Periodic Reporting for period 2 - KIC SE BP2023- 2024 (EIT InnoEnergy Business Plan 2023 - 2024)
Reporting period: 2024-01-01 to 2024-12-31
EIT InnoEnergy is on a mission: to contribute to a more sustainable world fostering the energy transition. This has been our ’why’ since our foundation in 2010. EIT InnoEnergy is the leading sustainable energy innovation engine. We are built on four layers: people, start-ups, industrial value chains and the ecosystem. The interconnection of these layers makes synergies and innovation happen.
Education is at the core of our innovation system. Our graduates not only have an excellent technological background, but also entrepreneurial skills that equip them to become game-changers. Today we have more than 1,600+ graduates working in leading companies around the world. We define them as our secret weapon, as these young professionals are changing the culture of companies from the inside out.
Our second layer: accelerating and de-risking solutions and business cases by creating and supporting companies. Today we have one of the largest sustainable energy investment portfolios worldwide, with more than 200 investee companies, most of which are launching hardware solutions (70%). We invest in opportunities that make a big impact, and this goes hand in hand with industrial development. In addition, 85% of our companies are exporting so we are looking for solutions that are highly scalable. As investors, we provide value in exchange for equity. This means that we provide cash plus intangibles to make the business case bigger, sooner and safer. We bring together knowledge and experience wherever it is located. Through our ecosystem we reduce time to market, de-risk innovation and create commercially attractive solutions to empower a sustainable energy future.
EIT InnoEnergy is spearheading the decarbonisation of Europe by leading industrial alliances in three strategic sectors: battery storage, green hydrogen and solar photovoltaics. These alliances bring together the knowledge and experience required to develop strategic value chains. This is: (-) Creating an ad hoc ecosystem with stakeholders from across the value chain (-) Increasing the capacity to support large industrial projects (-)Filling the gaps of the existing value chain by fostering the required funding, skills and talent. These projects directly impact the energy trilemma: reducing the cost of energy, limiting greenhouse gas emissions, and increasing availability and security, all within Europe. Ultimately, these actions play a fundamental role in realising our goal of a carbon neutral Europe by 2050, as the impact is massive due to its scalability.
The last layer is the ecosystem, which allows us to support companies by bringing together stakeholders from education, research, industry and investor communities. For the last 10 years, EIT InnoEnergy has been able to create a trusted innovation ecosystem in sustainable energy, which is the first and only open innovation ecosystem managed by a private company. Today, the ecosystem is formed by more than 1,200+ partners from the US, Europe and Asia and has a high level of diversity in terms of cultures, backgrounds and type of organisations.
Education is at the core of our innovation system. Our graduates not only have an excellent technological background, but also entrepreneurial skills that equip them to become game-changers. Today we have more than 1,600+ graduates working in leading companies around the world. We define them as our secret weapon, as these young professionals are changing the culture of companies from the inside out.
Our second layer: accelerating and de-risking solutions and business cases by creating and supporting companies. Today we have one of the largest sustainable energy investment portfolios worldwide, with more than 200 investee companies, most of which are launching hardware solutions (70%). We invest in opportunities that make a big impact, and this goes hand in hand with industrial development. In addition, 85% of our companies are exporting so we are looking for solutions that are highly scalable. As investors, we provide value in exchange for equity. This means that we provide cash plus intangibles to make the business case bigger, sooner and safer. We bring together knowledge and experience wherever it is located. Through our ecosystem we reduce time to market, de-risk innovation and create commercially attractive solutions to empower a sustainable energy future.
EIT InnoEnergy is spearheading the decarbonisation of Europe by leading industrial alliances in three strategic sectors: battery storage, green hydrogen and solar photovoltaics. These alliances bring together the knowledge and experience required to develop strategic value chains. This is: (-) Creating an ad hoc ecosystem with stakeholders from across the value chain (-) Increasing the capacity to support large industrial projects (-)Filling the gaps of the existing value chain by fostering the required funding, skills and talent. These projects directly impact the energy trilemma: reducing the cost of energy, limiting greenhouse gas emissions, and increasing availability and security, all within Europe. Ultimately, these actions play a fundamental role in realising our goal of a carbon neutral Europe by 2050, as the impact is massive due to its scalability.
The last layer is the ecosystem, which allows us to support companies by bringing together stakeholders from education, research, industry and investor communities. For the last 10 years, EIT InnoEnergy has been able to create a trusted innovation ecosystem in sustainable energy, which is the first and only open innovation ecosystem managed by a private company. Today, the ecosystem is formed by more than 1,200+ partners from the US, Europe and Asia and has a high level of diversity in terms of cultures, backgrounds and type of organisations.
In the dynamic landscape of sustainable energy, InnoEnergy continue as a driving force behind groundbreaking solutions that support the reindustrialisation of Europe and the decarbonisation agenda. 2024 has been another milestone year in driving the energy transition forward, and another remarkable year of teamwork and innovation.
We are proud to announce that our portfolio of clean tech start-ups and scale-ups have successfully closed 56 rounds this year, raising over €4.3 billion (€9.8B in total when including project finance). Investment in these companies, ranging from wave energy to battery and green steel, includes both private and public funding. Despite challenging market conditions, our team and ecosystem remain committed to investing and delivering added-value services to the frontrunners transforming industries.
