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Climate financing for women-led ventures: Moving from access to smarter capital

At a time when climate investment is accelerating across Southeast Asia, a critical question remains unresolved: why does so little of that capital reach women-led businesses?

This question sat at the center of the panel discussion “Climate Financing for Women-led Businesses: Bridging the Gap,” moderated by Vicky Tsang, EAP Lead for Gender, Solutions & Impact at the World Bank Group. Bringing together investors and founders, the discussion unpacked not just the barriers to financing but also the structural patterns shaping how capital is allocated.

A pipeline exists, but it is not evaluated equally

For many in the room, the assumption that women-led startups lack scale or readiness no longer holds. Instead, attention is shifting toward the decision-making process within investment ecosystems.

Puon Penn, Managing Partner at NEXCatalyst, highlighted how bias can quietly shape outcomes during fundraising.

“Men-led startups are often asked about opportunity and returns, while women founders are asked about risks and downsides. That difference shapes outcomes, from valuation to capital allocation,” said Puon Penn, Managing Partner at NEXCatalyst,.

This dynamic, he noted, has tangible consequences. It influences how founders are perceived, how risk is priced, and ultimately, how much capital they receive.

At the same time, the data tells a different story about performance.

“Women-led startups often demonstrate stronger capital efficiency and reach revenue milestones earlier. From an investment perspective, this is about better risk-return,” he added.

For ecosystem builders and investors, this presents a clear misalignment between perception and reality.

Early-stage investment is a bet on solutions 

While structural bias plays a role, the panel also emphasized that founders must be prepared to meet investors with clarity and conviction.

Rhea See, CEO of She Loves Tech, pointed to a common gap in how founders approach fundraising.

“Founders tend to focus on the ‘what’, the product or solution. But investors are looking for the ‘why’; why this business, why now, and why you,” said Rhea See, CEO of She Loves Tech.

That distinction becomes even more important at an early stage, where data is limited and execution risk is high. In these contexts, investors are ultimately backing the founder.

“At an early stage, your business plan is still theoretical. What investors are really assessing is your ability to execute and navigate uncertainty,” She said.

For founders, this shifts the emphasis from presenting a perfect plan to demonstrating credibility, resilience, and a deep understanding of their market.

Reframing the founder-investor relationship

The discussion also addressed a more nuanced challenge: hesitation among founders to engage with investors, particularly when it comes to giving up equity.

Rather than dismissing this concern, the panel encouraged founders to approach fundraising with greater intentionality.

“The first question founders should ask is: Why am I raising capital? It should not be a default decision,” said Rhea See, CEO of She Loves Tech.

She also emphasized that fundraising is not a one-sided process.

“It is a two-way relationship. Founders are also choosing their investors, and alignment matters just as much as capital.”

Roikhanatun Nafiah, CEO of Crustea and a founder from the She Wins Climate cohort, reinforced this from a founder’s perspective.

“The right investor is not just a source of funding. It is a long-term partner aligned with your vision and growth,” said Nafiah.

She highlighted the importance of understanding the value of equity, building credibility over time, and ensuring that partnerships support both impact and business sustainability.

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Toward a more effective financing ecosystem

The panel closed with a shared recognition that progress requires action on both sides of the market.

For investors, this means re-examining how opportunities are assessed and ensuring that bias does not limit access to high-performing ventures.

“We need more investments into women-led startups,” See said.

There is no shortage of conversations about supporting women-led businesses. What is still inconsistent is follow-through .

The founders are building. The data is increasingly clear. The opportunity is visible. At some point, the gap stops being about awareness and starts being about choice.

Find out more about the She Wins Climate Southeast Asia Accelerator here.

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Investment summit signals stronger pipeline and sharper investor focus on women-led climate startups
New Energy Nexus - SheWins Climate event 2026

Andrew Chang, CEO of New Energy Nexus (left), and EAP Lead Program Officer at World Bank Group, Vicky Tsang (right), pictured with Avika Narula, CEO of Living Roots (center).

The She Wins Climate Southeast Asia Accelerator reached a critical milestone in Bangkok,  (March 27, 2026) where its cohort of women-led climate startups came together for the program’s Graduation and Investment Summit. The event recognized the dedication of participants to growing their businesses, while focusing on what comes next: connecting founders with capital, and converting progress into opportunity.

Across Southeast Asia, climate innovation is accelerating, but access to capital remains uneven, particularly for women founders.

The summit placed that gap at the center of the conversation, bringing together development partners, investors, and entrepreneurs to align around a shared priority, to build a pipeline that is not only visible, but also investable.

Led by the International Finance Corporation in partnership with New Energy Nexus, She Wins Climate has worked over the past six months with 25 startups from across the region. These startups span renewable energy, circular economy, agriculture, water, and climate adaptation, sectors that are increasingly central to Southeast Asia’s growth trajectory.

At the summit, the message from participating partners was consistent. The opportunity is already here, but systems need to respond differently.

Yuan (Jane) Xu, Country Manager for Thailand and Myanmar at the International Finance Corporation, framed the conversation in economic terms.

“Removing barriers to women’s economic participation can increase national output by 15 to 20 percent. That is not a social statistic. That is an economic one,” said Yuan (Jane) Xu, Country Manager, Thailand and Myanmar, IFC.

She also pointed to a longer-term structural challenge shaping the region.

“Over the next 10 to 15 years, 1.2 billion young people will reach working age, yet only about 400 million jobs are expected. This gap will not be closed without unlocking the full potential of women.”

