EIT InnoEnergy will mobilise €7.3m in funding to support energy innovators during the COVID-19 pandemic, allowing start-ups to maintain existing operations and capitalise on emerging opportunities.
EIT InnoEnergy will distribute €7.3m in funding from the European Institute of Innovation & Technology (EIT) to a maximum of 24 start-ups and energy innovators. Diego Pavia, CEO of EIT InnoEnergy, said: “The impact of COVID-19 on energy innovation cannot be overstated; without support, much of the past decade’s progress on the energy transition will be lost.
“Speaking to our portfolio, the message is clear; they need a cash injection now to ensure their survival. COVID-19 has put on hold the expected sales, capital increases or previous commercial agreements, they need our support now more than ever.
“With the EIT, we have worked tirelessly to put the support in place that will save our start-ups. This funding not only helps to secure jobs and mitigate the risk to existing investments, but ultimately forms a cornerstone to Europe’s sustainable recovery too.”
EIT’s selection process
To select potential candidates, EIT InnoEnergy interviewed all 250 of its current ventures to identify those requiring urgent financial support. EIT InnoEnergy also conducted more than 2,000 phone and video interviews to evaluate the impact of COVID-19 on a range of factors including cashflow, supply chain and customer and investor retention.
Eligible candidates have since been invited to present a revised business case to an assessment committee. Start-ups that have already been approved for funding include AMP, Naoden, Nabrawind, and Voltstorage.
EIT InnoEnergy has provided investments and added value services to over 380 sustainable energy related start-ups and over 30 of those work in the field of energy storage, including flagship organisations like Northvolt, a vertically integrated sustainable battery manufacturer. In total, EIT InnoEnergy has invested €560m in sustainable energy innovations and is supported by the EIT.
