InnoEnergy 2024 Annual Review

Innoenergy

AnnuA l r ev I ew 2024

InnoEnergy Supervisory Board

InnoEnergy ranks #1 most active VC investor globally in energy in 2024

InnoEnergy Welcomes Mikołaj Budzanowski as New Board executive Member and CEO for Central Europe

Karine Vernier Receives Two French Accolades of the Highest Order Logistics Companies Could Save Over Half a Billion Euros Annually Using Mixed Electric Delivery Fleets

Bo Normark Awarded Sweden’s Highest Honours in

and

Siemens and InnoEnergy Strengthen Alliance to Accelerate the Energy Transition in Spain

InnoEnergy Attends the EU’s Clean Transition

Hello CleanTech

Support Deve-

Battery

8th High-Level Meeting of the European Battery Alliance: Shaping a New Action Plan Amid Geopolitical Shifts

The European Green Hydrogen Acceleration Centre (EGHAC)

InnoEnergy’s Collaboration with IESE Business School: Empowering Future Leaders in Decarbonisation

European Solar PV Industry Alliance (ESIA)

InnoEnergy’s Commitment to the European Solar Charter: Strengthening the Domestic Photovoltaic Industry

InnoEnergy Launches the European Solar Academy: Skilling 100,000 Workers for a Sustainable

Momentum for the Photovoltaic Industry

Our secret sauce: Value-added support

Reflecting on 2024: €9.8B raised in a challenging year

From Student Vision to Industry Recognition From InnoEnergy Master’s Student to Forbes 30 Under 30

Big Mooove’s Big Win at the Battle of Green Talent 2024

InnoEnergy Master School Becomes InnoEnergy Masters+

InnoEnergy Masters+ Alumni Spotlight: Carolina Escudero Concha Recognised Among 100 Brilliant Women in Renewables

InnoEnergy Skills Institute Trains 100,000 Workers for Europe’s Battery Sector

European Solar Academy Marks New Chapter in Securing and Empowering Workforce

Bridging the Skills Gap: Empowering Europe’s Solar Future

Empowering the Next Generation of Solar Technicians: A Global Solar Initiative

Navigating the Trilemma: InnoEnergy’s Role in Economic Growth, Geopolitical Resilience, and Clean Energy Transition

Financing Climate Tech Manufacturing in Central and Eastern Europe

InnoEnergy at InterSolar Europe 2024: Leading the Charge in Solar Innovation and Skills Development

Transatlantic

humaN

n ow I s the moment to le A d

europe’s moment to lead is now. the past year has shown that clean technologies are reaching industrial scale. At Innoenergy, we are proud to be at the forefront of this transformation, turning policy ambition into reality. this Annual review captures the scale and depth of our impact.

welcome to our new shareholders and board members

InnoEnergy welcomed OMV, OMV Petrom, ACB Participaties B.V., and Boryszew S.A. as new shareholders in 2024, as part of the top-up round to our €140+ million private placement. We also announced the appointment of Mikołaj Budzanowski, and most recently Christian Bauer, as our new Board Members and CEOs for Central Europe and the DACH region, respectively. Their expertise will help us intensify our efforts to achieve energy independence, reindustrialise with advanced clean technology solutions, and drive significant advancements toward sustainable industrial practices.

bridging europe’s growth equity gap

Europe still faces a chronic shortfall in late-stage capital, particularly in capital-intensive sectors like batteries. To help fill this gap, we launched the EBA Strategic Battery Materials Fund with Demeter, targeting a €500 million vehicle that will ensure European battery makers have

access to a competitive and secure domestic supply chain. Going forward, we plan to unlock further capital with our partners to scale Europe’s next wave of industrial champions.

building industrial champions

Unlocking growth equity is only part of the equation. Turning that capital into real-world impact also means building the next generation of industrial champions from the ground up. In 2024, we established Repono, a new panEuropean storage operator, with the goal of deploying and operating 100 GWh of energy storage in Europe by 2030. Repono joins our existing industrial ventures Verkor, GravitHy, FertigHy, and Holosolis. These company builders are pioneering the production of low-carbon materials critical to Europe’s energy independence.

The momentum behind these ventures has not gone unnoticed. The scale of our investment was once again recognised by PitchBook, which ranked InnoEnergy as the most active VC investor in energy globally for the fourth time.

ready for the road ahead

As global competition intensifies and geopolitical dynamics shift, Europe must double down on its strengths: regulatory certainty, innovation, and collaboration. The Clean Industrial Deal is not just a political plan - it is a call to action. We must scale faster, invest smarter, and protect our industrial champions until they can compete on equal footing.

Europe’s long-term commitment to net-zero, enshrined in law, offers what investors crave: stability and predictability. But to secure our position as the global destination for clean tech investment, we must act decisively. That means blending investment incentives with strategic protections, accelerating scale-up, and ensuring fair competition.

This report is a testament to what’s possible when innovation meets purpose. It is also a reminder that leadership in clean tech is not inherited - it is earned. And now is the moment to lead.

Diego Pavia CEO, InnoEnergy

A bout us

1

Transitioning global energy

Transforming every industry

InnoEnergy is industrialising clean tech innovation to enable and grow a global net-zero economy.

1.1 e levAted b r A nd. b old vI s I on. Future r e A dy

by

elena bou, co-founder and innovation director, innoenergy

When I co-founded InnoEnergy in 2010, “sustainable energy”, “energy transition” and “decarbonisation” were only niche concepts. But we saw the potential and took action, recognising that transformation is not an obstacle but a catalyst for innovation and leadership.

since then, the world has changed. What was once a ‘what if’ is now a reality in the making. Clean energy isn’t just possible, it’s happening. From early scepticism to concerns over energy costs and security, to global movements like “Fridays for Future” – the momentum for change is unstoppable. InnoEnergy didn’t just adapt to these changes; we drove transformation, navigating market shifts, political landscapes, and investment trends.

That is why we are proud to have launched an elevated brand, which reflects both the world’s transformation and our company’s, as we push ahead to industrialise clean tech innovation to enable our growth, decarbonisation and autonomy.

why iNNo?

INNO, our new logo, is a bold statement of our credibility, capability, and vision for the future. It reflects who we are and what we stand for, while reinforcing our role at the intersection of early-stage clean tech innovation, public and private investment, and industry collaboration.

Built on the formula INnovation + INvestment + INdustry = Impact, INNO is more than a logo—it’s a recognition of the powerful ecosystem we’ve created. And while our brand has evolved, our company name remains InnoEnergy.

a brand built on a strong track record For 15 years, we have invested in clean technologies across the energy value chain, not just with capital, but

with added value support that drives real growth. From market access to access to finance; from technology enhancement to access to talent, we de-risk innovation, helping our portfolio grow faster, bigger, and safer.

With a track record of having supported more than 540 companies and created four unicorns, today, our investment portfolio is constituted by 160+ start-ups and scale-ups including five clean tech industrial champions, which we built to address critical market gaps.

These companies have raised more than €34 billion to date, created 47,000 jobs, generated €943 million in revenue, and are on track to reduce 2.3 gigatons of CO2 by 2030.

Beyond investment, this transformation is about people. 2,200 of our graduates are already transforming traditional industries and we have retrained 100,000 workers to meet the needs of an evolving industry.

Our success is built on the strength of the ecosystem we have created since 2010. Our 1,400 partners, and 39 shareholders from across industry, finance, research, and academia, are part of a diverse and trusted innovation ecosystem. And, of course, our 200+ staff across Europe and our U.S. office in Boston.

This ecosystem thrives on collaboration. Investors looking for long-term returns invest in clean tech innovation. Entrepreneurs and students gain access to capital, markets, and expertise, while our industrial partners are able to tap into new technologies, business models, and revenue streams. All of this is underpinned by policydriven targets from the European Union which play a critical role in shaping the market conditions. Ultimately, this ecosystem is about collaboration (working together) for impact.

we are here to lead and make the hard things happen

In recent years, we’ve seen a surge in investment across sectors like renewable energy, battery storage, and industrial electrification. While these trends reshape the energy landscape, they also come with significant barriers. This includes scaling technologies at speed, aligning public and private capital to de-risk innovation, creating strong market demand and robust value chains, and addressing geopolitical risks to ensure resilience.

The playbook to overcome these challenges remains just as effective. This includes continued investment in R&D to boost the transfer of new technologies; effective public funding schemes to support scale-ups and attract private capital; and long-term supply agreements to build demand, reduce risk, drive cost efficiencies, and establish resilience amid shifting political landscapes.

This playbook is a core part of our blueprint for industrialising clean tech innovation. It’s how we take promising ideas and inventions and turn them into scalable solutions that transform industries. As we continue on our mission, the launch of our elevated InnoEnergy brand is a signal to investors, innovators, policymakers, and industry leaders: we are here to lead, to partner, and to make the hard things happen.

