InnoEnergy, the European innovation engine for sustainable energy, today launches its global call for electric storage start-ups including from Romania. Fifteen of the most innovative, sustainable energy start-ups will receive a tailored package of added-value services and a €100,000 cash prize will be awarded to the best one.
Together with the European Battery Alliance (EBA), InnoEnergy aims to attract and support start-ups with innovative technology or business model concepts focused on electric storage. Of particular interest are electric storage innovations for application in transportation, for grid, distributed and mobile energy storage, or to deliver energy efficiency improvements and emissions reductions.
Successful applicants will receive a place on one of InnoEnergy’s business creation programmes – the Highway™ or Boostway™ – and a tailored package of support, training, services and funding. The Highway uses a hands-on approach to support early stage start-ups in the go-to-market phase, helping ready products for commercialisation. The Boostway programme supports scale-ups to grow their businesses.
Launched in 2017, the EBA seeks to create a competitive and sustainable battery cell manufacturing value chain in Europe. InnoEnergy is working with more than 120 stakeholders within the EBA to achieve this ambition and help develop a new market that could be worth €250 billion a year by 2025.
Elena Bou, innovation Director at InnoEnergy, says: “Acting as a trusted partner, we’re here to give businesses the lift off they need to reach commercialisation. Through our unique ecosystem we offer start-ups unparalleled access to everything they need to make a resounding business success of their innovative ideas.”
Successful applicants will gain access to a network of more than 385 partners and including specialist business angels, InnoEnergy’s European VC community and public funding bodies. Start-ups also gain board-level advice and mentorship and a front-row seat at European energy events, including The Business Booster – InnoEnergy’s annual networking event where companies across the energy value chain attend to meet start-ups and innovations under one roof.
Bo Normark, InnoEnergy’s thematic leader for energy storage adds: “Europe needs innovative electric storage solutions to support the decarbonisation of transport and heat through electrification. It is our mission to find businesses with unique and innovative concepts, products and solutions that have the potential to be part of the sustainable battery cell manufacturing value chain.”
The call for start-ups is open until 30 October 2018. The application process consists of five phases; an initial application, an internal evaluation, a five-minute video pitch and an external expert assessment. Following the external assessment 30 applicants will pitch their idea to two parallel juries, and 15 winners will be selected. At the celebration event in February 2019 one winner will be awarded a prize of €100,000.
Applicants will be evaluated based on the following criteria:
Innovativeness of the business idea
Value proposition
Addressable market size
Scalability of product/service
Founding team and ownership structure
Competitive advantage
Impact potential
Ability to leverage on InnoEnergy as a partner
About InnoEnergy Business Creation
InnoEnergy Business Creation is a trusted partner and smart investor to accompany start-ups, entrepreneurs, SMEs and corporates on this innovation journey throughout the energy sector. We are the go-to partner for co-creating innovative new businesses and successful innovation strategies across the energy value chain.
Our position in the industry and our uniquely collaborative approach helps shorten time to market, mitigate risks, increase the impact of new technologies, and multiply their value. All this for a purpose: creating a sustainable world.
We have supported up to now 200 start-ups, 121 of which are already selling their solutions, and have helped them raise €117m in external funding. Those start-ups have 42 patents files, and their average time to market is just 16 months. After three years, they have a fantastic 97 per cent survival rate.
