EIT InnoEnergy, an Eindhoven, The Netherlands-based innovation engine in sustainable energy, closed its private placement round of over €140m of equity.
Investors included new strategic players (Societe 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, accelerate the launch of new industrial champions such as InnoEnergy company builders and 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. The firm accelerates, de-risks and boosts global business cases through its ecosystem of more than 1200 partners. The managed ecosystem incorporates industrial players of all sizes, investors (public and private, equity and debt), academia, research centres and public administration. Since its inception in 2010, InnoEnergy provides support to global innovators through their full life cycle (from early stage to industrial scale), with a one stop shop model.
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 CO2e accumulatively by 2030. Collectively, these companies have raised €9.7 billion in investment to date.
Commenting on the news, 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 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”.
Established in 2010 and 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, EIT InnoEnergy has screened more than 7,000 startups, 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.