Same mission but higher ambitions, and our brand is ready for the next step. INNO is about delivering real, measurable impact. The energy transition is no longer a question of “when,” but “how fast.” We are here to run that race.

Innovation sparks it. Investment fuels it. Industry builds it. Together, we’ll make it happen!

#1

most active investor in energy 2024

top10 Active deeptech investor 2024

#1

Cleantech and blue economy Investor in europe 2024

Impact kpI’s

(accumulated by 31 d ecember 2024*/ accumulated estimation by 2030**)

€34 b + investment raised by portfolio companies*

1.4 k partners overall

160+ portfolio companies in d ecember 2024

2.3 g t Co2e saved**

4 unicorns (companies valued +€1b)

324+ portfolio company products launched track record

2.9 m people with access to energy in developing countries* top start-ups

540+ innovations supported since 2010

2 k + graduates of masters+ 125 k + upskilled workers by end of 2024

8 centaurs (companies valued €100-999m)

58 ponies (companies valued €10-99m)

1.2 b u I ld I ng globA l ConneCt I ons

Becoming a shareholder in InnoEnergy means more than owning a stake. It’s an opportunity to engage in a dynamic ecosystem that is transforming industries and driving the industrialisation of clean tech innovation. Our shareholders include some of the most influential names across the industrial, financial, digital, and education and training sectors, amplifying our

network and impact in the energy transition.

With its unique single market, a strong industrial base, and the most ambitious and stable regulatory framework reaffirmed by the Clean Industrial Deal, Europe provides long-term investment certainty for the sector. Based on its track record, InnoEnergy is

Industry education Finance

gearing up to continue its role as a leading early-stage clean tech impact investor, raising additional capital and co-establishing new funds to bridge Europe’s ‘growth equity’ gap. Sending a clear signal: we are staying the course, tackling the complexities of industrialising clean technologies head on. Not despite, but because transformation is hard.

Iberia

France benelux

Central europe

germany

scandinavia

boston (usA)

1.3 e xeC ut I ve b oA rd

diego pavía

Chief executive officer

Under his leadership since 2010, InnoEnergy has become the leading organisation supporting innovation and entrepreneurship in sustainable energy. Previously, Diego headed multicultural working groups globally in the field of energy at SchlumbergerSema. He was also the CEO of Atos Origin.

Christian bauer

Ceo, Innoenergy dACh

Christian joined InnoEnergy in May 2025, bringing over 20 years of leadership in mobility, clean tech, and renewable energy. He previously held key roles at Volocopter and Daimler/ Mercedes-Benz, leading global partnerships with Renault/ Nissan, HERE Technologies, and Microsoft. Focused on industrial decarbonisation and energy independence.

bart de beer

Chief Financial officer

Bart has extensive experience working with multinationals, including Reed Elsevier and Cisco, where he held senior financial roles. Before joining InnoEnergy in 2011, Bart was the Chief Financial Officer of an international printing company.

karine vernier

Ceo Innoenergy France

Karine brings 20 years of experience in the global energy industry, having successfully led numerous programmes in the clean energy sector, including with ENGIE and GRTgaz. She founded two companies in the natural gas and digital sector and has managed a third company in the clean fuel sector. She joined InnoEnergy in 2021.

Jacob ruiter

Ceo Innoenergy benelux

Jacob has held positions in a variety of energy-related companies. As Director of the Country Manager Energy Advisory of Benelux at DNV GL, he was responsible for energy and renewables activities in Benelux, Africa, and Middle East. He has also held roles for Essent, Schlumberger, and Grant Prideco.

elena bou

Innovation director & Co-founder

Elena Bou co-founded InnoEnergy in 2010. Since 2011, she has been the Innovation Director, leading the development of creating and accelerating new ventures and investment processes in sustainable energy. Elena is also Associate Professor at ESADE Business School.

mikel lasa

Ceo Innoenergy Iberia

Mikel has extensive experience in bridging research, business, and education within the renewable energy sector. He was Head of Wind Turbine Technology at Apia XXI, and Head of Analysis and Design of Wind Turbines at the Spanish National Centre for Renewable Energy. He has also worked for Robert Bosch and Valeo. He joined InnoEnergy in 2010.

Frank gielen education director

Frank has extensive experience in R&D, raising venture capital, and university-industry collaborative research and spin-off creation. He has held technical and management roles including AT&T Bell Labs, Alcatel, Tellium and iMinds. He is also a Professor at the University of Ghent.

lowina lundström

Ceo of Innoenergy s candinavia

Lowina brings 25 years of experience across a broad range of companies in the IT, Telecom, and Energy sectors. Before joining InnoEnergy, she served as Executive VP of Electricity System Operations at Svenska Kraftnät, Sweden’s TSO. Prior to that, she held various leadership roles at Ellevio, where she was responsible for areas including meter management, settlement, grid connections, B2B and B2C operations.

mikołaj budzanowski

Ceo Innoenergy Central europe

Mikołaj served as Chief Innovation Officer at Boryszew Group S.A. He was CEO of the energy and gas trading company Boryszew Energy. Mikołaj has held several roles in Poland’s government, including Minister of Treasury supervising the energy and oil gas sectors and privatization processes.

1.4 Inno e nergy

hervé bernard

Chairman of the board, Independent

Mr. Bernard serves as Chairperson of the Board of Governors of the Joint Research Centre of the European Commission. Previously he was the Administrateur Général Adjoint at The French Alternative Energies and Atomic Energy

Mr. Ziegahn was recognised for his long career at the Karlsruhe Institute of Technology by being appointed a KIT Distinguished Fellow in 2020. Prior to that he was the Energy and Environment Programme Lead at Forschungszentrum Karlsruhe

Mr. Östlund is a Professor and the Vice President of Global Relations at KTH Royal Institute of Technology.

Mr. Tokarski serves as an Expert at the Academy of Science and Technology (AGH) in Poland and is the former Vice President of Tauran S.A.

marcin korolec board member, Independent

Mr. Korolec is the former Polish Minister of Environment and served as the President of COP19. He is on the European Investment Bank’s Climate and Environment Advisory Council, is a Member of Meva Energy’s Supervisory Board and Vice President of Transport & Environment’s Board.

Colette lewiner

board member, Independent

Ms. Lewiner has extensive experience in nuclear energy, utilities, and corporate strategy. She served as Executive VP at EDF, driving innovation and energy transition initiatives. Previously, she was Chairperson and CEO of SGNRéseau Eurisys, overseeing major developments in the nuclear industry.

Anne-marie rakhorst board member

Ms. Rakhorst is an entrepreneur, investor and publicist in the field of sustainability. She founded Search, a consultancy and engineering firm and duurzaamheid.nl, a platform accelerating sustainable change. In 2000 she was named Business Woman of the Year.

lluis batet board member

Mr. Batet is a skilled researcher in the field of nuclear energy. He has worked at the Technical University of Catalonia (UPC). From 2011 he took on the role of Director of the Master’s degree in Nuclear Engineering.

blanca losada board member, Independent

Ms. Losada is President of FORTIA ENERGIA and Vice-President of the Social Council at Universidad Politécnica de Madrid. She served as CTO and CEO of Gas Natural Fenosa Engineering and Chairwoman of the Board and Chief Executive Officer of Union Fenosa Distribucion.

beatrice bock board member

Ms. Bock has extensive experience in financial strategy and risk management. As Chief Risk Officer for the Equity Finance Business Unit at Siemens Financial Services GmbH, she oversees investment decisions and risk assessment in high-growth industries.

1.5 Inno e nergy r A nks #1 most ACt I ve vC

I nvestor globA lly I n energy I n 2024

pitchbook’s global league tables for 2024 rank Innoenergy as the most active vC investor in energy globally. this marks Innoenergy’s fourth annual ranking as the most active vC investor in the global energy sector since 2020.

“We are proud to rank at the top of Pitchbook’s tables as it is a testament to our work and consistent focus,” says Elena Bou, Co-founder and Executive Board member of InnoEnergy. “Our world faces new geopolitical challenges but continues to need clean energy that satisfies an increasing demand and supports our growth and decarbonisation. As we have for 15 years, we will keep accelerating the energy transition by fostering innovation, creating industrial champions, and helping shape markets. It is in our DNA, and regardless of how political winds blow or market challenges, we continue transforming industries.”

Despite 2024 being a tough year for the capital markets, InnoEnergy’s portfolio closed 56 rounds, raising over €4.3bn in equity and public funding. In terms of new investments, InnoEnergy welcomed 14 new companies to the portfolio across areas such as deep tech, AI, carbon offsets, energy storage, ocean energy, decarbonisation of industry, and circular economy. Much of InnoEnergy’s success comes from the ecosystem formula for developing innovative companies across clean tech industries.

