1.3 From start-up to unicorn: The value transformation journey

Unicorns – aptly named because of their rarity – are companies that have achieved billion dollar status either through initial public offering or acquisition. While there are a handful of examples of companies achieving unicorn status in just a few months, for most, reaching a billion dollar valuation is years, sometimes even decades, in the making. However, in just over ten years, here at EIT InnoEnergy we have supported not one but three companies –Northvolt, Freyer and Vulkan – from our 500-strong portfolio of climate and energy tech innovations, to reach the heady heights of a $1 billion dollar valuation. Not only that, we’ve been instrumental in creating a commercially viable, endlessly innovative, and a highly competitive industry that will deliver sustainable energy innovations with a global impact for many decades to come. So, what makes our approach to value transformation so successful?

Most venture capital investors have a specific strategy when it comes to deciding which start-ups to back – be it a focus on a geography, a technology trend or a partner’s specific expertise. Our strategy focuses very neatly on making investments that will catalyse and accelerate the energy transition. It’s a strategy so successful that we have ranked as the most active venture capitalist in energy in

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Northvolt is building the first large-scale battery manufacturing factory in Europe. Based in Sweden, the main production site will include active material preparation, cell assembly, recycling and auxiliaries.

PitchBook's 2022 Annual Global League Tables – ahead of industry giants such as Equinor Ventures.

Yet, while it is often the dollars invested that typically get the most media airtime, there are several other determining factors as to whether a start-up will firstly achieve scale-up status and then set itself up to grow into a unicorn. Nearly all (87%) of venture capitalists will offer their portfolio companies strategic guidance and connections to customers (69%) as a means to support growth and add value according to a Harvard Business Review survey. We are no different in that respect. However, what sets us apart is the dynamic, diverse and vibrant community that we continually curate and align around our vision – to accelerate sustainable energy innovation.

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Vulcan Energy is aiming to decarbonise the transition to electric mobility, through its worldfirst Zero Carbon Lithium™ Project for electric vehicle batteries, and its renewable energy business.

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