Her remarks underscored a shift in framing. Women-led climate startups are not a niche segment. They are part of the solution to both economic growth and job creation.

New Energy Nexus - SheWins Climate event 2026

Opening remarks by Yuan (Jane) Xu, IFC Country Manager for Thailand and Myanmar, during The She Wins Climate Southeast Asia forum.

From a financing perspective, Matt Kellam of the Australian Department of Foreign Affairs and Trade highlighted how blended finance is being used to bridge persistent gaps.

“Women entrepreneurs are more likely to start sustainability-focused businesses and drive innovation, yet lack of access to finance continues to limit their role in just transitions,” said Matt Kellam, Blended Finance Unit, Department of Foreign Affairs and Trade.

Australia’s approach, he noted, focuses on mobilizing private capital into sectors that deliver both climate and gender outcomes, while strengthening the pipeline of investable businesses.

That pipeline is exactly where programs like She Wins Climate play a role. Frank Le, Counsellor and Senior Trade Commissioner at Global Affairs Canada, emphasized the importance of pairing funding with ecosystem support.

“Programs like She Wins Climate equip women entrepreneurs with the capacity, networks, and investment readiness needed to scale, strengthening their access to finance and positioning them to lead in climate solutions,” said Frank Le, Counsellor and Senior Trade Commissioner, Embassy of Canada to Thailand.

At the program level, the gap is clear. While global climate investment continues to grow, only a small share reaches female-led ventures, particularly in emerging markets. As Chi Nguyen, Program Officer at the International Finance Corporation, put it:

“The gap is not in the solutions. The women founders in this room are already building and delivering. The gap is in where the money is going,” said Chi Nguyen, Program Officer, IFC.

The Southeast Asia cohort reflects that reality. The 25 startups represent seven countries and bring a mix of technical, operational, and market expertise. Many are already working with smallholder farmers, SMEs, and climate-vulnerable communities, demonstrating models that are both scalable and grounded in local contexts.

The graduation ceremony marked the end of the accelerator phase, but the focus of the summit quickly shifted toward engagement. A panel discussion brought together investors, founders, and ecosystem players to unpack what drives investment decisions in the region and how gender-lens investing can move from intention to practice.

New Energy Nexus - SheWins Climate 2026

The atmosphere of the investor speed dating session, where founders have the opportunity to engage in deep discussions with global investors. This session serves as a strategic space to align growth visions and capital needs within an increasingly competitive climate investment landscape.

The most direct interaction came through the investor speed dating sessions, where founders engaged with 13 investors, including VISUP, A2D Ventures, Touchstone, elea, SeaX Ventures, New Energy Nexus Ventures, Beacon Venture Capital, GreenRocketVC, Krungsri Finnovate, Radical Fund, GroFin, and OCB.

These sessions were designed to move beyond visibility, creating space for real conversations around fit, growth, and capital needs. For founders, it was an opportunity to position their businesses within an increasingly competitive climate investment landscape. For investors, it offered access to a curated pipeline of ventures that have already undergone rigorous preparation.

What emerged from the summit is a clearer picture of where the ecosystem stands. The pipeline of women-led climate startups in Southeast Asia is no longer the constraint. It is growing, diverse, and increasingly investment-ready.

The challenge now sits with capital, how quickly it can adapt, and whether it is willing to recognize the opportunity in front of it.

Because as the summit made clear, this is no longer about proving that women-led climate solutions exist.

It is about whether the system is ready to back them at scale.

Find out more about the She Wins Climate Southeast Asia Accelerator here.

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Inclusion is empowerment: Women with disabilities at the heart of climate solutions

Maryam, Founder of CV Cahaya Inklusi

New Energy Nexus Indonesia

Maryam | Photo by: Jefri Tarigan

Within Indonesia’s social landscape, I see gender, disability, and environmental issues often appear side by side, yet they are still frequently treated as separate challenges. For me, and for many women with disabilities living in rural areas such as Wonosobo, Central Java, these three issues are deeply interconnected and form very real structural inequalities. As national development continues to accelerate, my lived experience shows that not all citizens are moving forward at the same pace.

Data from Statistics Indonesia (BPS) shows that there are approximately 22.97 million persons with disabilities in Indonesia, or about 8.5 percent of the total population. However, this figure is not matched by the fulfillment of basic rights. Based on my experience and observation, access to education, employment, and social participation remains very limited. Only around 2.8 percent of persons with disabilities complete higher education, while participation in the labour market is also low. Many survive in the informal sector without social protection, and nearly 90 percent are not recorded as part of the active workforce. These statistics are not merely numbers. They represent the daily realities faced by me and my community.

This situation remains far from the country’s commitments. Law Number 8 of 2016 on Persons with Disabilities clearly positions the state as the primary entity responsible for fulfilling our rights, including the rights to education, employment, and accessibility. Articles 18 and 19 guarantee equal accessibility and public services. Yet, based on my experience, the implementation of these policies has barely been felt, especially at the local level.

I have experienced these gaps firsthand. I have encountered government buildings without ramps, public transportation that is inaccessible to persons with disabilities, and service facilities that do not consider diverse user needs. Even for basic administrative matters, I often had to rely on assistance from others due to the absence of fundamental access. These experiences made me realize that public infrastructure development still lacks an inclusive perspective.

