EIT InnoEnergy Secures €4.3B for Cleantech Growth

EIT InnoEnergy, a European Union-backed leader in sustainable energy innovation, has made significant strides in the clean technology sector in 2024, securing €4.3 billion in funding for its portfolio of cleantech start-ups and scale-ups. This funding, accumulated across 56 investment rounds, highlights the organization’s pivotal role in driving the energy transition and advancing sustainable technologies. Despite facing challenges in the global economy, InnoEnergy’s efforts to push forward with investments in wave energy, green steel, battery solutions, and other innovations demonstrate the determination to meet Europe’s ambitious net-zero targets.

InnoEnergy’s strategic investments are crucial in addressing the urgent need for decarbonization, with Co-Founder and Innovation Director Elena Bou underscoring the challenge that global cleantech investments are only halfway to the $2 trillion necessary to meet net-zero goals. “Although global cleantech investment was projected at $2 trillion last year, this is only half of what’s needed to meet net-zero targets. During what has been a dry year for the cleantech industry, InnoEnergy has pushed forward, actively supporting our portfolio and derisking their business cases with the support of our shareholders and wider ecosystem,” Bou emphasized.

A key aspect of InnoEnergy’s 2024 growth was the addition of 14 new cleantech companies to its portfolio, increasing the total number of ventures to over 200. Among these new ventures is Geolinks, a company focused on advancing carbon capture monitoring, which received a €1.5 million investment. Another notable addition is Repono, which aims to address Europe’s growing demand for energy storage solutions. Repono’s ambitious goal is to deliver 100 gigawatt hours of energy storage by 2030, which is vital for stabilizing Europe’s green energy grid, especially with the increased reliance on intermittent renewable energy sources.

These new investments align with InnoEnergy’s broader commitment to addressing hard-to-abate sectors such as steel production and energy storage, both of which are critical to achieving Europe’s net-zero emissions targets. By supporting start-ups that focus on wave energy, green steel, and energy storage, InnoEnergy is positioning itself as a major force in the energy transition, not just in Europe but on a global scale.

Further bolstering InnoEnergy’s financial backing, the company expanded its shareholder network, adding major players such as OMV, OMV Petrom, ACB Participaties B.V., and Boryszew. This expansion is particularly important as it strengthens InnoEnergy’s €140 million private placement completed in 2023. With these additional investors, InnoEnergy is now better equipped to accelerate its work and extend its influence, both in Europe and in the US, ensuring a broader impact on global cleantech initiatives.

Workforce development has also been a central focus for InnoEnergy in 2024. Through its Skills Institute, the organization has trained over 100,000 professionals in the battery industry alone. In response to the growing demand for skilled workers in clean energy sectors, InnoEnergy launched the Skills Institute Solar Academy, further addressing the workforce gap in the renewable energy field. The institute’s efforts go beyond training by ensuring that its graduates have real-world opportunities to contribute to the cleantech revolution. For instance, the rebranded InnoEnergy Masters+ program has produced over 2,000 graduates, 10% of whom have gone on to contribute their expertise within InnoEnergy’s portfolio companies or shareholder organizations.

These educational initiatives are designed to equip the next generation of professionals with the skills and knowledge necessary to drive the clean energy transition. InnoEnergy’s efforts to close the skills gap are essential, as the clean energy sector continues to grow and evolve, requiring a workforce capable of implementing and scaling innovative technologies.

InnoEnergy’s initiatives in 2024 further solidify its position as a leading innovation engine in the sustainable energy sector. The combination of large-scale investments, strategic partnerships, and workforce development efforts makes it a driving force in the push toward a more sustainable future. Bou stressed that the goal is not only to scale cleantech innovations but also to ensure they create positive environmental, economic, and social impacts. “We need to support our cleantech champions and secure their scaling up so their solutions create positive environmental, economic, and social impact,” Bou concluded.

Through these concerted efforts, EIT InnoEnergy continues to play a critical role in accelerating Europe’s energy transition, supporting start-ups that will shape the future of clean energy, and addressing the ever-growing demand for skilled professionals to power the green economy. As the clean energy landscape evolves, InnoEnergy’s unwavering commitment to innovation, investment, and workforce development positions it as a key player in achieving a sustainable and net-zero future.