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.

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.

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

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.

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.”

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.

The clean energy transition is our chance to build a fairer future, yet women are still missing from the table. Around the world, only 15% of clean energy leadership roles are held by women.

Even in Thailand, a leader in the Asia Pacific region when it comes to women’s leadership in the energy sector, women occupy just 23% of leadership positions.

But when women are at the helm, the impact speaks for itself.

Salinee Hurley. Photo from SunSawang

Salinee Hurley is proof that inclusive leadership powers inclusive solutions. A mechanical engineer specializing in solar, she founded SunSawang: a social enterprise bringing solar home systems and lanterns to off-grid villages along the Thailand–Myanmar border. She is also the Project Director at the Border Green Energy Team (BGET), an organization advancing clean energy access in the region.

Salinee’s journey into solar began when she pursued further studies in solar engineering in the United States. Returning to Thailand, she initially implemented solar projects through an NGO model, using grant funding to provide free installations in remote areas. Over time, she realized the approach lacked long-term sustainability.

To address this, Salinee transitioned to a social enterprise model, offering long-term payment plans that support both ongoing maintenance and local ownership.

“Free installations may help in the short term, but the real goal is to empower people to access energy independently in the long run,” she said.

Solar installation at Maw Poe Kay High School. Photo from SunSawang

SunSawang now trains and hires local technicians and sales agents to serve their own communities. This localized model not only keeps systems functioning, but also supports economic activity—access to reliable electricity allows for evening work like weaving, increasing household income.

Salinee’s work also highlights the systemic barriers that persist in Thailand’s solar landscape: high upfront costs, inconsistent regional regulations, and limited financing options for low-income households. Recent steps, including draft laws to simplify rooftop solar permitting and new green loan products, are promising, but access remains uneven.

Last year, she joined New Energy Nexus Thailand’s SolarSTEP initiative, where she shared her expertise and connected with other women leading the shift to a cleaner energy future.

Solar installation at Maw Poe Kay High School. Photo from SunSawang

Supporting women leading the way

SolarSTEP is designed to build skills and leadership among solar technicians and entrepreneurs, with a focus on women, to help accelerate Thailand’s clean energy transition.

This work is spurred on by Thailand’s ambitious target to reach 12,139 MW of solar capacity by 2037, as outlined in its Alternative Energy Development Plan (AEDP). Hitting this target will take more than policy; it requires investing in people, empowering women, and expanding access to rooftop solar across the country.

This is where SolarSTEP comes in. The program has already delivered seven trainings across Thailand’s Central, Northern, and Southern regions, reaching over 200 participants. These efforts have been strengthened through collaboration with key partners, including PEA Encom Smart Solution, PEA Encom International, and LONGi.

Photo of the SolarSTEP 2024 Training program participants, including Salinee Hurley.

Looking ahead, we’re focused on scaling impact, broadening solar access, and building a sector that mirrors the diversity of the communities it serves.

If we want a just and resilient clean energy future, we need to break down the barriers that keep women on the sidelines and back those already leading the way. Empowering more women to participate and lead in clean energy isn’t just the right thing to do—it’s the smart thing to do.

Want to be part of building an inclusive clean energy sector in Thailand? Learn more about our work here.

Kizia Janet, an entrepreneur selling solar-powered products in Kyenjojo, Uganda.

On International Women’s Day, we celebrate the impact women entrepreneurs have on the clean energy transition, overcoming systemic challenges and biases around the world.

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Clean energy solutions – the very ones that can help address the impacts of climate change – should not be held back by systemic barriers. Yet women entrepreneurs continue to face disproportionate challenges in funding and scaling their clean energy businesses. In fact, only 3% of global venture capital goes to companies founded solely by women, and just 15% of investors in the clean energy space are women.

These data are not just mere numbers on equitable representation: they speak about missed economic and societal potential. For example, the International Monetary Fund states that only 6% of women in advanced economies hold green jobs, whereas more than 20% of employed men work in this sector. The share of women in green jobs is even lower in emerging markets and developing economies.