Pitchbook’s Global League Tables for 2024 also ranks InnoEnergy on the tables for the overall most active VC in Europe, the Nordics,

transportation, commercial products & services, and late stage.

To learn more about InnoEnergy’s ecosystem, please visit innoenergy. com/for-innovators/ecosystem. The entire ecosystem comes together for two days during our yearly flagship event, TBB, which will be held in Lisbon in 2025.

The annual Global League Table is part of Pitchbook’s efforts to recognise leading firms, and segments per sector, capital market, and location. To learn more about them, please visit pitchbook.com/news/articles/ global-league-tables-2024-annual.

1.6 Inno e nergy w elComes mIkoł AJ b udZA nowsk I A s n ew

b oA rd exeC ut I ve m ember A nd

C eo For Centr A l e urope

Innoenergy announced the appointment of mikołaj budzanowski as its new board member and Ceo for Central europe in 2024. this strategic appointment aims to enhance Innoenergy’s impact on the growth of clean tech across Central europe, driving significant advancements towards sustainable industrial practices.

Mikołaj Budzanowski, a former Polish Minister and industry executive, brings extensive experience in the energy sector and industrial innovation. He joined InnoEnergy in January 2025 following his roles as Chief Innovation Officer at Boryszew S.A. and CEO at Boryszew Green Energy, where he spearheaded investments in new technologies and hard-to-abate industries. His tenure as Poland’s Minister of State Treasury and various strategic roles within the government equip him with

unique insights and capabilities to drive InnoEnergy’s key projects in Central Europe. Budzanowski also served on the Board of Directors at Repono, a pan-European storage owner and operator, since its launch by InnoEnergy in April 2024.

His leadership will be instrumental in fostering collaboration and innovation, aligning with InnoEnergy’s mission to support high-impact innovations that address global energy challenges.

mikołaj budzanowski CEO of Central Europe, InnoEnergy Central Europe is rife with potential as we navigate the crucial shift from traditional energy sources to renewables. The urgency of our mission to transition to a sustainable energy system has never been more critical. I look forward to leveraging my experience to foster collaboration and innovation across Central Europe, accelerating our path to a net-zero economy.

1.7 kArIne vernIer reCeIves two

FrenCh ACCol Ades oF the hIghest order

karine vernier, Ceo of Innoenergy France, was honoured with two prestigious French accolades in 2024: membership in the Conseil national de l’Industrie (CnI) and the title of Chevalier de la légion d’honneur. these recognitions highlight her exceptional contributions to the energy and industrial sectors.

The Conseil National de L’Industrie (CNI) is a prestigious body created in 2010 that advises public authorities on industrial challenges, particularly in the context of ecological and digital transitions with a direct attachment to the Prime Minister’s office.

The CNI’s tripartite governance structure includes manufacturers, civil society, and the administration. Vernier joins the Collège des entreprises industrielles alongside notable members such as Stéphane Michel, President of Total’s Gas, Renewables & Power division, Patrice Caine, Chairman and CEO of Thales Group, and Alexandre Saubot, Managing Director of Haulotte and President of OPCO2i. Additionally, Vernier has been named Chevalier de la Légion d’Honneur, the highest French order of merit, in recognition of her 25 years of service in the energy industry. This accolade, established in 1802, honours individuals for exceptional achievements or services

rendered to France. Both achievements are testament to Vernier’s highly respected knowledge, experience and advancements in the energy industry.

Vernier’s contributions have significantly impacted InnoEnergy’s efforts in supporting the reindustrialisation of France through the de-risking and financing of innovative clean tech companies and the creation of France-based gigafactories such as Verkor and Holosolis. These efforts in turn improve the attractiveness of France as an industrial market and provide increased local employment opportunities.

These accolades underscore Vernier’s esteemed standing in the field and her substantial contributions to French industry. Her crucial position at InnoEnergy France continues to drive the company’s vision for a vibrant, sustainable European economy by supporting sustainable energy innovation across France.

karine vernier CEO of InnoEnergy France

We must dare to embark on the adventure, but the mountain is not that high to climb, and if the stakes are enormous I think we must not be afraid, but move forward together, with conviction and determination!

1.8 log I st IC s CompA n I es Could sAve over hA l F A bI ll I on e uros

d el I very Fleets

A recent study by Innoenergy reveals that logistics companies across europe could save over €500 million annually by adopting mixed electric delivery fleets. the study highlights the financial and environmental benefits of transitioning to a mixed assortment of electric vehicles (evs) for last-mile deliveries.

Not only does integrating e-cargo bikes continue to align with netzero emission targets, but it also improves quality of life in cities. The study, conducted in collaboration with several leading logistics companies, analysed the cost savings and emission reductions achievable through the integration of e-cargo bikes and e-vans into delivery fleets. The findings indicate that a mixed fleet approach can significantly reduce operational costs compared to using 100% e-vans. Logistics companies are looking to continue reducing carbon emissions and cut expenses in light of e-commerce driving parcel volume in the European Union up by 8-14% each year. The news of the economic benefits of mixed delivery fleets also comes at a crucial time as inner cities tighten regulations on vehicle emissions, for instance, Stockholm’s upcoming inner city ban on combustion engines.

Study results also indicate that the introduction of e-cargo bikes could reduce emissions from lastmile logistics by up to 80% across Europe’s 100 largest cities, while reducing traffic congestion and competition for space by replacing up to 120,000 vans. Compared to 100% e-van fleets, the study shows that mixed fleets reduce pressure on local grids, saving the equivalent of up to 850 households’ annual energy demand per city.

InnoEnergy Global Head of Mobility, Jennifer Dungs says, “Logistics providers today are dealing with many simultaneous challenges: rising parcel volumes, stricter city regulations, and the need to save costs in a lowmargin business. This study demonstrates that e-cargo bikes are not only a sustainable way to address these challenges but also cost-competitive and viable for major logistics players – already today, and even more so by 2030.”

hernan pajaro Innovation Manager Mobility InnoEnergy

To harness the potential of mixed fleets, cities and logistics providers have a vested interest in working together. There’s great potential here for the development of publicprivate partnerships to optimise infrastructure planning, ensuring that the full sustainability, space, and cost-saving benefits are realised. This study is designed to guide decisionmakers in Europe through the challenges of managing growing parcel volumes, maintaining cost efficiency, and making last-mile delivery more flexible and sustainable.

1.9 bo normArk AwArded sweden’s hIghest honours In engIneerIng

And teChnology

bo normark, a prominent figure in the energy sector and Industrial strategy executive at Innoenergy, was awarded sweden’s highest honours in engineering and technology in 2024. this prestigious recognition highlights his significant contributions to the field of sustainable energy and his role in advancing technological innovation.

Bo Normark has been a driving force in the energy sector for decades, making groundbreaking efforts in smart grids and battery systems. His work has significantly advanced the development of energy storage and electrification in Europe and his home country of Sweden.

The Gold Medal by the Royal Swedish Academy of Engineering Sciences (IVA) is awarded annually to individuals who have made exceptional contributions to engineering, technology, and economics. The IVA was founded in 1919 and is the world’s oldest academy of engineering sciences, aiming to promote the development of these fields for the betterment of industry and society. The prestige and honour of this award are a testament to Normark’s outstanding efforts as a civil engineer in electrification. He has worked to develop technical and political solutions needed to build the sustainable

energy system of the future for over 50 years. A key achievement in his career was playing a crucial role in the development of HVDC (High Voltage Direct Current) technology, opening new opportunities to feed power from large offshore wind farms.

Normark also became a prominent figure in the European Battery Alliance. The European Battery Alliance works to establish European industry for the sustainable production of batteries and position Europe as a global player in battery production. The initiative has built an expansive ecosystem in a remarkably short period of time, now with over 800 stakeholders from industry, academia, interest organisations, and politics at both national and European levels. His extensive experience and expertise have made him a highly respected voice in the energy community and have cumulated to the honourable IVA Gold Medal.

bo normark EBA Board Member, InnoEnergy

What I am most proud of is that these visions and these big ideas are becoming reality. I can see it in the form of the industries that have developed in Sweden, both the traditional ones and the new ones we have created. These are businesses that are world-leading today.

hI ghl I ghts o F the ye A r

Built on trust – connecting for impact.

2.1 Inno e nergy w elComes n ew

s h A reholders to Con C lude

€140 m + pr I vAte pl AC ement

Innoenergy successfully completed a €140+ million private placement, welcoming omv, omv petrom, and ACb participaties b.v. as new shareholders in 2024. this strategic move enhances Innoenergy’s ability to accelerate the energy transition and will bolster efforts to support clean tech start-ups and scale-ups.

