EIT InnoEnergy secures €140 million to accelerate sustainable energy innovations and US expansion
EIT InnoEnergy , a company focused on sustainable energy innovation, recently raised over €140 million in a private funding round.
New investors like Societe Generale, Santander CIB, and Renault Group, along with existing shareholders like Siemens and Volkswagen Group, participated in the round.
The money will be used to find new investment opportunities, help the company’s current 200 startups grow, launch new businesses, and expand in the US.
InnoEnergy specializes in supporting early-stage tech companies that are working on clean energy solutions, which usually require significant upfront investment. They offer a support network of over 1,200 partners, including industries, investors, and academics, to help these startups succeed.
Since starting in 2010, InnoEnergy has helped 200 companies grow, including three that have reached “unicorn” status (valued at over $1 billion). Together, these companies aim to generate €110 billion in revenue and save 2.1 billion tonnes of CO2 by 2030. The new funding will help InnoEnergy contribute to Europe’s goal of becoming net zero in emissions by 2050.
“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 on-going 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.” – Diego Pavia, CEO of EIT InnoEnergy .