Vietnam-based energy firm SmartSolar raises $1.3m in debt

SmartSolar, a Vietnam-based energy tech startup, has raised US$1.3 million of fresh capital in the form of a senior loan and debt facility from European-based investors, a boost for Southeast Asia’s struggling climate tech sector.

SECO Startup Fund, a financing program set up by the Swiss government, contributed to the raise by extending a US$300,000 loan to the startup. SKR Reisen, a German travel company, provided the rest in the form of a US$1 million debt facility. The fresh capital brings the startup’s total funding to over US$3.1 million.

SmartSolar founder and CEO Kevin Junker (left) and CFO Dominik Wingeier / Photo credit: SmartSolar

Founded in 2024 by Swiss national Kevin Junker, SmartSolar employs a “solar-as-a-service” model, offering zero upfront costs when installing rooftop solar panels for SMEs. Customers instead pay based on their monthly energy consumption, which is estimated through the startup’s proprietary software.

Typical monthly bills of SmartSolar clients range between US$200 to US$500. Junker says the solar panels help clients save about 25% to 30% in electricity costs compared to if they were only sourcing their power from the grid.

The firm’s client base is split into five categories: co-working and office spaces, food and beverage stores, small production facilities, mom and pop shops, and hotels. For this fresh capital, the startup aims to expand its client base among the F&B and travel sectors.

When the startup first spoke with Tech in Asia in March 2025, it only had 15 customers. It has since grown its client base to 80, with its solar panel installations in over 100 locations across southern and central Vietnam. With the new funding, Junker is hoping to expand the startup’s presence to the rest of the country.

Estimates from non-profit firm Transition Zero show that rooftop solar panels in Vietnam have an installed capacity of about 6.93 gigawatts, with commercial and industrial facilities leading the installations. That is 4x more than the estimated rooftop solar capacity in Thailand at 1.5 gigawatts.

There are numerous solar panel installers in Vietnam after the government allowed the installation of rooftop solar power systems for businesses and homes for their own consumption in 2024.

The list includes Clime Capital-backed Nami Energy, which is focused on deploying renewable energy solutions for industrial uses, and Green Roof, which already has a presence in Indonesia and the Philippines.

Junker, however, isn’t worried about the competition. “There are a lot of SMEs, and there are a lot of roofs, and it will take billions of dollars to make everybody green,” he says.

The CEO believes the new funding would also help with the startup’s goal of seeking more capital from institutional investors. Last year, the company hired its CFO, Dominik Wingeier, who Junker says helped the startup finalize the deals with its new investors.

Other backers of the startup include Picus Capital, 2degrees, and Iterative, all of which participated in the startup’s US$1.8 million seed equity round last year.

Funding for climate tech startups in Southeast Asia has consistently dropped since its high of US$451 million in 2021, data from Tracxn shows. By the end of 2025, funding dropped to US$163 million.