We also invested in an additional 14 cleantech start-ups in 2024, adding to our portfolio of over 200 companies. Notably, a €1.5M injection into French deep tech start-up, Geolinks to advance carbon capture monitoring. We also built Repono, a new pan-European storage operator which aims to deploy and operate 100 gigawatt hours of energy storage in Europe by 2030 — critical for balancing the grid and powering us towards a green powered future. These investments reflect our team’s commitment to scaling innovative technologies that will accelerate the decarbonisation of hard-to-abate sectors.
Making the most of a tough year
Elena Bou, our Co-Founder and Innovation Director, said: “Although global cleantech investment was projected at $2 trillion last year, this is only half of what’s needed to meet net zero targets. During what has been a dry year for the clean-tech industry, InnoEnergy has pushed forward, actively supporting our portfolio and derisking their business cases with the support of our shareholders and wider ecosystem. We need to support our cleantech champions and secure their scaling up so their solutions create positive environmental, economic and social impact.”
Four new shareholders join InnoEnergy
We welcomed four new shareholders in 2024 including OMV, OMV Petrom, ACB Participaties B.V. and Boryszew Group. This incredible support marks the successful completion of our €140M private placement, which is helping us to bolster our impact across Europe and the US.
Preparing the current and future workforce
We’re proud to highlight that our Skills Institute upskilled over 100,000 learners in the battery industry and launched the Skills Institute Solar Academy to meet the growing demand for skilled professionals in the clean energy sector. Further supporting the future of the workforce, our Master School rebranded to InnoEnergy Masters+. With over 2,000 graduates, 10% are now contributing their expertise within InnoEnergy portfolio companies or shareholder organisations.
We are proud to announce that our portfolio of clean tech start-ups and scale-ups have successfully closed 56 rounds this year, raising over €4.3 billion (€9.8B in total when including project finance). Investment in these companies, ranging from wave energy to battery and green steel, includes both private and public funding. Despite challenging market conditions, our team and ecosystem remain committed to investing and delivering added-value services to the frontrunners transforming industries.
We also invested in an additional 14 cleantech start-ups in 2024, adding to our portfolio of over 200 companies. Notably, a €1.5M injection into French deep tech start-up, Geolinks to advance carbon capture monitoring. We also built Repono, a new pan-European storage operator which aims to deploy and operate 100 gigawatt hours of energy storage in Europe by 2030 — critical for balancing the grid and powering us towards a green powered future. These investments reflect our team’s commitment to scaling innovative technologies that will accelerate the decarbonisation of hard-to-abate sectors.
Making the most of a tough year
Elena Bou, our Co-Founder and Innovation Director, said: “Although global cleantech investment was projected at $2 trillion last year, this is only half of what’s needed to meet net zero targets. During what has been a dry year for the clean-tech industry, InnoEnergy has pushed forward, actively supporting our portfolio and derisking their business cases with the support of our shareholders and wider ecosystem. We need to support our cleantech champions and secure their scaling up so their solutions create positive environmental, economic and social impact.”
Four new shareholders join InnoEnergy
We welcomed four new shareholders in 2024 including OMV, OMV Petrom, ACB Participaties B.V. and Boryszew Group. This incredible support marks the successful completion of our €140M private placement, which is helping us to bolster our impact across Europe and the US.
Preparing the current and future workforce
We’re proud to highlight that our Skills Institute upskilled over 100,000 learners in the battery industry and launched the Skills Institute Solar Academy to meet the growing demand for skilled professionals in the clean energy sector. Further supporting the future of the workforce, our Master School rebranded to InnoEnergy Masters+. With over 2,000 graduates, 10% are now contributing their expertise within InnoEnergy portfolio companies or shareholder organisations.
We are proud to announce that our portfolio of clean tech start-ups and scale-ups have successfully closed 56 rounds this year, raising over €4.3 billion (€9.8B in total when including project finance). Investment in these companies, ranging from wave energy to battery and green steel, includes both private and public funding. Despite challenging market conditions, our team and ecosystem remain committed to investing and delivering added-value services to the frontrunners transforming industries.
Pitchbook’s Global League Tables for 2024 rank InnoEnergy as the most active VC investor in energy globally. This marks InnoEnergy’s fourth annual ranking as the most active VC investor in the global energy sector since 2020.
Despite 2024 being a tough year for the capital markets, InnoEnergy’s portfolio closed 56 rounds, raising over €4.3bn in equity and public funding. In terms of new investments, InnoEnergy welcomed 14 new companies to the portfolio across areas such as deep tech, AI, carbon offsets, energy storage, ocean energy, decarbonisation of industry, and circular economy. Much of InnoEnergy’s success comes from the ecosystem formula for developing innovative companies across clean tech industries.
Pitchbook’s Global League Tables for 2024 also ranks InnoEnergy on the tables for the overall most active VC in Europe, the Nordics, transportation, commercial products & services, and late stage.
Pitchbook’s Global League Tables for 2024 rank InnoEnergy as the most active VC investor in energy globally. This marks InnoEnergy’s fourth annual ranking as the most active VC investor in the global energy sector since 2020.
Despite 2024 being a tough year for the capital markets, InnoEnergy’s portfolio closed 56 rounds, raising over €4.3bn in equity and public funding. In terms of new investments, InnoEnergy welcomed 14 new companies to the portfolio across areas such as deep tech, AI, carbon offsets, energy storage, ocean energy, decarbonisation of industry, and circular economy. Much of InnoEnergy’s success comes from the ecosystem formula for developing innovative companies across clean tech industries.
Pitchbook’s Global League Tables for 2024 also ranks InnoEnergy on the tables for the overall most active VC in Europe, the Nordics, transportation, commercial products & services, and late stage.