Periodic Reporting for period 1 - IC SALES (Innovator-Centered Systemic Acceleration of Low-carbon Energy Solutions)
Reporting period: 2021-07-01 to 2023-05-31
What is the problem / issue being addressed?
Europe is bound to become climate-neutral by 2050. Achieving this objective requires innovative, deeptech solutions. Those shall be manufactured in EU and deployed at scale. The EU, through the EIC Accelerator offers financing and support services to disruptive start-ups. At the same time, EIT InnoEnergy, a public private partnership supported by the EU has become one of the largest climate tech investors worldwide. Sharing the same objectives, a partnership between EIT InnoEnergy and EIC Accelerator bears high potential for benefit to EU’s climate tech entrepreneurs. This action was carried out to test collaboration mechanisms between EIC Accelerator and EIT InnoEnergy to increase value provided by EU to its climate tech entrepreneurs.
Why is it important for society?
This pilot action was important for society because of the positive impact that climate tech entrepreneurs and start-ups can bring to EU citizens: Affordable, clean and secure energy as well as economic benefits in terms of economic growth and jobs and not least a resilient economy.
What were the overall objectives?
The objective was to ensure greater synergies between EIC Accelerator and EIT InnoEnergy in support of the European Green Deal objectives and other EU policy priorities. The scope for the work was potentially market-creating, break-through and low-carbon energy solutions.
Europe is bound to become climate-neutral by 2050. Achieving this objective requires innovative, deeptech solutions. Those shall be manufactured in EU and deployed at scale. The EU, through the EIC Accelerator offers financing and support services to disruptive start-ups. At the same time, EIT InnoEnergy, a public private partnership supported by the EU has become one of the largest climate tech investors worldwide. Sharing the same objectives, a partnership between EIT InnoEnergy and EIC Accelerator bears high potential for benefit to EU’s climate tech entrepreneurs. This action was carried out to test collaboration mechanisms between EIC Accelerator and EIT InnoEnergy to increase value provided by EU to its climate tech entrepreneurs.
Why is it important for society?
This pilot action was important for society because of the positive impact that climate tech entrepreneurs and start-ups can bring to EU citizens: Affordable, clean and secure energy as well as economic benefits in terms of economic growth and jobs and not least a resilient economy.
What were the overall objectives?
The objective was to ensure greater synergies between EIC Accelerator and EIT InnoEnergy in support of the European Green Deal objectives and other EU policy priorities. The scope for the work was potentially market-creating, break-through and low-carbon energy solutions.
What was the work carried out?
IC SALES was a pilot action, meaning it was designed to test collaboration mechanisms between EIC Accelerator and EIT InnoEnergy and identifying what works and what does not work.
Having said that, the work was structure along 4 lines: 1) Supporting start-ups in accessing the EIC Accelerator, 2) De-risking and accelerating start-ups from the EIC eco-system, 3) increasing time-to-money for start-ups through collaboration on EIC Accelerator’s investment process for direct equity investment, 4) Enhancement of European Innovation Eco-Systems.
The main work performed was the following: 1) Implementation of the so-called “Fast Track” and other support to applicants to EIC Accelerator, 2) Carrying out a call for Business Acceleration Services to the benefit of companies from the EIC eco-system, 3) Assessment of the EIC Accelerator’s due diligence process, 4) Participation on main events and potential for enhancement of EU’s approach to EU Innovation Eco-Systems
Waht are the main results and their exploitation and dissemination?
The main results from IC SALES are lessons learnt on what works and what does not work in collaboration between EIC Accelerator and EIT InnoEnergy and corresponding conclusions for future collaboration.
Putting climate tech start-ups in the focus, we supported a total of 40+ companies to the benefit of the EIC Accelerator. We launched one call for Business Acceleration Services, receiving 22 applications. We identified areas for contributions from EIT InnoEnergy to decrease time-to-money for equity investment.
The results are exploited by the European Innovation Council (EIC), the Directorate-General for Research and Innovation (DG RTD), the Executive Agency for Climate, Infrastructure and Environment (CINEA), the European Investment Bank (EIB), and the European Institute for Innovation and Technology (EIT). Those are also the target audience for dissemination of results.
IC SALES was a pilot action, meaning it was designed to test collaboration mechanisms between EIC Accelerator and EIT InnoEnergy and identifying what works and what does not work.
Having said that, the work was structure along 4 lines: 1) Supporting start-ups in accessing the EIC Accelerator, 2) De-risking and accelerating start-ups from the EIC eco-system, 3) increasing time-to-money for start-ups through collaboration on EIC Accelerator’s investment process for direct equity investment, 4) Enhancement of European Innovation Eco-Systems.
The main work performed was the following: 1) Implementation of the so-called “Fast Track” and other support to applicants to EIC Accelerator, 2) Carrying out a call for Business Acceleration Services to the benefit of companies from the EIC eco-system, 3) Assessment of the EIC Accelerator’s due diligence process, 4) Participation on main events and potential for enhancement of EU’s approach to EU Innovation Eco-Systems
Waht are the main results and their exploitation and dissemination?
The main results from IC SALES are lessons learnt on what works and what does not work in collaboration between EIC Accelerator and EIT InnoEnergy and corresponding conclusions for future collaboration.
Putting climate tech start-ups in the focus, we supported a total of 40+ companies to the benefit of the EIC Accelerator. We launched one call for Business Acceleration Services, receiving 22 applications. We identified areas for contributions from EIT InnoEnergy to decrease time-to-money for equity investment.
The results are exploited by the European Innovation Council (EIC), the Directorate-General for Research and Innovation (DG RTD), the Executive Agency for Climate, Infrastructure and Environment (CINEA), the European Investment Bank (EIB), and the European Institute for Innovation and Technology (EIT). Those are also the target audience for dissemination of results.
What did we learn?
State of the art before IC SALES was the intention, supported high-level by the EIC, the EIT, and the so-called Knowledge and Innovation Communities supported by the latter to collaborate to the benefit of EU deeptech start-ups. The progress beyond this state of the art was to move from intentions to practical collaboration, the results of which are encapsulated in the projects lessons learnt reports.
What is the potential impact?
The potential impact of IC SALES is directly on climate tech entrepreneurs (receiving tailored support in de-risking and accelerating their business case, increasing likelihood of growing their companies) and in consequence EU citizens (climate-neutrality, resilient economy, affordable and clean energy, etc)
State of the art before IC SALES was the intention, supported high-level by the EIC, the EIT, and the so-called Knowledge and Innovation Communities supported by the latter to collaborate to the benefit of EU deeptech start-ups. The progress beyond this state of the art was to move from intentions to practical collaboration, the results of which are encapsulated in the projects lessons learnt reports.
What is the potential impact?
The potential impact of IC SALES is directly on climate tech entrepreneurs (receiving tailored support in de-risking and accelerating their business case, increasing likelihood of growing their companies) and in consequence EU citizens (climate-neutrality, resilient economy, affordable and clean energy, etc)