help businesses transition more efficiently to sustainable energy solutions.

As Southeast Asia faces growing energy demands and climate concerns, SmartSolar’s unique financing model and rapid execution could help it as a major player in decarbonizing the region’s power grid. The company enables businesses to switch to clean energy without financial strain by installing rooftop solar systems at no upfront cost. This approach also addresses a key challenge in the sector—limited access to financing for small-scale solar projects.

Despite the region’s abundant sunshine, rooftop solar adoption remains low, with only about 5% of rooftops equipped with panels—far behind countries like Germany. Many business owners worry about rising electricity costs but lack the knowledge or confidence to invest in solar technology. Additionally, Southeast Asian banks are often hesitant to provide loans for solar installations, and those that do impose long approval processes and high interest rates.

SmartSolar overcomes these barriers with a hassle-free model that includes fast approvals and a customer-friendly approach. By sharing energy cost savings with its clients, the company ensures that businesses benefit financially while contributing to sustainability. Within just six months of launching, SmartSolar has installed nearly 1MWp of capacity across various businesses in Vietnam and is rapidly expanding its footprint across the region.

Abhijay Thacker, senior vice president at Picus Capital, emphasized the crucial role of energy in economic growth, stating that development is closely tied to energy availability. He expressed confidence in SmartSolar’s ability to deliver clean, cost-effective power to Southeast Asian businesses. “We are excited about SmartSolar’s approach and believe they can create significant value for businesses, the environment, and the broader region,” he added.

Beyond rooftop installations, SmartSolar aims to develop a full-scale EnergyTech platform that will simplify SMEs’ transition to renewable energy. By integrating digital solutions, the company envisions a future where businesses can seamlessly adopt and manage sustainable energy sources, strengthening the region’s clean energy ecosystem.

Soren Wiberg Holm, Venture Lead at 2degrees, highlighted SmartSolar’s role in addressing one of the biggest challenges for SMEs—access to upfront capital for solar adoption. He noted that Vietnam’s solar market is at a turning point, driven by rising demand, favorable conditions, and supportive government policies. Holm believes SmartSolar is well-positioned to build the financial infrastructure needed to accelerate the shift to clean energy across the region.