- The program - in its second year in the region - aligns with PepsiCo's sustainability strategy (pep+) and aims to inspire change in the F&B industry through collaboration and innovation.
- Altern? demonstrated its low-cost thermal energy storage solution that champions one of the three key focus areas of the Greenhouse Accelerator program - sustainable agriculture.
PepsiCo, today, unveiled Altern? as the winner of its 2024 Greenhouse Accelerator Program - APAC edition, highlighting the company's ongoing desire to help foster next-generation solutions for a more sustainable future. The Greenhouse Accelerator is an important initiative within PepsiCo's pep+ strategy, which seeks to promote sustainability across the company's operations. By supporting entrepreneurs who focus on reducing waste, improving food security, and addressing climate change, PepsiCo is reinforcing its efforts to work towards a sustainable food system that benefits both people and the planet.
Selected from a group of 10 finalists across APAC, including Thailand, Vietnam, the Philippines, Australia, and China, the 2024 Greenhouse Accelerator Program winner, Altern?, was selected for its pioneering approach to reducing carbon emissions across agriculture, industry, and residential heating through thermal energy.
As part of their win, Altern? will receive an additional USD 100,000 grant to further develop its solution. This grant will be instrumental in helping them to scale their sand-based battery, which was recently piloted at PepsiCo's food plant in Vietnam, completing a pellet drying project with a view to trial heating oil next.
"Winning PepsiCo's APAC Greenhouse Accelerator Program 2024 is a pivotal moment for our startup," said Hai Ho, Co-Founder and COO of Altern?. "PepsiCo's mentorship and resources have helped us sharpen our strategy and accelerate our growth. We look forward to further collaborating with PepsiCo to expand the reach of our solution and contribute to a more sustainable future."
AllEV and CIRAC, two innovative Thai startups, were named finalists in the 2024 Greenhouse Accelerator Program, recognized for their work in climate action and the circular economy.
AllEV focuses on converting fuel-powered trucks into electric vehicles (EVs) and offers battery recycling services to support emission reductions in heavy transport. CIRAC focuses on waste management solutions by recycling aluminum-laminated plastic packaging and converting plastic into fuel.
The Greenhouse Accelerator Program is designed to be a launchpad for startups that are reimagining the future of business through sustainability. Participants receive personalized mentorship from PepsiCo executives, a USD 20,000 grant, and access to PepsiCo's extensive industry network, positioning them to bring their innovative solutions to market faster.
Wern-Yuen Tan, Chief Executive Officer (CEO), APAC and Chief Commercial Officer (CCO) of PepsiCo, remarked, "The APAC Greenhouse Accelerator Program goes beyond celebrating a single winner; it highlights the growing momentum behind sustainable innovation. Through our pep+ strategy, PepsiCo is proud to support visionary entrepreneurs who are building a future where businesses and the planet thrive. By fostering collaboration, mentorship, and access to resources, we're helping to scale innovative ideas that address critical environmental and social challenges. This program represents an investment in the future of our planet, and we look forward to continuing this journey, ensuring these solutions grow and benefit generations to come."
A diverse panel of judges evaluated the startups based on their innovation, feasibility, scalability, and alignment with PepsiCo's sustainability goals. The panel included Pariwat Wongsamran, Deputy Executive Director of the Innovation System at National Innovation Agency; Yosavee Niranvichaiya, Senior Investment Manager for Thailand at Circulate Capital; Oranuch Lerdsuwankij, CEO and Co-Founder of Techsauce Investor; Alan Choi, Senior Vice President and Chief Financial Officer at PepsiCo APAC; Ashley Brown, Vice President of Supply Chain ANZ and Chief Sustainability Officer at PepsiCo APAC; and Sudipto Mozumdar, CCO for APAC and GM of IndoChina Foods at PepsiCo.
In just four months, the 2024 Greenhouse Accelerator Program has launched seven startup pilots within PepsiCo's value chain, focusing on Climate Action, Sustainable Agriculture, and Circular Economy, which are addressing challenges like reducing carbon emissions, improving resource efficiency, and fostering circular supply chains. Building on the success of the 2023 cohort, which now has four pilots running at various stages, the 2024 pilots are setting the stage for meaningful environmental and operational impact.
Among last year's participants, TURN, a finalist, has successfully partnered with Gatorade to launch the Gatorade x TURN reusable cup, which is currently being piloted with AFLW and AFL clubs in Australia. The initiative is expected to replace approximately 200,000 single-use cups, exemplifying the impact that Greenhouse startups can have on sustainability. Adiona - a startup that brings real-time data visibility to delivery operations - is working on a pilot that analyzes PepsiCo's delivery data and proposes efficiency improvements at its Tingalpa plant. These enhancements can potentially reduce the distance travelled and, consequently, lower CO2 emissions.
Last year's GHAC winner, Powered Carbon, has reached multiple business milestones since participation. Powered Carbon has to date provided its low-carbon bio-fertilizer to PepsiCo's potato fields across Guangdong, Shandong, Gansu, and Inner Mongolia. Since participating in the Greenhouse Accelerator program, Powered Carbon has not only raised market awareness and attracted the attention of investors but has also enjoyed a six-fold surge in income since August 2023.
PepsiCo is exploring a third edition of the Greenhouse Accelerator Program in APAC, set for 2025. To date, startups across the previous 11 editions worldwide have generated a total of USD 200 million in annual revenue, showcasing the program's ability to fuel growth and deliver sustainable solutions.