Introduction
Innovate UK is inviting ambitious businesses, that are interested in applying to future rounds of Energy Catalyst funding, to apply for an international brokerage trip to Vietnam. Delivered in partnership with Innovate UK EDGE, the programme of support consists of a preparation phase, followed by a 5 day country visit, and post-visit support from Innovate UK EDGE.
Energy Catalyst’s mission is to accelerate the innovation needed to reach sustainable development goal 7 - Affordable and Clean Energy. By providing financial and advisory support to innovators we help create strategic partnerships, uncover insights and develop business models to improve lives in Africa and Asia. In May 2021, £40 million of grant funding (across two funding competitions) was announced. This brokerage visit forms part of the collaboration building to enable businesses to develop equitable partnerships between the UK and overseas organisations.
Why Vietnam?
With a population of 98.18 million people and 100% of those having access to electricity, Vietnam has shown that both urban and rural grid connection is possible. However, as of 2022, Vietnam’s main source of energy supply is coal, due to its low cost and accessibility being a local fuel source. There is a potential for low carbon options, such as renewables, to be the lowest-cost option for meeting the increasing needs of the Vietnamese population. Energy needs are growing at 10% per year, so needs are increasing for a more diverse energy supply by utilising alternative energy sources such as wind as well as an improved grid structure to accommodate increasing distribution at scale. Vietnam’s Ministry of Industry and Trade have proposed to the PM Office an Eighth National Power Development Plan for 2021-2030, which includes higher targets for renewable energy production and reducing the reliance on coal by no longer building coal power plants. There’s also a target to reduce the country’s emissions to net-zero by 2050, this pledge was made at COP26 in the UK. (Source: McKinsey & Company, IEA, World Bank)
What to expect:
Energy Catalyst international brokerage is a structured programme around three main phases and each business will have support from Innovate UK EDGE for the duration of the offering, including developing an action plan to capitalise on the opportunities identified. The three main phases are:
• Getting ready: Pre-visit briefing to build knowledge and understanding of the market and potential opportunities, including how to do business, cultural aspects, how to protect your IP and training on how to improve your pitch and articulate your value proposition.
• Market visit: Access to NGOs, local businesses, academics, and governments who will be able to provide information about local opportunities and with potential to become partners.
• Helping you make the best of the opportunity: Support from Innovate UK EDGE to follow up and take advantage of the opportunities identified.