This awareness encouraged me to join the Indonesian Women with Disabilities Association (HWDI) in 2017. There, I found a space to share experiences and collectively advocate for our rights. Many women with disabilities grow up in environments that limit their life choices, including access to education and skills development. I witnessed how available options were often narrowly directed based solely on physical conditions, rather than on individual potential and aspirations.

Maryam and her team. Photo by: Jefri Tarigan

Together with the organization, I began engaging in more systematic advocacy. We held consultations with various local government agencies, participated in public consultation forums, and directly conveyed the urgency of inclusive infrastructure development. In 2017, out of dozens of public service buildings in our region, only a small portion had disability-friendly facilities, and many of them still failed to meet technical standards. I personally observed how facilities were built merely to fulfill administrative obligations, without considering safety or ease of use. In fact, Minister of Public Works and Housing Regulation Number 14/PRT/M/2017 has clearly outlined accessibility standards for persons with disabilities.

Change began to emerge when disability groups were more actively involved in policymaking processes. In 2023, through an Indonesia–Australia partnership program focused on inclusive infrastructure, I was directly involved in developing procedures for inspecting public service buildings. For the first time, the perspective of persons with disabilities became part of the recommendations for issuing Certificates of Feasible Building Function.

Building on these experiences, the initiative to establish CV Cahaya Inklusi emerged in September 2023. Through CV Cahaya Inklusi, we conducted assessments of 42 public service buildings and found that around 80 percent did not meet accessibility standards. For me, these findings confirm that infrastructure development still requires fundamental correction to truly achieve fairness.

From this assessment process, an innovation in portable ramps was developed, designed based on direct user experience. This innovation not only addresses accessibility challenges, but also opened my awareness to the connection between disability and environmental issues. In rural areas, I observed that wood waste from cooking activities is often discarded into rivers, polluting the environment. We then processed this waste into low-emission materials for portable ramps, creating dual benefits: improved accessibility and reduced environmental impact.

This approach aligns with the direction of national development policies. The National Medium-Term Development Plan (RPJMN) 2020–2024 emphasizes inclusive and sustainable development, as well as strengthening community participation in achieving the Sustainable Development Goals (SDGs), particularly in reducing inequality and addressing climate change. Beyond improving accessibility and environmental protection, this waste processing initiative also generates economic value for rural households. Waste that previously held no value now becomes an additional source of income and encourages behavioural change in environmental management.

My experience in Wonosobo shows that solutions to disability and environmental challenges do not always depend on large-scale projects. Policy commitment, consistency in implementation, and partnerships with local communities are key factors. Local governments that create participatory spaces and involve persons with disabilities in assessment processes provide good practices that should be replicated. Approaches like this deserve greater attention and should be mainstreamed in many other regions.

Future challenges are likely to grow as budget efficiency policies are implemented by both central and local governments. From my observation, under fiscal pressure, support for community initiatives and civil society organizations tends to shrink. Meanwhile, the RPJMN explicitly emphasizes the importance of multi-stakeholder collaboration. Budget efficiency must therefore prioritize collaborative strategies so that inclusion initiatives that have been gradually built can grow stronger.

For me, this experience reinforces that inclusion cannot stop at the level of regulation. It requires sustained policy commitment, serious implementation, and recognition that citizens, including vulnerable groups, are partners in development. Mainstreaming the perspectives of women and persons with disabilities is essential in development planning and implementation, so that social justice, as mandated by the Constitution, can be fully realized down to the local level.


CV Cahaya Inklusi is one of the startups nurtured through the KINETIK NEX program. KINETIK NEX is an initiative implemented by New Energy Nexus in collaboration with KINETIK, the Australia–Indonesia Climate, Renewable Energy, and Infrastructure Partnership, a flagship program aimed at fostering Indonesia’s green economy and accelerating the energy transition.

KINETIK NEX promotes inclusive growth by supporting clean energy and climate technology startups in Indonesia. It is designed to empower local innovators, create green jobs, and deliver climate solutions beyond major urban centers, supporting bold ideas for a prosperous Indonesia and a sustainable planet.

Published on: Media Indonesia E-paper, IDN Times, and Harian Fajar

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Looking for Pakistan’s EV chargers? This young entrepreneur shows you where
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Roha Rehan presents her paper on PakPlug at the 2025 IEEE Transportaton Electrification Conference and Expo, Asia-Pacific (ITEC-AP) in Singapore.

Could the “Airbnb” of charging stations be the key to unlock an EV revolution?

Electric vehicles (EVs) in Pakistan are more than just a passing fad. The stage is set for explosive growth, with an ambitious aim of 30% of new vehicles sold by 2030 being EVs, and Chinese EV giant BYD building a manufacturing plant in Karachi to produce 25,000 vehicles annually starting this year.

But is the infrastructure in place to support such a rapid boom? After all, EV charging stations are about to become as huge a commodity as gas stations.

This is where clean energy entrepreneurs like Roha Rehan, a recent electrical engineering graduate from Lahore, come in. Roha’s business, PakPlug, wants to be the “Airbnb” of EV charging stations for Pakistan’s growing EV market.

The spark

Roha’s journey starts at home.

She said her father, an electrical engineer himself, is very “into EVs.” Her family started with hybrid cars in 2012 and has exclusively driven EVs since 2023. While it has helped them cut fuel costs, it wasn’t all smooth driving.

“When we have to travel from Lahore to any other city, we really need to borrow a car from somebody else, because we don’t know if we can locate chargers for our electric car,” Roha said.