This collaboration is set to enhance InnoEnergy’s portfolio, which already includes over 200 companies working on cutting-edge solutions in areas such as wave energy, battery technology, and green steel. The use of proceeds will be similar to the previous year: increase new deal flow; support the existing 200 portfolio companies and strengthen “dry” current capital markets; increase the launch of new industrial champions, capturing opportunities from the new regulatory NZIA (Net Zero Industry Act) framework; and accelerate the expansion in the US. The €140 million private placement is a testament to the confidence that investors have in InnoEnergy’s vision and strategy. With this new investment, InnoEnergy will be able to accelerate the development of

ACb participaties b.v.

groundbreaking technologies and support the growth of its portfolio companies. The new investment will enable these companies to scale their operations and bring their technologies to the market faster.

The collaboration with OMV, OMV Petrom, and ACB Participaties B.V. will also provide InnoEnergy with access to broader markets and opportunities for growth. This inclusion is anticipated to form new pathways for industrial investors to accelerate their sustainable missions and join forces to reach Europe’s reindustrialisation goals. This partnership will strengthen InnoEnergy’s position as a leader in the energy transition and help drive the adoption of sustainable energy solutions worldwide.

Anne-marie rakhorst

ACB Participaties B.V., and InnoEnergy Supervisory Board Member

If

you really want to fast track the energy transition, then you invest in InnoEnergy. It’s time to scale, it’s time to go big.

2.2 l e A d I ng p ol I sh Industr IA l

g roup b orysZ ew s .A. b eComes

s h A reholder I n Inno e nergy

boryszew s.A., a leading polish industrial group and global player in the automotive and metals industries, joined Innoenergy as a new shareholder in 2024. the recent private placement was announced at the business booster, an Innoenergy annual event, and marks another successful expansion.

This collaboration marks a significant milestone in InnoEnergy’s mission to support innovative projects and technologies that address critical challenges in the energy sector.

Boryszew S.A.’s investment in InnoEnergy underscores the confidence that industry leaders have in InnoEnergy’s vision and strategy. With this new partnership, InnoEnergy will be able to leverage Boryszew S.A.’s extensive industrial expertise and resources to accelerate the development and deployment of groundbreaking technologies. It is also crucial to contribute to the European Union’s ambition to domestically supply at least 40% of the clean technology demand per the Net Zero Industry Act.

The partnership will be mutually beneficial: aiding InnoEnergy to access sectors that are crucial for Europe’s clean reindustrialisation and creating pathways for Boryszew’s green evolution now

building on the company’s recent investment in Repono, a panEuropean energy storage company launched by InnoEnergy.

Boryszew’s Sustainable Horizon 2030 Strategy is projected to benefit significantly from this partnership, supporting lowemission industrial projects in Europe and adding new zeroemission products to the market.

InnoEnergy has been at the forefront of the energy transition, supporting projects that address key challenges such as reducing carbon emissions, improving energy efficiency, and increasing the use of renewable energy sources. The investment from Boryszew S.A. is a testament to the growing recognition of InnoEnergy’s role in shaping the future of the energy sector. With this new partnership, InnoEnergy is well-positioned to continue its work in driving innovation and fostering the development of sustainable energy solutions.

wojciech kowalczyk

President, Boryszew Group S.A.

As one of the industrial leaders in Poland we are aiming to decarbonise our production. Therefore, we have adopted our Sustainability Horizon 2030 Strategy. The investment in InnoEnergy is part of this green strategy.

2.3 sI emens A nd Inno e nergy

s trengthen All IA n C e to ACC eler Ate the e nergy

t r A ns I t I on I n s pAI n

siemens and Innoenergy strengthened their alliance to accelerate the energy transition in spain in 2024. this collaboration aims to foster innovation and support the development of sustainable energy solutions.

The strategic partnership between Siemens and InnoEnergy marks a significant milestone in their joint efforts to drive the energy transition in the region. By combining their expertise and resources, the two organisations are well-positioned to address critical challenges in the energy sector and promote the adoption of renewable energy technologies. Siemens brings valuable expertise and resources in the digital sector, now expanding InnoEnergy’s ability to bolster existing and upcoming technology projects. The Spanish tech company has been a shareholder of InnoEnergy since 2021 as Siemens’ financial arm, Siemens Financial Services (SFS), but this year other divisions such as Siemens Digital Industries have joined the alliance.

Anticipated projects of this collaboration will leverage Siemens’ knowledge of cuttingedge technologies such as digital twin, artificial intelligence,

predictive maintenance, and energy consumption monitoring to help businesses meet efficiency and profitability targets.

InnoEnergy’s commitment to innovation and sustainability is further reinforced by this partnership with Siemens, supporting the growth of its portfolio companies and accelerating the development of groundbreaking energy solutions. InnoEnergy has been at the forefront of the energy transition, supporting projects that address key challenges such as reducing carbon emissions, improving energy efficiency, and increasing the use of renewable energy sources.

The investment from Siemens is a testament to the growing recognition of InnoEnergy’s role in shaping the future of the energy sector. With this strengthened partnership, InnoEnergy is continuing to align with sectors that provide necessary services to further the energy transition.

Fernando silva, Chairman & CEO, Siemens LC Spain

It is a priority for us to accelerate the digital transformation and the decarbonisation process of industries in Spain. Now, together with InnoEnergy, we are strengthening our ability to drive new projects in strategic sectors within our economy.

2.4 Innoenergy Attends the eu’s CleAn trAnsItIon dIAlogues AlongsIde Four portFolIo CompAnIes

Innoenergy attended the eu’s Clean transition dialogues in brussels, accompanied by four of its portfolio companies. this key event provided a platform for the impact investor to share valuable insights from the clean tech sector and reinforced Innoenergy’s dedication to accelerating the energy transition.

The Clean Transition Dialogue provided a platform for InnoEnergy and its portfolio companies to showcase their innovative solutions and discuss key challenges and opportunities in the energy sector. The event brought together industry leaders, policymakers, and stakeholders to collaborate on strategies for achieving a sustainable energy future.

The four portfolio companies that joined InnoEnergy at the event are at the forefront of innovation in areas such as renewable energy, energy storage, and energy efficiency: GravitHy, a low-carbon iron producer; Verkor, a sustainable battery cell manufacturer; Ecop, a rotation heat pump for industry; and Skeleton Technologies, an energy storage solution provider.

Their participation in the dialogue provided valuable insights into the latest advancements and trends in the industry.

The Clean Transition Dialogue also allowed InnoEnergy to strengthen its relationships with industry leaders and policymakers. These connections are crucial for advancing the energy transition and ensuring that innovative solutions can be effectively implemented on a large scale.

Additionally, InnoEnergy outlined two key priority areas to focus on to ensure an enabling regulatory environment and access to both public and private investment: A sustainable product policy for competitive European products and an enhanced financial framework from seed to scale.

ursula von der leyen

President of the European Commission

Now that a predictable regulatory framework is in place, the Clean Transition Dialogues are an important way to work together with industry and social partners to implement it in the most effective way.

2.5 h ello Cle A n t eC h 3.0: s potl I ght I ng the n ext wAve o F

InnovAt I on

hello Cleantech 3.0, powered by Innoenergy and 30 strategic partners, spotlighted the most promising cleantech solutions of tomorrow. the third edition attracted over 200 applications from 30+ countries, with the greatest interest in Circular economy, digital s olutions, and Industry d ecarbonisation.

Thirteen innovators were selected for Demo Day, where they pitched breakthrough technologies to a curated audience of industry leaders, VCs, and cleantech experts. From AI-powered platforms for critical materials recovery to next-gen carbon utilisation and green hydrogen production, their solutions address the urgent challenges of industrial transformation and the energy transition.

This year’s programme fostered new partnerships, pilot opportunities, and momentum for

scale-up. It was made possible through close collaboration with partners such as ORLEN VC, Santander Bank Polska, Boryszew Group, Sunly, Vestbee, Silesian University of Technology, Jagiellonian University, InnoAGH, World Fund, and South Poland Cleantech Cluster.

More than an accelerator, Hello CleanTech is a launchpad where high-impact climate innovations meet capital, customers, and opportunity – turning bold ideas into industrial reality.

Antti ritala Head of Venturing and Acquisitions, Innovation, Neste

Participating in the Hello CleanTech programme gave us a unique opportunity to connect with startups working on breakthrough technologies across different areas of energy transition –ranging from green hydrogen and powerto-X concepts to recycling for circular economy and digital solutions for sustainability.

