In support of the energy transition, ING announces investments in EIT InnoEnergy

Amsterdam-headquartered global financial institution ING, has become the first financial institution shareholder in EIT InnoEnergy, the innovation engine for sustainable energy across Europe supported by the European Institute of Innovation & Technology (EIT), a body of the European Union. Both organizations announced this in a press release.

For ING, “both the urgent threat of climate change and the belief that sustainability creates value” are reasons to contribute to the transition of the economy. The investment in EIT InnoEnergy is an example of this. As a shareholder of EIT InnoEnergy, ING joins other leading companies actively involved in the energy transition, including Volkswagen, TotalEnergies, Naturgy, and EDF.

Since its inception in 2010, EIT InnoEnergy has invested €560 million in over 380 companies with a combined expected turnover of over €16 billion by 2026. Among the most notable and successful investments in EIT InnoEnergy’s portfolio are Northvolt, manufacturer of lithium-ion batteries, Skeleton Technologies, the provider of energy storage solutions, Hardt Hyperloop, an innovator in mobility solutions, and the integrated, digital greenfield steel plant H2 Green Steel. In addition, more than 1,400 students have completed EIT InnoEnergy’s master’s program and many of them are now working for companies active in the energy transition.

Jacob Ruiter, CEO EIT InnoEnergy Benelux said: “Sustainable innovations that support the energy transition – like green hydrogen or battery technologies – also depend on banks and companies working together and investing in a green future. ING’s pioneering commitment to sustainable energy through its investment into EIT InnoEnergy is a pivotal one for us as we move into 2022. Together, with major financial and industrial businesses, we are making a significant impact towards affordable energy which is accessible globally while reducing emissions.”

Gido van Graas, global head of New Energy Technologies at ING said: “I am extremely proud that ING and our Sustainable Investment Fund became part of EIT InnoEnergy’s ecosystem, supporting the decarbonization of society. Sustainability, energy innovations, and the energy transition are focus areas at ING, as demonstrated by our commitment to the Net-Zero Banking Alliance and how we’re aligning our portfolio with net-zero climate goals, for example. Partnering with EIT InnoEnergy is a major opportunity to further support the energy transition through new and clean energies like battery storage, green hydrogen, and solar PV.”

EIT InnoEnergy supports more than 30 start-ups and innovations in Benelux and another 350 across Europe.