Stride – ASSIST

Investing in Impact

P4G has awarded the partnership US $349,820 in grant funding.  

Stride is a clean tech startup in Vietnam that provides homes and businesses with affordable solar installations. It reduces the barriers of high upfront costs by providing customers with affordable payment plans, free insurance to protect their solar installation investment, and certified solar products that meet the required safety standards. 

Vietnam’s energy costs are on the rise and the demand for electricity is increasing by more than 8% annually. To meet its clean energy goals and its growing energy needs, the Vietnamese government has set a national goal of having half of all households and businesses use rooftop solar energy by 2030. That number currently stands at a little more than 100,000 households. Stride is well positioned to contribute to Vietnam’s national clean energy goals. 

Stride focuses on the underserved market of households and small businesses. Their competitive advantage lies in a quick pre-approval and a lower upfront deposit of 20% for the solar installation. The remaining 80% is funded by Stride and the customer pays it back in monthly installments. The business offers end customers two ways of accessing their solar panels – directly through them or through their distributor network to whom they offer incentive packages and discounts on materials that they can pass to customers. 

ASSIST, an international nonprofit, will help Stride contribute to the development of national solar installation standards and accreditation for solar industries. Having national standards will reduce safety risks, help customers build confidence in solar products, and ensure consistency in solar installations. 

During the P4G funding period, the partnership aims to raise US $3 million in additional investment. It aims to increase the number of customers from 220 to over 2800 and onboard 80 solar companies that can distribute and install Stride products. It will create 39 jobs and reduce or avoid more than 250,000 metric tons of carbon emissions. 

The partnership comprises the following partners: Stride (lead business partner); ASSIST (lead administrative partner); New Energy Nexus.