The Da Nang Department of Industry and Trade, on Monday, held a seminar entitled ‘Future energy creators - Energy initiatives for urban areas’, as well as introduced the Innovation Challenge Fund (ICF).

The US$14 million Viet Nam Urban Energy Security Project, funded by the United States Agency for International Development (USAID), will be implemented for 4 years.

The purpose of the project is to support Viet Nam to improve the support framework, mobilise investment capital and boost the application of innovative solutions in the field of advanced and distributed energy in order to increase the adaptability of the energy supply system and urban energy security in the country.

In its efforts to reach the goal, the Innovation Challenge Fund with a budget of US$2.5 million has been established in order to fund potential pilot projects.

ICF aims to fund 20 pilot projects demonstrating new products or new business and financial models in distributed urban energy systems in Da Nang and Ho Chi Minh City. Selected pilot projects can receive funding worth up to US$100,000.

Breakthrough ideas in such aspects as traffic; the effective use of power and water in buildings; and electricity generation, transmission and management, are encouraged to register for ICF.

Reporting by KHANH HOA - Translating by M.DUNG