She and co-founder Hammad Javaid found that even if charging stations were in an area, a local would have a hard time finding them, as they’re not being marketed properly nor geotagged. That led to the development of PakPlug—an app where anyone can find a place to recharge their vehicles in Pakistan.

pakplug caps

The PakPlug app.

Here’s how it works: People who own an EV charger at home or at an establishment can add it to PakPlug’s system. Users can then find this charging station through the app, and the owner will be able to charge a fee for renting it out.

As a plus for the energy transition, 85% of EV charging stations currently in PakPlug’s systems use solar energy, keeping in pace with Pakistan’s solar boom.

Speed bumps

Currently pre-launch, the app is still going through growing pains. Onboarding customers, ensuring the security of people lending chargers at home, and deciding a price point for renting—these are a few of the barriers for customers and owners, which the team is actively solving.

For example, Roha says they’ve recommended that owners only install their chargers near their gate, so they run a wire into the driveway, and customers don’t have to go inside the home. They’re also testing dynamic pricing, where people can charge more if they own other facilities like restaurants beside their charging station, as it means drivers have something to do while recharging.

Aside from app development, being a woman in STEM comes with its own set of challenges. Roha shared that even in university, her electrical engineering classes had a ratio of 40 men to nine women, and doubts in her abilities continued after graduating.

“When I started this startup, a lot of people had questions like, ‘do you know how EVs charge?’ ‘Do you know this and that?’ And I was like, yes, that’s literally my degree,” Roha said. “People tend to think that women aren’t able to do much in a startup ecosystem, and that they will always need some backing.”

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Roha Rehan presents at the National Incubation Center Lahore in 2025.

Despite these, Roha has gotten a lot of encouragement from the field. But to break out into the market and scale fast in Pakistan’s changing EV landscape, she saw the need for stronger, more tailored support.

Revving up

Enter Climate Innovation Pakistan (CLIP), a collaboration between New Energy Nexus and Renewables First. Roha was selected for the first cohort of the CLIP Incubator: a 12-week, equity-free program helping entrepreneurs validate products, run pilots, refine business models, and connect with investors and partners across Pakistan.

“I was also incubated somewhere else before, but those were for a wide range of startups. There wasn’t any direct climate-related guidance,” Roha said. “As we discussed in one of our last sessions [in the CLIP incubator], it’s really hard for climate startups to get initial funding, because their impact is going to be long-term and you can only project numbers for the future.”

As she expected, Roha is picking up a lot from sessions dedicated to climate and clean energy solutions like hers, such as emissions impact analysis and what climate investors look for in pitch decks. She’s also getting mentored by Shah Talha Sohail, CEO & Co-founder of Pakistani EV startup Mode Mobility, as part of the program.

“The mentorship sessions that I’m having with Talha are also great, because he’s been working in the startup ecosystem for a while now and he’s really willing to help us out wherever possible,” Roha said. “He even told us that he’ll help us set up our initial grant phase, where we can start applying to grants, if not proper investments, for now.”

The road ahead

As they get PakPlug ready for launch, Roha shared big plans for the app. They’ve set an initial goal of 200 customers in the first three months post-launch. They are also developing a smart switch for EV charger owners, which would track electricity usage and inform changes in pricing.

The team also envisions partnering with the national government and taking on a bigger role in the country’s energy transition.

“So, in the future, when I’m traveling from Lahore to Islamabad, I want to say ‘I don’t have to borrow somebody else’s petrol car and add to the emissions,’” Roha said. “‘I can use my electric car to travel, and I can easily locate chargers as well.’”

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Roha Rehan presents an event on addressing e-mobility challenges in Pakistan.

Her advice to fellow young entrepreneurs and women in STEM venturing into clean energy?

“I think for someone young, I would say that startups don’t happen overnight. It takes a lot of time and a lot of patience. So if you come up with an idea, you shouldn’t just give up because it’s not happening right now,” Roha said.

“And for women, it doesn’t matter how big or small the idea is, and you shouldn’t let people tell you otherwise… You don’t particularly need to have a co-founder that’s a man who knows all this stuff. You can figure it out on your own.”

If you’re a founder like Roha looking to scale your climate solution, in Pakistan and beyond, check out how we can support you here.

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Beyond the pitch deck: How to be an “investor-ready” startup

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For many early-stage startups, being “investor-ready” is often interpreted as having a polished pitch deck. In reality, investor readiness goes much deeper. It reflects how clearly founders understand their business, how prepared they are to share evidence behind their claims, and how confidently they can navigate fundraising conversations over time.

These themes were explored in an online expert learning session led by Puon Penn, CEO and Managing Partner of New Energy Nexus Ventures, as part of the She Wins Climate Southeast Asia Accelerator. Here are six key insights coming out of the session:

1.Valuation is a negotiation

One of the strongest messages from the session addressed a common misconception among early-stage founders.

“Valuation is a negotiation, not a calculation.”

At the early stage, valuation is rarely driven by complex financial models. Instead, investors look at the overall opportunity, the urgency of the problem being solved, the credibility of the team, and early market signals. Revenue projections matter, but they are only one part of the conversation.

Understanding valuation as a negotiation helps founders focus less on finding a “perfect number” and more on clearly communicating why their startup is worth backing.

2.Investor readiness starts before the fundraise

Investor readiness is not something to prepare only when fundraising begins. It should be built early, alongside product development and market validation.

Investors look for consistency. They pay attention to how founders explain their problem, articulate their solution, and describe their progress over time. Startups that treat fundraising as a process rather than an event are better positioned to respond to questions, requests, and due diligence when they arise.