Tackling this gender gap is crucial for both economic growth and environmental sustainability. According to the IMF, nations with a higher proportion of STEM-educated workers and robust gender equity policies tend to experience greater reductions in greenhouse gas emissions when implementing climate policies. In the countries where NEX works, we see daily that women are developing groundbreaking clean energy solutions, yet they often struggle to access the same resources, visibility, and agency as their male counterparts.

On International Women’s Day, it’s not enough to simply celebrate women founders for the sake of diversity—we must recognize their ingenuity, resilience, and the transformative impact they’re making in the clean energy sector. These entrepreneurs aren’t just numbers on an inclusion story; they’re building tangible clean energy solutions that reflect the needs of their communities.

The question is, how can they break these barriers and scale their solutions?

What we’re doing

At New Energy Nexus, we’re committed to partnering with women-led startups and businesses, and facilitating access to the resources they need to grow. In 2023, we backed 1,100 women entrepreneurs—40% of the total founders we supported—toward the goal of building a more inclusive clean energy sector. This is far from parity but a huge step in the right direction.

Through our global network, we connect women entrepreneurs not only to capital and mentorship but also to a community of fellow women founders. We provide funding through New Energy Nexus Ventures and partnerships with alternative financing vehicles worldwide while offering training and mentorship through our accelerator and incubator programs across multiple countries.

Women leading the way

This support only elevates the already impactful work these women entrepreneurs are doing. From energy efficiency solutions to improving energy access in off-grid communities, women have their fingerprints all over the global clean energy sector. Here are a few examples across the world:

Community Energy Labs (California, USA)

Community Energy Labs (CEL) is pioneering a low-cost, grid-interactive building control platform that autonomously optimizes energy use, pricing, and comfort. Their innovative solution minimizes the setup and maintenance burden for controls professionals and building operators, making it ideal for K-12 schools, municipalities, and small to mid-sized buildings.

At the helm of CEL is Tanya Barham, a visionary entrepreneur and CEO who is revolutionizing energy management through community-driven, sustainable solutions. With a deep passion for technology and sustainability, Tanya has established CEL as a leader in smart energy systems, empowering communities to reduce costs, lower carbon footprints, and optimize energy efficiency.

Beyond her technical expertise, Tanya is a dedicated advocate for diversity and inclusion in STEM and entrepreneurship

“CalSEED has really enabled our customer focus in a way that I think a lot of technology and R&D organizations don’t necessarily do. So we’ve appreciated that a lot. Also just good people. They’re really just trying to enable you to give you the resources to the network, the opportunities, the visibility to allow you to test your new idea and to allow it to flourish,” said Tanya Barham.

Solar Run Energy (China)

Solar Run Energy is not only a thriving business but also a lifeline for off-grid communities in several countries in Africa, providing solar-powered solutions to millions without electricity.

Founder Xia (Susan) Li grew up in rural China, where she relied on kerosene lamps for light. That firsthand experience shaped her understanding of energy poverty and reinforced her commitment to creating sustainable solutions.

“Today, many girls still have to give up the opportunity to study because they have to fetch water during the day,” Li said. “If there is a light at night, at least they still have a chance to study and read.”

New Energy Nexus China has supported Solar Run Energy, helping scale its impact with access to networks and international markets.

Agrivijay (India)

Co-founded by Shobha Chanchlani, Agrivijay is India’s first curated marketplace for renewable energy products, specifically for farmers and rural households. They have multiple ‘Renewable Energy Stores’ that act as a one-stop shop for solar, biogas, thermal, wind, and electric products.

An alumni of the Women in Energy program we run with Climate Collective, which support the growth of women-led early-stage startups in India, Agrivijay has since established 11 new Renewable Energy Stores and has expanded in the states of Telangana and Andhra Pradesh.

“We’re honored and glad to be part of [New Energy Nexus’] accelerator program, which has helped shape us as an organization with a vision to empower farmers and rural households to fight climate change,” said Chanchlani.

Magi Farm (Indonesia)

The island of Bali in Indonesia has a waste problem, with a large component being food scraps. Led by Indonesian entrepreneur Ima Rida, Magi Farm uses Black Soldier Fly larvae to transform food waste into nutrient-rich compost.

