An ecosystem of 250+ startups is on course to cut one-third of European emissions by 2030, according to a new report by EIT InnoEnergy, which supports early stage energy innovators. In doing so the pioneering young companies in EIT InnoEnergy’s portfolio are expected to generate energy savings of €9.1 billion annually, the report shows, with COVID failing to halt momentum.
Elena Bou, co-founder and Innovation Director at EIT InnoEnergy, said: “This is an incredible feat for our portfolio – by saving this level of CO2 emissions we are essentially taking nearly 250 million cars off the road. It is through our global mindset to tackling climate change that we have been able to make such an impact. Despite being early-stage companies, together we’ve already created 25,000 direct and indirect jobs. Imagine what we can do together as they mature; the possibilities are endless.”
EIT InnoEnergy has featured a number of times on these pages for its groundbreaking work in accelerating impactful solutions across the energy sector. In its short history it has screened thousands of startups and helped the best of them bring more than 300 products to global markets, making it the ‘largest sustainable energy portfolio of any impact investor of its kind globally’.
Bou added: “The IPCC’s latest report sounded ‘a code red for humanity’, with billions of people at risk if we do not take immediate action to make deep carbon cuts to stabilise rising temperatures. We know too from the recent IEA report that CO2 emissions have increased from energy and industry by 60% since 1992.
“Our figures show the outsized impact that sustainable energy start-ups and scale-ups can have, and with the right support, that they will challenge the status quo, helping to make energy affordable, secure and carbon neutral. Equally, entrepreneurs from all walks of life are needed to successfully tackle this challenge, so it is especially rewarding to see more than 80 nationalities represented by our portfolio and that the number of female entrepreneurs has increased in recent years.
“When we invest, we evaluate the potential of those ventures to impact targets. It is part of our due diligence and the investment decision. And, once they are part of our portfolio, we prepare a plan together with the company to boost the case beyond the initial targets. It is not only about selecting and measuring but having an actionable plan together with a venture that focuses on milestones, goals and achievements.”
The startups in the EITInnoEnergy portfolio are transforming the sector with a range of innovative solutions, including solar roofs, supergrid technology, and converters that harvest clean energy from the oceans.
Discover more about what EITInnoEnergy offers innovators.