Being “ready” means knowing your numbers, your assumptions, and your story, and being able to explain them clearly without overpromising.

3.Prepare for due diligence early

Due diligence is often perceived as something that happens after an investor shows a strong interest. In reality, it can begin informally much earlier through conversations, follow-up questions, and data requests.

Puon highlighted that prolonged due diligence with unclear timelines is a common challenge for startups. Founders were encouraged to prepare basic documentation early and to approach due diligence as a two-way process.

Clear communication, defined timelines, and aligned expectations can help founders protect their time and maintain momentum during fundraising.

4.Knowing what investors look for

Investors are not only evaluating the business. They are also evaluating how founders think, respond, and make decisions.

Investors pay attention to:

  • How founders handle difficult questions
  • Whether assumptions are grounded in evidence
  • How risks are acknowledged and managed
  • How open founders are to learning and iteration

Being investor-ready means being honest about what you know, what you do not know, and how you plan to learn.

5.Fundraising is a strategic process
Rather than approaching fundraising as a short-term goal, Puon encouraged founders to see it as a strategic process. This includes choosing the right investors, understanding alignment beyond capital, and being thoughtful about timing.

Not every “yes” is the right yes. Fit matters, especially at the early stage, when investors often play an active role in shaping a startup’s direction.

6.Building confidence through preparation
Ultimately, the session reinforced that confidence in fundraising does not come from memorizing a pitch. It comes from preparation, clarity, and experience.

Startups that invest time in understanding their business, their market, and their fundraising strategy are better equipped to navigate investor conversations with intention rather than pressure.

After all, investor readiness is not about being perfect. It is about being prepared.

Supporting women-led climate startups

This expert sharing session is part of the She Wins Climate Southeast Asia Accelerator, initiated by the International Finance Corporation (IFC) and supported by the Government of Canada and the Government of Australia.

The program supports women-led climate startups across Southeast Asia with investment readiness, go-to-market capability, and access to regional and global networks.

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Building a strong commercialisation engine for go-to-market success

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Mastering your commercialization engine

For early-stage startups, the term “go-to-market” is often mistaken for a launch activity. A campaign, a sales push, or a growth sprint.  A go-to-market is a roadmap organisation’s made for launching a new product or service.

In reality, go-to-market is a learning process. It is how founders understand who their customer truly is, how value is delivered, and what it takes to move from early interest to real adoption.

These insights were at the center of an expert sharing session led by Sharinee Shannon, Venture Partner at Hive Ventures, as part of the She Wins Climate Southeast Asia Accelerator Program.

Start with one customer

One of the most important messages from the session was the need for focus at the earliest stage.

“You don’t win go-to-market by trying to serve everyone. You win by knowing one customer deeply, then expanding from there.”

Early-stage founders often see multiple potential customer segments, especially when building solutions that could apply across industries. While this flexibility can be valuable, pursuing too many customer types at once slows learning.

By selecting one ideal customer profile (ICP), founders are forced to go deeper. This includes understanding the customer’s buying cycle, pricing constraints, internal decision-making, competitors in their context, and where they spend time.

This depth of understanding becomes the foundation for effective distribution, pricing, and messaging. Expansion can come later, once there is evidence of traction.

Defining your ICP clearly

To help founders move from assumptions to action, the session encouraged using a simple framing to define an ICP:

We help (who) solve (pain) by (solution) because (urgent why).

The goal is to be as specific as possible. Specificity helps translate strategy into action.

A clear ICP definition makes it easier to decide:

  • Who to prioritise for conversations and pilots
  • How to tailor messaging and value propositions
  • Which channels and partnerships are worth pursuing
  • What kind of evidence or validation is needed

If defining one ICP feels restrictive, it may help to see it as a starting point rather than a permanent choice.

Start with a problem that feels urgent

Go-to-market does not start with market size. It starts with a problem that customers feel strongly enough to act on.

Useful questions to explore include:

  • How does this customer currently address the problem?
  • What are the limitations of that approach?
  • What risks or costs exist if the problem remains unsolved?

Understanding urgency helps shape messaging, pricing, and distribution decisions, and often explains why some customers move faster than others.

Early go-to-market is about learning

In the early stages, go-to-market activities are less about scaling and more about learning.

Pilots, trials, and early deployments provide valuable insight into:

  • How customers actually use the product
  • Who is involved in approving a purchase
  • How long decisions take in practice
  • Where friction or hesitation occurs

These insights help founders refine both the product and the go-to-market approach before expanding further.

Choosing distribution with intention

Distribution channels should reflect how a chosen ICP prefers to discover and adopt solutions.

Some customers value direct engagement, while others rely on partners or peer recommendations. Understanding these preferences reduces wasted effort and improves conversion.

When the ICP is clear, distribution decisions tend to become more straightforward.

Pricing as part of go-to-market

Pricing plays a role beyond revenue generation. It signals value and influences adoption.

Early pricing discussions can reveal how customers perceive the importance of the problem being solved. Feedback during negotiations or pilots often provides direction for refinement.

Rather than aiming for perfect pricing early on, the goal is to learn and adjust.

Go-to-market evolves over time

It is expected that a go-to-market approach will change as a startup gains experience and feedback from the market.

Adjustments to ICP, messaging, channels, or pricing are signs of learning, not failure.

Go-to-market is best viewed as a capability that strengthens over time through focused experimentation and reflection.

