Seven green-tech startups secure US$770,000 at Net Zero Challenge 2026

The competition was organised by the Executive Board of the Vietnam International Financial Centre in Ho Chi Minh City (VIFC-HCMC), in collaboration with Touchstone Partners, Temasek Foundation, the United Nations Development Programme (UNDP), the Partnering for Green Growth and the Global Goals 2030 (P4G) initiative, and the Global Green Growth Institute (GGGI).

In its fourth year, the competition attracted more than 1,100 applications from 80 countries and territories, making it the most competitive edition since its launch in 2023. Nine finalists presented solutions in three categories, namely renewable energy and carbon removal; food systems and sustainable agriculture; and circular economy and waste management.

Three startups won the championship awards, namely Switzerland's Recoal, India's String Bio and Vietnam's Phuc Sang Minh Gas with its BioCNG platform.

Recoal converts wet biomass residues into hydrochar for permanent underground storage without energy-intensive pre-drying. String Bio introduced CleanRise, a biological formulation designed to increase rice yields while reducing fertiliser use and methane and nitrous oxide emissions by up to 50%, according to the startup. Phuc Sang Minh Gas has developed technology to upgrade biogas from waste into high-quality BioCNG, an alternative to fossil fuels for industrial heating.

Four other startups received investment awards of US$50,000 each, including India's TriNANO Technologies from Sembcorp Industries; Vietnam's Zenwood from LOTTE Ventures; Thailand's Living Roots from Monsoon Ventures; and Phuc Sang Minh Gas from Touchstone Partners.

Ngo Thuy Ngoc Tu, CEO of Touchstone Partners, said the strong international participation shows that global climate innovators view Vietnam not only as a testing market but also as a place to develop and scale technological solutions.

She said early-stage investment could help turn pilot projects into future infrastructure, adding that Touchstone Partners will continue supporting the winning teams with capital, partner networks and other resources.

Heng Li Lang, Deputy CEO and Head of Climate and Liveability at Temasek Foundation, said connecting innovators, investors, businesses and governments will help promising climate solutions gain partners and opportunities to expand in Vietnam and the region.

As a strategic partner of the competition since 2026, VIFC-HCMC aims to connect green technology startups with investors, businesses and financial resources, helping bring innovations from research to practical application.

A key development at the event was the signing of a cooperation framework on investment coordination and co-investment among VIFC-HCMC, the Ho Chi Minh City Venture Capital Fund Joint Stock Company and Touchstone Capital Partners Pte. Ltd. The signing was witnessed by Truong Minh Huy Vu, Vice Chairman of the municipal People's Committee and Chairman of the VIFC-HCMC Executive Board.

The framework seeks to facilitate two-way investment referrals and explore co-investment arrangements with participation ratios of up to 1:1, subject to individual assessments and agreements. Priority areas include innovation, technology, digital and green transformation, energy transition and sustainable development.

The city is also studying the possibility of organising a biotechnology competition inspired by the Net Zero Challenge model, as part of its broader efforts to promote strategic technologies and innovation.

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