EIT InnoEnergy, the leading innovation engine in sustainable energy, successfully completed its private placement round of over €140 million of equity. Investors in this round are new strategic players (Societé Generale, Santander CIB, PULSE – CMA CGM Energy Fund, Renault Group, Stena Recycling and NIIT), and existing shareholders (Siemens Financial Services, Schneider Electric, Capgemini, Volkswagen Group, ING, Koolen Industries, GROUPE IDEC and Engie).
The proceeds will be used for increasing new deal flow, accompanying the current 200 portfolio companies in their growth, accelerating the successful launch of new industrial champions such as InnoEnergy company builders capturing the opportunities created by new regulatory frameworks, and boosting the expansion in the US.
InnoEnergy’s deal flow is in early-stage innovative technologies and teams in clean tech, normally CAPEX heavy. InnoEnergy accelerates, de-risks, and boosts global business cases through its trusted ecosystem of more than 1200 partners. The managed ecosystem incorporates industrial players of all sizes, investors (public and private, equity and debt), academia, research centers, and public administration. Since its inception in 2010, InnoEnergy has provided support to global innovators through their full life cycle (from early stage to industrial scale), with a one-stop shop model.
200 companies
InnoEnergy currently has a portfolio of 200 companies, three of which are unicorns, on track to generate €110 billion in revenue and save 2.1G tonnes of CO2 accumulatively by 2030. Collectively, these companies have raised €9.7 billion in investment to date. This private placement round accelerates InnoEnergy’s role in turning Europe’s ambitions to reach its 2050 net zero objective into a reality, after being the first economy in the world to enshrine it in climate law.
Jacob Ruiter, CEO of EIT InnoEnergy Benelux, said: “The objectives of the private placement have been delivered. New strategic players have joined InnoEnergy’s outstanding cap table, several shareholders have reinvested, and we have secured sufficient fresh financial resources to double our ongoing impact. The accelerated energy transition in Europe and in the world and an increased re-industrialization ambition in the Western world are unique opportunities for InnoEnergy, its portfolio companies, and our trusted ecosystem partners. We have geared up for the journey ahead. We have been on a mission since 2010, and we continue delivering.”
Mark Weustink, Head of Sustainable Investments at ING: “Our partnership with EIT InnoEnergy reflects our strategy to accelerate the energy transition on a Pan-European scale. Through financial, strategic, and operational support, InnoEnergy successfully supports innovative startups and scaleups with their growth ambitions. Its ecosystem also enables portfolio companies, investors, universities, and EU policymakers to share knowledge. Through InnoEnergy, sustainable companies can make a significant contribution to the decarbonization of Europe, including scaling-up batteries and developing solutions for hard-to-abate industries like steel. We strongly believe in InnoEnergy and its ecosystem. So, after becoming the first financial institution in InnoEnergy’s shareholder base in 2021, our latest investment in this capital round showcases our commitment to enhance further and intensify our relationship with InnoEnergy and contribute to accelerating the energy transition in Europe.”
Kees Koolen, CEO, Koolen Industries: “Our mission at Koolen Industries is to make clean energy the new normal for everyone. Affordable. Attainable. Available. We share this mission with EIT InnoEnergy and are therefore proud of our renewed investment. We will continue our cooperation to further accelerate the energy transition by investing early in crucial innovations and maximize value as the start-ups we support speed up their journey to commercial success.”
Leading impact investor
EIT InnoEnergy operates at the center of the energy transition and is the leading innovation engine in sustainable energy. It brings the technology, business model innovation and skills required to accelerate the green deal, and progress towards Europe’s decarbonization and re-industrialization goals, whilst also improving energy security.
Ranked as the most active investor in the energy sector in 2022 by Pitchbook, named in 2023 as one of Europe’s top 10 most active deeptech investors by Sifted, and recognized in 2022 as Europe’s leading impact investor in cleantech by Startup Genome, InnoEnergy backs innovations across a range of areas. These include energy storage, transport and mobility, renewables, energy efficiency, hard-to-abate industries, smart grids, and sustainable buildings and cities.
InnoEnergy is the driving force behind three strategic European initiatives which include the European Battery Alliance (EBA), the European Green Hydrogen Acceleration Center (EGHAC) and the European Solar Photovoltaic Industry Alliance (ESIA).
InnoEnergy was established in 2010 and is supported by the European Institute of Innovation and Technology (EIT), an independent EU body set up in 2008 to drive innovation and entrepreneurship across Europe. Since its inception, EIT InnoEnergy has screened more than 7,000 start-ups, launched more than 300 products to market and overseen its portfolio companies filing 370+ patents. Today, EIT InnoEnergy has a 200+ strong team with offices across Europe and in Boston, US.
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