This method not only cuts harmful methane emissions, but also regenerates the environment and opens up possibilities for sustainable tourism.

Magi Farm launched its pioneering, community-focused pilot project with support and a grant from NEX Indonesia.

“Maybe there are Balinese women out there feeling the way I did when I started building my business,” Rida said. “Sometimes the challenge lies in societal expectations: balancing running a business, finding personal time, and participating in traditional community activities.”

GAIA Corp (Philippines)

Women-led startup GAIA Corp is tackling the challenge of heat management in buildings—a critical issue in the Philippines, where rising temperatures are driving up cooling-related energy consumption.

Their insulation technology, The CoolRoof Project, reduces heat absorption in buildings, improving resilience while cutting energy costs.

Operating in a male-dominated industry, founder Eva Lisa Adoremos has faced challenges working primarily with engineers. She overcame this by continuously expanding her expertise through education.

Eva and GAIA Corp are alumni of NEX Philippines’ Startup Acceleration Program, where she gained valuable insights into the administrative side of running a clean energy startup and joined a global network of industry peers.

“I think my role, being a woman in this space, is to become an instrument of promoting equal opportunities for other women who want to be part of this sector,” Adoremos said.

Atchara Poomee, Founder and CEO of PAC Corporation. Photo from PAC Corporation

PAC Corporation (Thailand)

Just a short flight away from the Philippines, Thailand also experiences bouts of extreme heat, partly quelled by air conditioning units. However, emissions from these units contribute to climate change, creating a cycle of rising temperatures and increased energy demand.

PAC Corporation is tackling this issue by producing energy-efficient air conditioning units and water heaters that recycle waste heat, reducing both energy costs and environmental impact.

Founder and CEO Atchara Poomee is also a strong advocate for gender equality, mentoring entrepreneurs of all genders and using her platform to inspire more women to enter the sector.

“I would like them to believe that they are capable, and, regardless of gender, we can succeed if we are determined,” she shared in a UN Women article.

Through NEX Thailand’s Decarbonizing Thailand Sandbox, PAC Corporation was matched with corporate partner B. Grimm, helping scale its solutions for a more sustainable future.

Uganda – Local Organizations and Entrepreneurs

With 60 percent of the population still lacking access to electricity, our Uganda program focuses on supporting local organizations that understand the unique challenges of off-grid communities. We’ve provided funding to groups like Utopia, a faith-based organization empowering rural women entrepreneurs to build clean energy businesses in the Kyenjojo district.

A majority of the entrepreneurs we’re supporting in the country are women, and 70 percent of the jobs created by our programs were taken by women as well.

One such entrepreneur is Kizia Janet, whose solar lantern and panel business is now thriving. Beyond securing a steady income, she is helping her community transition to sustainable energy, improving both quality of life and local economic growth.

Nguyễn Thị Thu Hằng pitching Wiibike on “Shark Tank Vietnam.” Photo from Shark Tank Vietnam

Wiibike (Vietnam)

Nguyễn Thị Thu Hằng founded Wiibike, Vietnam’s first locally made e-bike, to promote both a healthier lifestyle and a shift toward green transportation.

Her journey began as a new mother concerned about air pollution’s impact on her child’s future. What started as a personal mission has grown into a thriving business, with over 1,000 e-bikes sold and an ambitious goal of reaching 2 million units by 2030. Hằng even pitched Wiibike on Shark Tank Vietnam, showcasing the potential of sustainable mobility.

Wiibike participated in New Energy Nexus Vietnam’s Cohort 2 program, where the team refined their business model, gained insights into fundraising, and built strategic partnerships to scale their impact.

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From California to Ho Chi Minh City, these women are demonstrating that when diverse founders have the right support, they don’t just succeed—they redefine industries, drive innovation, and accelerate the clean energy transition.

Their businesses are not only creating jobs and cutting emissions, but also highlighting that women entrepreneurship holds the key to an inclusive clean energy future.

Be part of our movement for a more equitable clean energy transition. If you’re an entrepreneur, check out how our programs can accelerate your growth here. Or if you’re a donor or potential partner that wants to scale your impact, let’s talk!