Supporting women-led climate startups

This expert sharing session is part of the She Wins Climate Southeast Asia Accelerator, initiated by the International Finance Corporation (IFC) and supported by the Government of Canada and the Government of Australia.

The program supports women-led climate startups across Southeast Asia with investment readiness, go-to-market capability, and access to regional and global networks.

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She built a breakthrough in battery tech. Now she’s powering others forward.
representing hkg energy at ais4ee program

Giang Hoang represents HKG Energy at a 2024 AIS4EE event.

When we first met Giang Hoang, she wasn’t just leading a startup – she was building one from the ground up.

Giang is the CEO and co-founder of HKG Energy, one of New Energy Nexus Vietnam’s corporate partners, which hosted interns through our NEXGen 2024 and Youth Internship Pilot 2025 programs. But even as she helped give young innovators hands-on experience in the country’s fast-growing clean energy, she was still in the process of learning herself; particularly on how to find success in one of the most challenging corners of climate tech.

Giang launched HKG Energy on International Women’s Day, March 8, 2024, and it proved to be more than a coincidence. Working in tech, an industry where women hold only a quarter of CEO positions globally, she has faced her fair share of challenges.

“Being a founder is hard, especially in deep tech,” she said. “In my first three months, most people told me I’d quit within a year. No one trusts you until you deliver. But while some of those voices have since been laid off in today’s tough job market, we’re still here, growing and gaining traction.”

hkg energy lab in south korea

HKG Energy lab in South Korea

Faster charging, better EVs

HKG Energy’s core innovation, Terra Silicon, is a patent-pending nanomaterial that increases battery energy density by up to 80%, helping electric vehicles drive farther, charge faster, and cost less. Beyond mobility, the technology can improve energy storage systems, consumer electronics, and even robotics, expanding access to cleaner, more efficient power.

Since its founding less than two years ago, HKG Energy has moved fast: entering proof-of-concept phases with global OEMs and battery makers, securing millions in LOIs, and receiving clean energy grants from both Vietnam and the US. Moreover, they’re now a member of Greentown Labs, a leading climate incubator based in Boston.

hkg energy cells

Sample cells made by HKG Energy

But her journey didn’t start in America. Giang’s career began in Vietnam, working her way up toward a leadership position in the Vietnamese EV company VinFast and managing a US$2-billion supply chain.

Now, through HKG Energy’s partnership with New Energy Nexus Vietnam, Giang is paying it forward by opening doors for young people to enter the clean energy sector.

“We’re truly grateful for [New Energy Nexus Vietnam]’s commitment to building a sustainable startup and talent ecosystem. Your support goes beyond programs; it’s a belief in the potential of founders and future leaders.”

Vietnam on the rise

For Giang, success isn’t just about building a company; it’s about building capacity for a nation ready to lead in deep tech.

“Vietnam has a unique window to leap ahead, not just as Southeast Asia’s gateway, but as a global hub for deep-tech manufacturing. The key is not waiting for the ecosystem to mature, but actively building it: invest early in high-quality startups, fund national labs and pilot lines, and de-risk commercialization. It’s not a burden, it’s an opportunity to lead.”

Her vision for Vietnam’s role in the clean energy transition is bold, drawing from her experience managing a US$2 billion supply chain for Vietnamese EV company VinFast.

“From my time at VinFast… I saw Vietnam’s speed and scale. But to lead globally, we must shift from assembly to deep-tech leadership. HKG Energy brings that shift – building homegrown IP and advanced battery materials that can power Vietnam’s rise in the global battery value chain.”

sharing about hkg energy to the eu ambassador to vn

Giang Hoang presents HKG Energy to Julien Guerrier, European Union Ambassador to Vietnam.

Giang’s story goes beyond her success in her tech. She is one of many women and Southeast Asian leaders breaking glass ceilings across the globe. As they do this, more innovators can bring forth solutions that can make the clean energy transition go faster – ensuring a better, more sustainable future for everyone.

“Clean energy isn’t just necessary for the planet, it’s a sound investment. It’s already cheaper than fossil fuels and will define the future of industry. For the next generation, stepping into this space isn’t just a mission – it’s a smart, strategic move.”

Looking for more clean energy stories in Vietnam and beyond? Or are you a founder searching for opportunities? Find out more from New Energy Nexus Vietnam here.

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Small Money, Big Change

September 29, 2025
Southeast Asia
Energy for Agriculture
Renewable energy tech
Women
IFC and NEX select 26 women-led startups to drive climate innovation across Southeast Asia

Hong Kong, September 9, 2025 – Twenty-six women-led climate startups from Indonesia, Vietnam, Thailand, the Philippines, Cambodia, Malaysia, and Myanmar have been selected to join a global fast-track investment readiness initiative led by the International Finance Corporation (IFC) and implemented in Southeast Asia by New Energy Nexus (NEX).

Supported by the Governments of Canada and Australia, the She Wins Climate accelerator helps women entrepreneurs to overcome funding barriers and scale their businesses. The program connects entrepreneurs with climate investment opportunities through mentorship, pitch coaching, investor networks, peer learning, and a global community platform.

Sarah Twigg, IFC Gender and Inclusion Lead, Asia Pacific said “Across Southeast Asia, women-led climate startups are tackling some of the region’s most pressing environmental challenges with ingenuity and grit. The She Wins Climate accelerator will amplify women’s businesses, connect them with investors, and unlock the transformative climate innovation the region urgently needs.”