3 s tr Ateg IC

lue Ch AI ns

InnoEnergy is spearheading the way to a decarbonised Europe by 2050 through the leadership of three industrial value chains: European Battery Alliance (EBA) for battery storage, European Green Hydrogen Acceleration Center (EGHAC) for green hydrogen, and the European Solar PV Industry Alliance (ESIA) for solar photovoltaics.

3. b u I ld I ng s tr Ateg IC vA lue Ch AI ns

Creating new markets in Europe and beyond

Unlike mature industries, rapidly developing clean tech industries require a holistic approach in order to succeed. Collaboration across the value chain – from upstream to downstream – is essential. InnoEnergy supports the

development of 3 domestic value chains strategic to the energy transition: batteries, solar and low green hydrogen.

Strengthening Europe’s clean industrial strategy

With a mandate from the European Commission, InnoEnergy

leads industrial alliances in batteries and solar, building resilient and sustainable supply chains to reindustrialise Europe. To accelerate the uptake of low-carbon hydrogen projects, InnoEnergy leads its own initiative.

Faster industrial growth

Connecting upstream and downstream stakeholders in new industries helps companies build strategic partnerships –often from InnoEnergy’s own ecosystem – to speed growth and boost resilience.

Identify market gaps for new industrial ventures

A value chain is as strong as its weakest link. InnoEnergy identifies inefficiencies that slow production or inflate costs, pinpointing opportunities to build high-impact industrial ventures where there is a market gap.

De-risk current and future investments

A deep understanding of new clean tech value chains offers valuable insights for current and future investment strategies to enable both upstream and downstream to continue developing at speed.

Ensure sustainable practices

From extraction to end-of-life recycling, integrating sustainability from the get-go for developing value chains builds competitive products for the global market.

3.1 e urope A n

bAttery All IA n C e ( ebA250)

Launched in 2017 by the European Commission, led by InnoEnergy. It brings together more than 800 industrial, financial, and innovation actors from mining to recycling with the common objective to build a strong, competitive and resilient European battery industry. EBA works towards quadrupling the European battery cell capacity to between 400 and 500 GWh by 2030. This would meet the Net Zero Industry Act target of 40% domestic manufacturing capacity, thereby empowering the European car industry and other sectors in a more sustainable, competitive, and resilient manner.

1.5 m jobs in europe maintained or created by 2030

€500 b annual market value by 2030

1,000 gwh of sustainable and competitive batteries made in europe by 2030

3.1.1 e urope A n bAttery All IA n C e to s upport d evelopment

o F A

s ustAI n A ble A nd r es I l I ent bAttery

eCosystem I n s erb IA

the european battery Alliance (ebA) announced its support for the development of a sustainable and resilient battery ecosystem in serbia in 2024. this initiative aims to strengthen the battery value chain in europe and promote the adoption of clean energy technologies.

The EBA’s support for Serbia’s battery ecosystem is part of a broader effort to enhance Europe’s prominent role in the battery sector. By developing a robust battery value chain, Europe can reduce its dependence on external suppliers and ensure a stable supply of batteries for various applications, including electric vehicles and renewable energy storage.

This commitment follows an agreement between the European Union and the Republic of Serbia to develop a strategic partnership on sustainable raw materials, battery, and electric vehicle value chains signed earlier in the year. Serbia is well-positioned to engage in this agreement and further integrate a strong battery ecosystem because the country has one of Europe’s largest reserves of lithium — a crucial component of batteries used to power electric vehicles and other applications.

InnoEnergy, under the EBA umbrella, plays a crucial role in driving this initiative forward. Through its extensive network of partners and stakeholders, InnoEnergy is fit to support the development of innovative battery technologies and promote their adoption across Europe.

The EBA’s support for Serbia’s battery ecosystem is expected to have a significant impact on the country’s economy. By attracting investment and creating new job opportunities, this initiative will contribute to Serbia’s economic growth and enhance its position in the global battery market.

In addition to economic benefits, the development of a sustainable battery ecosystem in Serbia will also have positive environmental impacts. By promoting the adoption of clean energy technologies, this initiative will help reduce greenhouse gas emissions and support the transition to a lowcarbon economy.

The EBA will build upon its existing record of close cooperation with Serbian partners to identify opportunities to develop industrial projects along the electric vehicle value chain and ultimately integrate into the already thriving European value chains.

olivér várhelyi European Commission Commissioner for Neighbourhood and Enlargement

Our cooperation will create new job opportunities in industrial sectors that are crucial for the future, have added value in developing processing and battery manufacturing, and have substantial economic benefits. It also reaffirms Serbia’s EU path. Based on shared values, the EU perspective offers to transform societies and economies in a comprehensive and sustainable way to build longterm prosperity and resilience.

the e urope A n bAttery All IA n C e:

g eopol I t ICA l s h IF ts

the 8th high-level meeting of the european battery Alliance (ebA) was held in 2024 and focused on outlining a new action framework amid geopolitical shifts.

Chaired by executive vice-president of the european Commission for the european green deal, maroš Šefčovič, in brussels, the meeting evaluated the 2018 battery Action plan and potential pivots for the future.

Attendants included Commissioner for the Internal Market Thierry Breton, Minister for Economy, Innovation, Work, Social Economy and Agriculture Jo Brouns on behalf of the Belgian EU Presidency, Member States, Norway, the European Investment Bank, the European Bank for Reconstruction and Development, as well as EBA250 representatives and members.

Maroš Šefčovič reflected on the significant progress made since 2018 and noted crucial achievements by the Battery Action Plan. For instance, 30 gigafactory projects were established and the world’s leading Battery Regulation was established. Nonetheless, an updated plan of action is necessary to adapt to changing geopolitical landscapes. To maintain the European Union’s position as the key player in the battery value chain, a new strategic action is due. With the geopolitical and

economic concerns in mind, the EBA250 offered key recommendations for an Action Plan 2024-2030 to protect and further the European value chain.

Recommendations included: Ensure fair competition with third countries, while remaining open to free trade, and strengthen partnerships that enhance the competitiveness and resilience of the battery industry along the value chain; Strengthen the demand pull for sustainable batteries produced in Europe (public procurement, retail, industrial) to ensure that sustainability is an asset for the competitiveness of EU industry; Leverage necessary financial instruments, both on the offer and demand sides, to support the scale-up of the battery industry; Continue to support industryled research and development programmes to maintain a degree of technology sovereignty and accelerate time to market.

maroš Šefčovič European Commission, Commissioner for Trade and Economic Security

We can all be proud of the work done since 2018 when I put forward our first battery action plan. But the global context has changed and so have the challenges the European battery value chain faces. Therefore, the time is ripe to identify new strategic actions that will help us focus our minds and efforts, notably to ensure level playing field for our industry in the face of assertive economic policies and public support schemes elsewhere.

3.2 t he e urope A n g reen h ydrogen

ACC eler At I on Centre ( egh AC)

EGHAC focuses on building the business case for and accelerating the uptake of industrial lowcarbon hydrogen projects for specific hard-to-abate sectors such as steel, fertilisers and aviation. Through EGHAC, InnoEnergy builds, derisks and scales new green industrial champions which are customer driven, commercially viable hydrogen projects which apply InnoEnergy’s value chain-driven methodology.

500,000 extra jobs €100 b annual market value

3.2.1 Inno e nergy’s Coll A bor At I on w I th

I ese b us I ness sC hool: e mpower I ng Future

l e A ders I n d eCA rbon I s At I on

eghAC collaborated with the Iese business school in barcelona to host a workshop aimed at addressing the challenges faced by hard-to-abate industries. the event provided mbA students with a comprehensive understanding of the complexities involved in decarbonising these sectors.

The workshop commenced with a detailed presentation by Alvaro Ramirez Santos (Technical Project Manager), Hortense Bécheux (Green Hydrogen Business Development Manager) and Joao Oliveira (Green Hydrogen Business Development Manager) who outlined the essential aspects of building a viable business model for decarbonisation. They covered topics such as European mandates, the willingness of off takers to consider a green premium, securing biogenic CO2 sources, land procurement, grid connectivity, active market participation, technology evaluation, and more.

Following the presentation, students were divided into three groups to develop innovative business models for decarbonising specific sectors in Spain. The first

group focused on unlocking the potential of hydrogen within a hard-to-abate sector in southern Spain. The second group tackled the challenges of e-methanol production, and the third group proposed a new business case allowing national TSO to shift the existing gas pipelines to hydrogen networks, setting up a whole business case for the new gas era.

Each group presented high-quality projects with detailed business models. The winning team was the first group, composed of Danielle Revelles, Lucas Sousa, and Pere Argemi Ballbe. The group presented an outstanding project on hydrogen utilisation and earned the opportunity to attend the InnoEnergy annual event, The Business Booster 2024, in Barcelona.

