Hungarian energy company Thermowatt Kft. has signed a cooperation agreement with Vietnamese construction firm and property developer Hoa Binh, Thermowatt announced Tuesday, according to Hungarian news agency MTI.
Hoa Binh will carry out USD 5 million worth of projects annually in Vietnam, where it will employ the wastewater heat utilization technology of Thermowatt.
The companies also agreed they will submit a joint bid for financing to the Green Climate Fund, a fund within the UN Framework Convention on Climate Change set up as a mechanism to help developing countries in practices to counter climate change.
Hoa Binh has 6,000 employees and posted more than USD 470 mln revenues last year. Thermowatt had HUF 500 mln revenues in 2015.