The European Institute of Innovation & Technology (EIT) recently announced a €140 million private placement of one its Knowledge and Innovation Communities (KICs). With its latest investment round, EIT InnoEnergy, created by the EIT in 2010, will boost growth for its portfolio companies which include 3 European unicorns, aiming to generate €110 billion in revenue by 2030.
The EIT, as Europe’s largest innovation ecosystem has pioneered a new, and to date well-proven innovation model, delivering tangible impact for Europe. Created in 2010 following a call for an EIT Knowledge and Innovation Community, EIT InnoEnergy was designed to accelerate Europe’s sustainable energy transition. Partners from the latest investment round include new and existing shareholders such as Societe Generale, Santander CIB, Renault Group, Stena Recycling, Siemens Financial Services, Schneider Electric, Capgemini, Volkswagen Group, ING, Koolen Industries, and Engie among others.
Diego Pavia, CEO of EIT InnoEnergy, 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 altogether 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 are in a mission since 2010, and we continue delivering”.
According to EIT, the latest investment round, including top companies from industrial, financial, training and digital sectors, validates the sustainable application of its model. The EIT model facilitates public-private partnerships that generate significant returns on investments over a fifteen-year period. The EIT’s unique approach brings together research, academia and business in nine thematic areas to power innovation for a more sustainable Europe.
To date, EIT InnoEnergy has supported thousands of students and startups, launched more than 300 products to market and overseen its portfolio companies filing 370 plus patents while creating close to 40,000 jobs (directly and indirectly). In addition, the EIT Knowledge and Innovation Community has leveraged its network to coordinate strategic industrial value-chain alliances mandated by the European Commission in the fields of batteries, green hydrogen and solar photovoltaics. With EIT InnoEnergy’s growing sustainable investment portfolio, its supported innovations have the potential to save 2.1 gigatonnes of CO2 by 2030, and deliver 831TWh of clean energy over the same period, directly delivering on targets set by the European Green Deal.
Nektarios Tavernarakis, Chair of the EIT Governing Board, added: “EIT InnoEnergy’s tremendous success is a resounding recognition of the EIT delivering. As the EIT Community continues to grow and our Communities reach maturity, we can be proud of the lasting impact their projects and partners have for all Europeans, to live in a healthier, more sustainable and brighter future.”