3.3 e urope A n

s ol A r pv Industry

All IA n C e ( es IA)

The alliance aims to accelerate solar PV deployment in the EU by scaling-up to 30 GW of annual solar PV manufacturing capacity in Europe, facilitating investment, de-risking sector acceleration, to support Europe’s decarbonisation targets. Launched by the European Commission in 2022, InnoEnergy is leading the alliance as Secretariat and joined by SolarPower Europe and the European Solar Manufacturing Council on the alliance’s steering committee.

€40 b annual market value

400 k new jobs

3.3.1 Inno e nergy’s Comm I tment

to the e urope A n s ol A r Ch A rter:

s trengthen I ng the d omest IC

p hotovoltAIC Industry

Innoenergy has taken a significant step towards bolstering the european photovoltaic (pv) industry by signing the european solar Charter alongside other instrumental organisations. this initiative, supported by the european Commission, 23 national governments, and around 100 industry representatives, aims to enhance the competitiveness and sustainability of the domestic pv sector.

The signing ceremony, held at the Palais d’Egmont in Brussels, represented the support for the implementation of several standards for solar in Europe. Diego Pavia, CEO of InnoEnergy, signed the Charter on behalf of the organisation, alongside EU Commissioner for Energy Kadri Simson. This collective effort underscores the commitment to prioritising high-quality, sustainable, and resilient solar PV products in Europe.

The European Solar Charter outlines several voluntary commitments that InnoEnergy supports. These include implementing ecodesign requirements for PV products to ensure high environmental standards, reducing the carbon and material footprint of the PV value chain, and maintaining consumer trust in the PV supply chain. Additionally, the Charter emphasises the importance of reinforcing investments

in the solar manufacturing value chain through public investments, such as those from the European Investment Bank (EIB), and fostering a stronger dialogue between the European Commission and the EIB.

InnoEnergy also supports the establishment of a panEuropean Solar Academy in collaboration with implementing partners. This initiative aims to expand the availability of skills within the EU solar sector, including manufacturing, thereby contributing to the overall growth and sustainability of the industry.

The signing of the European Solar Charter marks a pivotal moment for the European photovoltaic industry, as it seeks to strengthen its position in the global market and support the manufacturing of competitive, premium European products that meet high sustainability and resilience standards.

kadri

simson

Former Commissioner

We must ensure the solar industry remains strong for Europe’s future, renewablescentred energy mix. The European Solar Charter brings together the Commission, national authorities and industry, promoting cooperation and supporting the manufacture of solar modules in Europe.

3.3.2 Inno e nergy lAun C hes the e urope A n s ol A r ACA demy: s k I ll I ng 100,000 workers For A s ustAI n A ble Future

Innoenergy launched the european solar Academy in 2024, a significant initiative aimed at addressing the urgent need for skilled workers in the solar photovoltaic (pv) industry. mandated by the european Commission as one of its net Zero Industry Academies, the Academy will reskill and upskill 100,000 workers across the entire european solar pv value chain.

The Academy, run by the InnoEnergy Skills Institute, will develop tailored training services to meet the growing demand for skilled workers. As the European Union pursues its 2030 targets to install almost 600 GW of solar PV panels and supply 40% of EU demand for net-zero technologies with products made in Europe, the need for a skilled workforce is more critical than ever. It is estimated that downstream installation will require up to 400,000 additional trained workers by 2030, while manufacturing upstream will need an additional 50,000 trained workers to meet the goal of producing 30 GW of solar energy domestically.

InnoEnergy’s market research has identified specific skills gaps in the industry, including training electricians on safe grid connection, certifying construction workers for installation, and developing skills for process engineers, technicians, and

operators to produce cells, modules, ingots, and wafers. The European Solar Academy will address these shortages, particularly for the growing number of solar SMEs.

Working closely with industry partners, the InnoEnergy Skills Institute will build a robust library of more than 40 courses with industry-recognised certifications across the value chain. The Academy will certify over 80 local training providers and mobilise a network of industry and workforce partners to deliver courses at scale.

The launch of the European Solar Academy is a proactive response to the demand for skilled workers in the solar PV sector. By leveraging the successful training and skilling model of the InnoEnergy Skills Institute, the Academy aims to create a sustainable and resilient workforce that will drive the growth of the European solar industry.

thierry breton Former European Commissioner for the Internal Market

Boosting solar PV manufacturing in Europe is vital for our energy security, competitiveness, and resilience. Today’s Solar Academy launch proves the Commission is committed to reducing emissions while creating quality jobs in the EU.

3.3.3 n ew m omentum For the p hotovoltAIC Industry I n Fr A n C e

A nd e urope

Innoenergy and Ademe have joined forces to invigorate the photovoltaic (pv) industry in France and europe. this collaboration aims to achieve climate objectives, enhance energy independence, stimulate innovation, and support economic growth. the pv industry is pivotal in preserving industrial sovereignty and fostering a sustainable future.

InnoEnergy and ADEME held an event in Paris to speak to PV industry players and align with the needs and visions of the sector. This event was an opportunity to take stock of the political, regulatory, and economic support needed, and to highlight the fundamental role of everyone in the success of this clean reindustrialisation.

Here, attendees highlighted the importance of political, regulatory, and economic support for the PV sector. Key discussions focused on tax credits, public funding, and favourable regulatory frameworks

essential for the industry’s growth. The emergence of new players and innovations across the value chain, from raw materials production to recycling, signifies a robust revival of the sector.

Participants emphasised the critical role of investors in supporting all players in the value chain and creating market conditions conducive to the success of European gigafactories. The event underscored the need for a solid ecosystem to ensure the competitiveness and sustainability of the European and French PV industry.

Aurélie picart

Déléguée GénéraleNouveaux Systèmes Energétiques, Comité stratégique de filière

It’s important to invest in the solar photovoltaic industry in Europe now because there’s momentum. There’s this European awareness; this shared determination to develop the energy transition industry and particularly the photovoltaic industry. It’s a determination shared by French and European institutions, private players, and energy suppliers and manufacturers.

4 hI ghl I ghts From our port Fol I o

All of the innovations we support leverage our Value Added Services to make their business case bigger, safer, and happen sooner.

4.1 o ur seC ret s Au C e : vA lue-A dded support

All of the innovations we support leverage off the following services and expertise, which reduces their time to market, de-risks their innovation and supports the development of commercially attractive solutions to empower a sustainable energy future. on the following pages you will read about some of 2024’s most promising innovations and their successes.

s upply chain and industrialisation

Designing for manufacturing, logistics, site selection, and efficient BOM, industrialising clean tech innovation requires a clear manufacturing and supply chain strategy, followed by orchestrated execution. Our experts and proven track record support our start-ups along the way.

sales

Our 20+ person sales team, spread across Europe and the US, is dedicated to helping start-ups establish a solid and recurring customer pipeline. We connect our start-ups with off-takers, give them confidence in the product and challenge their commercial pitch and materials.

technology enhancements

We help turn our start-ups’ technologies into marketable solutions by assessing potential, securing IP, analysing competitors, and enhancing prototypes, product development, and pilots with expert access and R&D infrastructure.

Access to Finance

Clean tech is capitalintensive. Using our Investment Readiness Level method, we mobilise our VC community and private and public financial partners to give start-ups access to the right capital and reduce time to money.

governance strategy

vAlueAdded support

Access to talent

People are the key success factor. We support our start-ups in building a complementary team by giving them access to a pool of skilled professionals and recent graduates and training opportunities in renowned business schools. In 2024, we filled over 110 job positions.

Access to markets

Unlocking markets, navigating regulations and securing first customers are difficult challengesespecially for newcomers. We provide our start-ups with market intelligence and activate our industrial partners to establish these initial commercial relationships. In 2024 alone, we actively managed the signing of 44 POCs/JDAs.

We help our start-ups select the board member who can bring the most value to the company at its current stage. Our experts guide in defining priorities, managing stakeholders, and other key business matters. With a trusted ecosystem of 1,400+ partners, we have privileged access to top-tier expertise.

social acceptance and citizen engagement

Through our ecosystem of partners, we inspire relevant changes in energy regulations, the uptake of more sustainable solutions, and the acceleration of the energy transition.

regulation & public Affairs

Through our public-private partnership DNA, our ecosystem among governing bodies and EU entities helps support navigation within the regulatory landscape, inspire legislative evolution, and connect to help unlock opportunities.

