SmartSolar Secures $1.85M in Seed Funding to Drive Rooftop Solar Adoption in Southeast Asia

SINGAPORE, March 3, 2025 – EnergyTech startup SmartSolar has emerged from stealth mode with US$1.85 million (£1.45 million) in seed funding to accelerate the adoption of rooftop solar across Southeast Asia (SEA). The funding round was led by Picus Capital and 2degrees, with participation from Iterative, all of whom have extensive experience in backing renewable energy ventures globally.

In just six months since launching, SmartSolar has already deployed nearly 1MWp of installed capacity across dozens of small and mid-sized businesses in Vietnam. The company is now rapidly expanding its footprint across the region, aiming to bridge the significant gap in rooftop solar adoption.

Despite Southeast Asia’s abundant sunshine, only 5% of rooftops have adopted solar, accounting for approximately 30GW of capacity. In contrast, Germany—a country with far less sunlight and one-eighth the population—has three times the installed capacity and four times the rooftop solar penetration. This disparity highlights the untapped potential in Southeast Asia, a gap that SmartSolar is positioning itself to fill.

While government policies play a key role in driving renewable energy adoption, many businesses remain hesitant due to a lack of familiarity with solar technology and uncertainty over financial viability. SmartSolar’s model addresses these concerns head-on, offering businesses an accessible, cost-free way to switch to solar.

A Frictionless Path to Solar Adoption

SmartSolar was founded by Kevin Junker, a former McKinsey consultant with experience in Vietnam and Switzerland. Junker was inspired to launch the company after witnessing firsthand the challenges business owners faced with rising electricity costs.

“Many business owners I talked to were openly frustrated about their seemingly ever-rising electricity bills but didn’t know how to tackle it,” said Junker.

SmartSolar installs solar systems on commercial rooftops at zero upfront cost, allowing businesses to transition to clean energy without financial barriers. The company’s innovative approach also tackles another major hurdle: limited access to financing. Banks in Southeast Asia are often reluctant to fund small-scale solar installations, with high interest rates and lengthy approval processes discouraging investment. SmartSolar eliminates these roadblocks by offering fast approvals and a flexible, customer-friendly model, in which businesses simply share a portion of their energy savings.

Backing from Global Investors

The startup’s investor backing signals strong confidence in its vision and execution. Abhijay Thacker, Senior Vice President at Picus Capital, highlighted the critical role of energy in economic development and SmartSolar’s potential to transform the sector.

“Electricity is one of the basic building blocks of any economy, with development directly linked to energy intensity. We are very excited about SmartSolar’s approach to supplying Southeast Asia with clean and inexpensive power,” Thacker said. “We strongly believe in the significant value they can generate for customers, the environment, and the region at large—starting with rooftop solar and soon expanding across the EnergyTech stack.”

Soren Wiberg Holm, Venture Lead at 2degrees, echoed this sentiment, underscoring SmartSolar’s potential to solve one of the biggest barriers to SME solar adoption—access to upfront capital.

“We invest in exceptional founders who move incredibly fast and tackle high-impact problems, and Kevin is exactly that,” said Holm. “We see the market for solar in Vietnam at an inflection point, with surging local demand, favourable natural conditions, and strong policy tailwinds. SmartSolar is poised to build the financing infrastructure that will power the transition to clean energy across the region.”

Scaling Up for Regional Impact

With a strong start in Vietnam, SmartSolar is now setting its sights on expanding across Southeast Asia, aiming to unlock the full potential of rooftop solar in the region. The company’s long-term vision extends beyond installations, with ambitions to develop a comprehensive EnergyTech platform that empowers SMEs to transition seamlessly to renewable energy.

As Southeast Asia grapples with the dual challenges of rising energy demand and climate change, SmartSolar’s innovative financing model and execution speed could position it as a key player in decarbonising the region’s grid—one rooftop at a time.