Periodic Reporting for period 1 - KIC SE BP2023- 2024 (EIT InnoEnergy Business Plan 2023 - 2024)
Reporting period: 2023-01-01 to 2023-12-31
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, 2023 has seen EIT InnoEnergy continue as a driving force behind groundbreaking solutions that support the reindustrialisation of Europe and the decarbonisation agenda.
Start-ups and student success
The remarkable milestones and achievements of our start-ups and students have been substantial and expansive, creating a tapestry of accomplishments across a range of technology fields, industrial value chains and geographies. To highlight a few, this year we saw InnoEnergy alumni William Wiseman and Alba Forns, co-founders of Climatize, recognised by Forbes 30 Under 30 2023 Social Impact; Verkor secure €2 billion to launch its battery gigafactory; EcoBean raise €7 million to develop a pioneering biorefinery; Novatron Fusion Group secure €5 million seed funding to propel fusion energy; Hardt Hyperloop secure €12 million investment for European Hyperloop Center; and Holosolis launch Europe’s largest solar PV gigafactory to bolster EU energy security. All these stories, and many more, are captured on our website.
Portfolio companies and their impact
In the past year, InnoEnergy achieved 14 successful exits from its previous portfolio companies while simultaneously welcoming 18 new startups into the InnoEnergy portfolio. These new entries strengthen the InnoEnergy portfolio, particularly in the areas of Circular Economy, Energy Efficiency, and Renewable Energies. These start-ups join InnoEnergy’s portfolio of more than 200 companies, which are estimated to generate €110 billion in revenue and save 2.1G tonnes of CO2e accumulatively by 2030. Collectively, these companies have raised more than €9.7 billion in investment to date.
The Business Booster
In October InnoEnergy’s annual sustainable energy networking event, The Business Booster, saw our portfolio of start-ups come together with our shareholders, the wider InnoEnergy ecosystem as well as investors, industry leaders and policy makers. This year the flagship event transformed Amsterdam into Europe’s meeting point for sustainable energy innovation. We saw record attendance, with more than 1,500+ attendees coming together to transact with start-ups and explore the theme of The new Green Economy: Balancing profit and purpose.
Start-ups and student success
The remarkable milestones and achievements of our start-ups and students have been substantial and expansive, creating a tapestry of accomplishments across a range of technology fields, industrial value chains and geographies. To highlight a few, this year we saw InnoEnergy alumni William Wiseman and Alba Forns, co-founders of Climatize, recognised by Forbes 30 Under 30 2023 Social Impact; Verkor secure €2 billion to launch its battery gigafactory; EcoBean raise €7 million to develop a pioneering biorefinery; Novatron Fusion Group secure €5 million seed funding to propel fusion energy; Hardt Hyperloop secure €12 million investment for European Hyperloop Center; and Holosolis launch Europe’s largest solar PV gigafactory to bolster EU energy security. All these stories, and many more, are captured on our website.
Portfolio companies and their impact
In the past year, InnoEnergy achieved 14 successful exits from its previous portfolio companies while simultaneously welcoming 18 new startups into the InnoEnergy portfolio. These new entries strengthen the InnoEnergy portfolio, particularly in the areas of Circular Economy, Energy Efficiency, and Renewable Energies. These start-ups join InnoEnergy’s portfolio of more than 200 companies, which are estimated to generate €110 billion in revenue and save 2.1G tonnes of CO2e accumulatively by 2030. Collectively, these companies have raised more than €9.7 billion in investment to date.
The Business Booster
In October InnoEnergy’s annual sustainable energy networking event, The Business Booster, saw our portfolio of start-ups come together with our shareholders, the wider InnoEnergy ecosystem as well as investors, industry leaders and policy makers. This year the flagship event transformed Amsterdam into Europe’s meeting point for sustainable energy innovation. We saw record attendance, with more than 1,500+ attendees coming together to transact with start-ups and explore the theme of The new Green Economy: Balancing profit and purpose.
Private placement
One of the biggest announcements of the year came in September with the completion of InnoEnergy’s private placement round. Success was significant and multilayered, as we saw new strategic players join InnoEnergy’s cap table as well as several shareholders reinvest, which resulted in fresh financial resources of €140 million. This will allow InnoEnergy to double its on-going impact by: increasing new deal flow; accompanying the current 200 portfolio companies in their growth; accelerating the successful launch of new industrial champions and helping us capture opportunities created by new regulatory frameworks.
Industrial value chains
Through an array of industrial value chain work, which has continued thorughout 2023, InnoEnergy is supporting the European Commission’s net-zero vision by realising the 20GW/year potential for solar PV over the next decade, which could create an additional €40 billion/year GDP and 400,000 direct and indirect jobs through the European Solar Initiative; developing a €100 billion/year green hydrogen economy that could create half a million direct and indirect jobs across the green hydrogen value chain by 2025, through the European Green Hydrogen Acceleration Center; and building a pan-European battery industry – the European Battery Alliance – to capture a new market worth €250 billion/year by 2025.
InnoEnergy ranked as top “VC Firm and Investor” in Europe
As we bring the year to a close InnoEnergy has yet again been recognised among the top global VC firms and Investors. Announced at COP28 on 2 December 2023, Startup Genome and the Global Entrepreneurship Network launched The Global Startup Ecosystem Report Climatetech Edition. The report explores the potential of Cleantech and the Blue Economy, bringing to light the global ecosystems which are currently driving innovation in these sectors. InnoEnergy ranks as the top Cleantech and Blue Economy “VC Firm and Investor” in Europe.
One of the biggest announcements of the year came in September with the completion of InnoEnergy’s private placement round. Success was significant and multilayered, as we saw new strategic players join InnoEnergy’s cap table as well as several shareholders reinvest, which resulted in fresh financial resources of €140 million. This will allow InnoEnergy to double its on-going impact by: increasing new deal flow; accompanying the current 200 portfolio companies in their growth; accelerating the successful launch of new industrial champions and helping us capture opportunities created by new regulatory frameworks.
Industrial value chains
Through an array of industrial value chain work, which has continued thorughout 2023, InnoEnergy is supporting the European Commission’s net-zero vision by realising the 20GW/year potential for solar PV over the next decade, which could create an additional €40 billion/year GDP and 400,000 direct and indirect jobs through the European Solar Initiative; developing a €100 billion/year green hydrogen economy that could create half a million direct and indirect jobs across the green hydrogen value chain by 2025, through the European Green Hydrogen Acceleration Center; and building a pan-European battery industry – the European Battery Alliance – to capture a new market worth €250 billion/year by 2025.
InnoEnergy ranked as top “VC Firm and Investor” in Europe
As we bring the year to a close InnoEnergy has yet again been recognised among the top global VC firms and Investors. Announced at COP28 on 2 December 2023, Startup Genome and the Global Entrepreneurship Network launched The Global Startup Ecosystem Report Climatetech Edition. The report explores the potential of Cleantech and the Blue Economy, bringing to light the global ecosystems which are currently driving innovation in these sectors. InnoEnergy ranks as the top Cleantech and Blue Economy “VC Firm and Investor” in Europe.