14 new I nvestments

Aquabattery

Saltwater-based, long-duration storage enabling decarbonisation of industries, buildings and grid

Company page

descarbonize

Taking control of supply chain emissions

Company page

beholder

Web GIS powered with AI for the exploration of critical minerals

Company page

equinox

A promise of over 700GW stable clean energy

Company page

hysun

100% clean and low-cost hydrogen obtained by a photo-thermo catalytic process fully off-grid

Company page

Carbon Centrum

Company sustainability targets that align with employees to ‘measure, act & reduce’

Company page

geolinks services

Innovative, safe and flexible subsurface monitoring

Company page

kerionics

Highly efficient and cost effective electrolysers

Company page

ligneasy

Company sustainability targets that align with employees to ‘measure, act & reduce’

Company page

nordic seaFarm

Ocean-grown seaweed on scale in the ocean to decarbonise supply chains

Company page

Qurator

Scouting platform for B2B decarbonisation technologies and services

Company page

sunwafe

Building a new generation of sustainable ingots and wafers for PV

Company page

taisan

A novel quasi-solid-state sodium metal battery

Company page

solaqua

Solar-powered irrigation system coupled in DC and without need of storage

Company page

Turnkey, competitive, eco-efficient solutions for renewable gas treatment

An operational analytics platform that manages LV networks

Tailor-made B2B Smart Data solutions

Decarbonising factories by leveraging human and artificial intelligence

A

In 2024, Innoenergy’s efforts have been instrumental in advancing the clean energy transition. the investments span various sectors, including wave energy, battery technology, and green steel, reflecting Innoenergy’s commitment to supporting innovative solutions that address critical energy challenges.

Despite a challenging macroeconomic and fundraising environment, InnoEnergy’s portfolio of clean tech start-ups and scale-ups successfully closed 56 rounds in 2024, raising €9.8B in total, including project finance. Investment in these companies, ranging from wave energy to battery and green steel, includes both private and public funding. Despite challenging market conditions, the InnoEnergy team and ecosystem remain committed to investing and delivering added-

value services to the frontrunners transforming industries.

InnoEnergy also invested in an additional 14 clean tech startups, expanding its portfolio of over 160 companies. Additionally, InnoEnergy established Repono, a new pan-European storage operator, with the goal of deploying and operating 100 gigawatt hours of energy storage in Europe by 2030. This initiative is crucial for balancing the grid and powering a green future.

elena bou Co-Founder and Innovation Director, InnoEnergy

Although global clean tech 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 clean tech industry, InnoEnergy has pushed forward, actively supporting our portfolio and derisking their business cases with the support of our shareholders and wider ecosystem. We need to support our clean tech champions and secure their scaling up so their solutions create positive environmental, economic, and social impact.

4.3 Fert I g h y’s s tr Ateg IC m oves to d eCA rbon I se e urope A n Agr IC ulture

Fertighy selected northern France to build its first factory in the hauts-de-France region. the paneuropean producer of low-carbon, nitrogen-based fertiliser for the agricultural sector expects the factory to be in operation by 2030.

The company’s founding investors InnoEnergy, RIC Energy, MAIRE, Siemens Financial Services, InVivo and HEINEKEN are supporting the build and expect to expand to owning and operating several large-scale fertiliser factories across Europe in the coming years starting with France.

This €1.3 billion investment will produce 500,000 metric tons of lowcarbon fertiliser annually from 2030, addressing around 15% of France’s agricultural sector’s consumption. The plant will utilise renewable and low-carbon electricity to produce hydrogen, reducing dependency on imported natural gas. The French government has pledged support for this project, which is expected to create 250 direct jobs in the region.

The agricultural sector alone is responsible for more than 10%

of the European Union’s total greenhouse gas emissions, with European Farmers using over 11 million tonnes of nitrogen fetilisers each year. The agricultural sector has been identified by the European Commission as an energy-intensive sector that is key for decarbonisation. The FertigHy plant offers a sustainable solution that invigorates the local economy while taking significant steps toward decarbonisation.

This investment underscores the collective commitment to decarbonising the fertiliser industry and advancing sustainable agricultural practises across Europe. The new funding will enable FertigHy to expand its decarbonisation efforts to other regions, enhancing the resilience and sustainability of the European food value chain.

roland lescure

Former Deputy Minister of Industry and Energy of France

We’re delighted to confirm the commitment of the French state for helping FertigHy to set up its first industrial facility in France. This project is undoubtedly a unique opportunity for France and its agriculture. This project represents one additional step towards the industry’s decarbonisation, and strengthens Europe’s sovereignty in this sector.

verkor, a leading French battery manufacturer, has successfully secured over €1.3 billion in sustainable financing from a consortium of 19 banking entities to support the construction of its first gigafactory in dunkirk.

The funding will come from 16 commercial banks and 3 public banks, solidifying the trust that banking partners have in Verkor’s mission of providing low-carbon, high-performance batteries. This funding will be directly allocated to the construction and financing of Verkor’s first Dunkirk-based Gigafactory which will have an initial production capacity of 16 GWh per year. This new injection of capital now totals the cumulative financing Verkor has received for the Gigafactory and Verkor Innovation Centre at €3 billion.

The Gigafactory, expected to be operational by 2026, will create approximately 1,200 direct and 3,000 indirect jobs over the next two years. This battery production

facility will position Verkor as a critical player in the mobility and stationary storage markets, contributing to Europe’s industrial sovereignty in electric mobility and energy storage. The green loan has received the “Dark Green” rating from the independent rating agency Standard & Poor’s, the highest possible rating for a sustainable loan, highlighting the environmental quality of Verkor’s project.

The low-carbon batteries will be produced with one of the smallest environmental footprints in the world. The “Dark Green” rating substantiates that the project complies with numerous environmental criteria that guarantee its ecological commitment.

benoit lemaignan CEO, Verkor

We are proud to secure €1.3 billion to further develop our ambitions. This debt financing will enable us to finalise the construction of our Gigafactory, which will produce its first low-carbon battery cells in 2025.

verkor.com Company builder Company page

to ACC eler Ate d eCA rbon I s At I on o F s teelm A k I ng

I n e urope

rio tinto and gravithy have entered a strategic partnership to advance the decarbonisation of steelmaking in europe, focusing on the development of a low-carbon iron production facility in Fos-sur-mer, France.

This collaboration will see Rio Tinto supply high-grade direct reduction iron ore pellets from its Iron Ore Company of Canada (IOC) operations to GravitHy’s planned operation in Fos-sur-Mer, France. The facility, which is expected to be commissioned in 2028, will feature ultra-low carbon hydrogen production infrastructure powered by existing grid-connected nuclear power.

The project aims to produce two million tonnes of iron per year, significantly reducing ironmakingrelated CO2 emissions by more than 90%. This initiative is part of GravitHy’s broader strategy to develop one of the most advanced ultra-low-carbon iron projects worldwide, designated by the

French government as an “Industrial Project of Major National Interest”. By leveraging Rio Tinto’s expertise in mining and steel decarbonisation, the partnership aims to create valuable decarbonised pathways for high-grade iron ore and support the transition to low-carbon Electric Arc Furnace steelmaking.

The collaboration underscores the importance of innovative technologies and redesigned processes in reducing the carbon footprint of the steel industry, which currently contributes around 8% of global carbon emissions. With the support of Rio Tinto, GravitHy is well-positioned to lead the way in sustainable steel production and contribute to the global net-zero energy transition.

simon Farry Head of Steel Decarbonisation, Rio Tinto

This collaboration is aligned with Rio Tinto’s steel decarbonisation strategy to accelerate the development of low-carbon Electric Arc Furnace steelmaking with high-grade iron ore as feedstock.

4.6 p hotovoltAIC p rodu C ers

A consortium of independent renewable energy developers and producers have joined forces with holosolis to develop the French photovoltaic industry, aiming to establish the largest photovoltaic panel production site in europe.

Jointly owned InnoEnergy company Holosolis has taken a significant step forward in its mission to enhance the European solar panel industry with the pursuit of its Hambach-based Gigafactory with production starting at the end of 2027. Key partners in this initiative include Technique Solaire, Photosol, CVE, and Tenergie.

The Gigafactory will employ 2,000 people and produce over 10 million photovoltaic panels annually by 2028. These panels will cover the electricity needs of one million households and account for around 8% of European imports of Chinese photovoltaic modules. This project is a crucial part of the efforts to rebuild a complete photovoltaic industry in Europe,

currently dominated by Chinese manufacturers, and to accelerate the transition to a low-carbon world.

Holosolis’ fundraising campaign has received strong support from independent photovoltaic developers and producers in France, with an initial contribution of over €1 million in convertible bonds. This funding completes the equity contributions for a total Series A amount of €20 million. The project has also received €3 million in grant funding from France’s Grand Est region.