The selected startups operate in diverse climate sectors, including: adaptation and resilience, buildings and urban infrastructure, circular economy and waste management, climate and environmental data, food and agriculture, renewable energy and generation, water and ocean.

According to Crunchbase, less than 7% of global climate tech venture funding in Q1 2023 went to women founders – likely even lower in Southeast Asia, where data remains incomplete.

“Women-led climate startups have the potential to drive transformative change, yet they face systemic barriers, including limited funding and restricted access to networks, ” said Thao Tran, Country Director at New Energy Nexus Vietnam.

The 26 women entrepreneurs were announced today during the Climate Business Forum: Asia Pacific – co-organized by IFC and the Hong Kong Monetary Authority as the cornerstone event of Hong Kong Green Week – following a highly competitive selection process.

Meet the participating women-led startups:

  • Agro Agape Co,.Ltd: Providing resource input for solutions in the coffee supply chain and transforming agricultural waste into energy for processing.
  • BeCool Indonesia: Developing an affordable and scalable solution of solar-reflective coatings to reduce heat and energy use in tropical buildings.
  • Carbonwize: Offering an AI-powered carbon management platform that simplifies carbon measurement, enabling environmental impact tracking and alignment with environmental standards.
  • CAS Energy: Offering REGreen, an eco-solar solution designed to support enterprises in their green transition with comprehensive benefits: green spaces, enhanced energy efficiency, and carbon emission reductions.
  • Earthbound Leaf Leather: Transforming agricultural waste into biodegradable leaf leather with an accessible price, preventing open burning and landfill disposal that emit greenhouse gases and toxic particulates.
  • Econella: Specializing in bio-additive products, made from agricultural waste, that improve fuel efficiency and reduce emissions in diesel engines while supporting a circular, zero-waste economy.
  • Enable Earth Co., Ltd.: Transforming landfilled and burnt agricultural waste into high-value carbon-negative products with a scalable, pollution-reducing solution for Southeast Asia.
  • FoodCycle Farm: Revolutionizing food waste management and urban farming through its circular, sustainable, and decentralized approach of using Black Soldier Fly (BSF) bio-conversion technology.
  • GAIA Builders: Managing thermal building performance for better energy building efficiency.
  • Ikanesia: Transforming fish waste, agricultural residues, and local biomass into low-cost, sustainable animal feed through a circular economy model.
  • Inno Green Tech: Revolutionizing wastewater management through BioCircuit, an AI-integrated bio-electrochemical treatment system that transforms wastewater from a pollutant into a regenerative resource.
  • Living Roots: Regenerating agriculture by restoring soil biology, enabling farmers to cultivate thriving, self-renewing ecosystems that nourish land, crops, and communities.
  • Mangrove Crab Labs: Transforming abandoned ponds into carbon sinks and sustainable livelihoods, empowering communities through the use of recycled crab houses.
  • Myanmar Myat Royal: Promoting climate resilience through the installation of affordable solar-powered irrigation for smallholder farmers in Myanmar.
  • MyPermaSchool: Promoting the solution to develop Healthy Soil, Healthy Food, Healthy Children by training Indonesian teachers how to grow healthy food with children by using natural methods in healthy ecosystems through permaculture.
  • Nguyen Khoi Green JSC: Pioneering sustainable pig farming in Vietnam, integrating animal welfare, circular agriculture, and green innovation to redefine premium pork through an awarded net-zero model.
  • PAMMÉ: Transforming collected plastic waste into handcrafted accessories made by incarcerated women, which creates a closed-loop system for social inclusion and waste diversion from landfills.
  • PT. Eco Karya Teknologi (Crustea): Creating solutions for pond farmers in Indonesia by developing various technologies to increase productivity and efficiency in ponds.
  • Qarbotech: Developing breakthrough solutions to enhance photosynthesis that results in increased yields and climate resilience through a nanotech-based spray, QarboGrow.
  • Real Bean Coffee Co., Ltd.: From farm to cup – clean, transparent, and meaningful, Real Bean Coffee is a women-led agritech sustainable specialty coffee supplier from Vietnam.
  • Sai Gon Kim Hong Trading Services Co. Ltd.: Pioneering in precision agriculture by dedicating to sustainable agri-machinery solutions for rice farming in Vietnam
  • SUDrain Co., Ltd.: providing an innovative and sustainable wastewater treatment solution by recycling coconut waste into biofilm filters.
  • Tambanokano Aqua Farm: Providing Crab Condominiums and recirculating aquaculture systems (RAS) to boost harvesting efficiency while promoting a scalable model for climate-resilient aquaculture.
  • TRI Cycle: Upcycling and recycling post-consumer textile waste into new materials and products while providing waste management services to help brands transition to a more sustainable, circular, and socially just supply chain.
  • Viginseng Corporation: leading the innovative green processing to transform sustainably cultivated Vietnamese ginseng into high-efficacy health and beauty products, creating a regenerative, forest-based value chain that empowers ethnic minority women, sequesters carbon, and fosters climate resilience
  • XSolar Energy: Supporting the transition to clean energy with a zero-CAPEX solar leasing model combined with an AI-powered platform for efficient energy management and a measurable reduction in carbon emissions.
Media contacts:

Raisha Fatya, Indonesia Communications Manager – New Energy Nexus

raisha.fatya@newenergynexus.com

+628118980051

About New Energy Nexus

New Energy Nexus (NEX) is an international organization that strives towards a 100% clean energy economy for 100% of the population. It does this with a laser focus on diverse entrepreneurs, supporting them with accelerators, funds, skills, and networks they need to thrive. NEX has accelerated 1,500+ startups, empowered over 10,400+ entrepreneurs, and mobilized over US$4.7 billion in investment. Since its founding in California in 2004, NEX now operates programs or advisory services in Australia, China, India, Indonesia, Nigeria, Pakistan, the Philippines, Thailand, the UAE, Uganda, the USA (California and New York), and Vietnam.

Follow NEX on LinkedIn, X, Facebook, and YouTube

About IFC​​
IFC – a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.

Story
Built Environment
Youth
Clean energy’s momentum runs on youth innovation
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Photo from New Energy Nexus Thailand

Across the globe, young people aren’t simply waiting for change: they make it happen. Under‑35 entrepreneurs are now two times more likely to run businesses with environmental or social missions compared to older founders. This surge in purpose-driven innovation comes as the renewable energy sector continues to grow, bringing massive opportunities for young people to shape its future.

According to the International Labour Organization, a fully embraced green transition could deliver up to 8.4 million jobs for youth worldwide.

Despite this projection, many young people in the Global South actually struggle to access clean energy careers, in part because of insufficient access to skills training. LinkedIn’s research shows that only 1 in 20 Gen Zs globally have the skills they need to tackle the climate crisis, compared to 1 in 8 of the wider workforce.

This gap between youth interest and actual readiness could slow down the clean energy sector’s momentum – but it could also be an opportunity.

Growing the youth clean energy pipeline

At New Energy Nexus, we recognize the urgency of closing this gap. That’s why we’re equipping young people around the world with the skills, knowledge, and opportunities they need to step into the clean energy sector.

Here are five of our programs and joint initiatives doing just that:

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Participants in the NEXGen program. Photo from New Energy Nexus Vietnam

The NEXGen – Vietnam

The NEXGen is building a strong pipeline of future clean energy leaders by enabling them to thrive in Vietnam’s clean energy transition. Designed for youth aged 18 to 30, it combines online learning, in-person mentorship, internships, and incubation to accelerate their success in the country’s growing clean energy sector. In 2024 alone, the NEXGen reached participants across 29 provinces, delivered over 100 hours of expert mentorship, and awarded 15 full scholarships to a regional climate conference.

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Participants in the Youth Entrepreneurial Accelerator. Photo from New Energy Nexus California.

Youth Entrepreneurial Accelerator (YEA!) – California, U.S.

YEA! is California’s first program dedicated to preparing the next generation of clean energy innovators, with a focus on the Imperial Valley: a region brimming with entrepreneurial talent and home to one of the most promising lithium reserves in the U.S. Created in partnership with the Center for Social Innovation at UC Riverside, Imperial Valley College, and local workforce boards, the program connects students with clean energy career pathways and supports their growth within the emerging battery innovation economy. A key highlight is the Youth Innovation Summit, where hundreds of students met with energy experts, social impact leaders, and local startups to explore real opportunities in the clean energy space.

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[RE]Power participants present their pitch during the energy policy ‘hackathon.’ Photo from New Energy Nexus Indonesia

[RE]Power – Indonesia

[RE]Power is Indonesia’s first youth-led clean energy policy hackathon, created to empower young people to take an active role in shaping national energy strategies. The program brings together university students and early-career professionals to co-develop solutions to real-world energy challenges. With guidance from industry mentors and support from government stakeholders, participants sharpen their policy knowledge and leadership skills. Finalists then present their proposals directly to decision-makers, giving youth not just a voice, but real influence in advancing Indonesia’s clean energy future.

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Participants of Ready, Spark, Charge: Hacking the Future of Energy discuss the local clean energy challenges and solutions. Photo from New Energy Nexus Philippines

Ready, Spark, Charge – The Philippines

Ready, Spark, Charge: Hacking the Future of Energy is the Philippines’ first clean energy startup hackathon, created to address the gap in climate-focused innovation within the country’s growing startup ecosystem. The program brings together students, developers, and early-stage entrepreneurs to design solutions to real-world energy access challenges. With support from industry mentors, participants develop working prototypes and pitch their ideas to clean energy leaders, building a stronger pipeline for climate and energy innovation in the Philippines.

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Photo from New Energy Nexus Vietnam

Youth Internship Pilot – Vietnam & Uganda

In Vietnam and Uganda, New Energy Nexus is piloting youth internship programs in partnership with Student Energy to give young people hands-on access to the clean energy sector. In Vietnam, students aged 12 to 24 take part in training, mentorship, and real internships with local startups. The program culminates in a national summit that recognizes standout interns. In Uganda, fellows support rural energy enterprises by contributing to business development and launching community-based solutions. Both pilots aim to turn early interest into tangible skills, strong networks, and clear career pathways in clean energy.

Building ecosystems for the next generation

At New Energy Nexus, we believe the clean energy shift needs a constant pipeline of fresh ideas and capable leadership. That’s why we don’t just train young people, we work to integrate them into the clean energy ecosystem itself. Over the past 20 years, we’ve supported more than 10,000 entrepreneurs worldwide through 125 programs – and as we keep this up, we are looking to get more young people involved.

Because the clean energy transition won’t be won in boardrooms or labs alone; it will be driven by young innovators who are ready to build and scale the solutions we need.

We’ve seen it firsthand: young people are ready and eager to act. With the right support, they will shape the clean energy transition – and what comes after.


Want to get involved in clean energy innovation, in the Philippines and beyond? Check out our programs here.

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