The investment in Holosolis marks a push toward securing a future supply of “Made in Europe” solar panels, respecting strict social and environmental standards.

bertrand lecacheux CEO, Holosolis

The commissioning of a gigafactory dedicated to the production of solar panels will enable us to offer our customers French products with cutting-edge technology and a low carbon footprint. This project will contribute to the country’s reindustrialisation and local economic development, with the creation of numerous skilled jobs. Company builder

holosolis.com

4.7 Altr I s s eC ures 150 msek I n s er I es b 1 Fund I ng to AdvA n C e

s od I um-Ion bAttery t eC hnology

sweden-based Altris has successfully raised sek 150 million (approximately €13 million) in a series b1 funding round, welcoming new strategic investors

Clarios and maersk growth to further its production of sodium-ion batteries.

Clarios and Maersk Growth led the investment round, along with existing owners InnoEnergy and Molindo. The new injection of capital will be pivotal in finalising Altris’ pilot production facility. This facility will enable the commercial production of Altris’ innovative cathode material, Prussian White. Prussian White has a capacity of more than 160 mAh/g and holds the highest capacity declared to date for this type of material.

Since its foundation in 2017, Altris has been on a rapid growth trajectory, developing its patented cathode material, electrolytes, battery cells, and production blueprints for market-leading sodium-ion batteries. The new funding marks the first tranche of a Series B round, positioning Altris to meet the growing demand for

sustainable and cost-competitive batteries sourced in Europe. This investment underscores the transformative potential of Altris’ sodium-ion technology, which is free from conflict minerals and relies on abundant European resources.

The addition of Clarios and Maersk Growth as strategic investors highlights the confidence in Altris’ technology and its potential to drive the energy transition. The new investors represent key industry verticals such as grid storage, low voltage vehicle applications, and marine applications, that are crucial for Altris’ growth. With this support, Altris is well-positioned to enhance battery production within Europe, strengthen the local supply chain, and contribute to a self-sufficient, sustainable energy future.

ole graa Head of Fleet Technology at A. P. Moller, Maersk

We are very excited about collaborating with Altris, as Maersk continues working towards reaching net zero GHG emissions for our entire business in 2040. From the get-go, our team have been impressed with Altris’ technology, which offers superior energy density with a lower emissions profile and safety credentials that lend itself very well to a wide range of potential applications. altris.se

4.8 &Ch A rge’s s tr Ateg IC

&Charge has formed strategic partnerships with e .on drive Infrastructure and Jolt energy to enhance ev charging infrastructure and user experience across europe.

&Charge, a leading e-mobility innovator with a platform that is enhancing the Electric Vehicle (EV) charging experience, has partnered with E.ON Drive Infrastructure to improve the reliability and efficiency of EV charging stations. E.ON Drive Infrastructure (EDRI) is a market leader in the operation of public charging infrastructure for EVs across Europe. The partnership aims to enhance EDRI’s service offerings with comprehensive support from &Charge’s platform, incorporating regular site visits and check-in functionalities. These efforts are geared towards ensuring technical reliability, increasing station uptimes, and meeting customer expectations for a smooth charging experience.

In another significant partnership, &Charge has teamed up with JOLT Energy, a prominent Charge Point Operator (CPO) known for its highpower charging stations in urban areas. This collaboration aims to

enhance the operational efficiency and reliability of high-power charging stations across Europe, with a strong focus on predictive maintenance and customer feedback.

Together, &Charge and JOLT Energy will fuse &Charge’s industry leading solutions into JOLT Energy’s fastgrowing network for high-power chargers. The two companies will leverage predictive maintenance and ensure that JOLT Energy’s charging stations are both efficient and consistently available, meeting the growing demand from urban EV drivers. Additionally, real-time data of customer feedback that charger users can provide directly to the companies will be utilised to perfect the customer experience and deliver a seamless charging experience.

These two partnerships with &Charge mark important steps in the company’s journey to optimise the EV infrastructure landscape.

maurice neligan CEO of JOLT Energy

The collaboration with &Charge is a significant step toward further improving our customers’ charging experience. With &Charge’s proactive monitoring and feedback solutions, as well as our stateof-the-art charging infrastructure, we are creating a network that meets the needs of e-mobility users across Europe and keeps them reliably moving. and-charge.com

4.9 AQ uA bAttery s eC ures

Investment

dutch climate tech startup AQuAbAttery has successfully secured €6 million in seed investment to drive innovation in saltwater long-duration energy storage (ldes). the funding round was led by Innoenergy, with participation from other investors committed to advancing sustainable energy solutions such as InnovationQuarter, Invest-nl, Init power, and a group of business angels.

AQUABATTERY is developing a novel flow battery that can store clean electricity in table salt and water for 8 hours or longer. When charged, the battery converts saltwater into acid and base and reverses the process when discharged. This successful investment round is a crucial milestone in the company’s roadmap to bring its innovative and low-cost LDES to the European market by 2026.

The European Union aims to triple its renewable generation capacity by 2030 and this LDES solution will be crucial to provide intra-day, multiday, and seasonal flexibility. Reliable LDES systems are instrumental

for integrating renewables into the grid and accelerating industrial decarbonisation.

Key clean energy industry players are confident that flow batteries will play a key role in future energy storage systems. The maturation of these technologies into commercially viable solutions is highly anticipated.

InnoEnergy’s support has been pivotal in AQUABATTERY’s journey, providing both financial backing and strategic guidance. The recent successful funding round reinforces the potential of saltwater LDES and InnoEnergy’s strategic investment choices.

nathal

van rijn

Director of InnovationQuarter

We are happy to invest in a sustainable storage system that has low environmental impact and a high potential to boost battery capacity in the world in the coming years. This funding round is a strong testament to the team’s achievement and the momentum from the market.

beeplanet Factory, a pioneering company in energy storage from electric vehicle batteries, has successfully raised €5 million to strengthen its growth, diversification, and internationalisation strategy.

BeePlanet Factory, an InnoEnergy portfolio company since 2020, has secured a major investment round led by Santander Climate Fund and Easo Ventures, with support from Itzarri, Suma Capital, InnoEnergy, and SODENA. This funding will drive BeePlanet’s international expansion and the development of new business models.

Founded in 2018 in Navarra, BeePlanet manufactures energy storage systems using secondlife EV batteries. Its solutions serve sectors like commercial and industrial self-consumption, large renewable installations, and EV charging infrastructure.

The investment will also support the BeeCycle project - a battery recycling plant in Caparroso, Navarre, set to open in 2026 with a capacity of 10,000 tonnes per year. This initiative will significantly reduce the carbon footprint and reinforce BeePlanet’s role in the circular economy.

With strong investor backing, BeePlanet is well-positioned to meet the rising demand for EV battery reuse and recycling. The company’s growth aligns with the booming EV and energy storage markets, expected to reach 30 million EVs in Europe by 2030. This capital boost marks a key step in BeePlanet’s mission to transform the energy industry.

Jon Asín CEO, BeePlanet Factory

This round of financing will allow us to strengthen our global position and move towards a more sustainable energy model.

4.11 Cor p ower oC e A n s eC ures

sI gn IFICA nt Fund I ng to AdvA n C e wAve e nergy

Corpower ocean, leading wave energy innovator, has secured strong financial backing through a mix of public and private investment sources. most recently, the company secured a €2.5 million grant and a precommitment of €15 million in equity investment from the highly regarded eIC Accelerator programme. this milestone follows the successful completion of a €32 million series b1 funding round in october 2024.

This substantial funding will support the development and deployment of CorPower’s innovative wave energy converters, which aim to harness the power of ocean waves to generate clean and sustainable energy.

The October Series B1 funding round was led by NordicNinja VC, the largest Japanese-backed VC in Europe alongside SEB Greentech (the clean tech investment arm of SEB Bank) and InnoEnergy. The B1 funding consortium also includes several other backers and key financiers of in the clean tech industry such as Santander Asset Management, Iberis Capital, and Cisco Investments

alongside existing shareholders.

The more recent acquisition of a combined €17.5 million is due to CorPower Ocean’s respected status as a clean tech innovator, leading to its selection to receive funding out of a highly competitive pool of 1,211 applicants. The EIC Accelerator is a flagship funding programme of the European Union that supports high-potential startups developing breakthrough innovations.

CorPower Ocean currently has operations in Sweden, Norway, Portugal, and Scotland with plans to expand to the US West Coast.

tomosaku s ohara VC Managing Partner, NordicNinja VC

The CorPower Ocean team combines decades of wavepower experience and world-class company building ability to unlock untouched ocean resources in Europe, the US and Japan. We are excited to support CorPower Ocean as a lead investor, and this funding round is a strong testament to the team’s achievement and the momentum from the market.

4.12 eCo b e A n’s d uA l t r I umph:

b Corp Cert IFICAt I on A nd

ecobean has achieved significant milestones by joining the global b Corp community and winning the prestigious ldC Climate resilience prize 2024.

EcoBean, a Polish leader in coffee waste innovation supported by InnoEnergy, has been certified as a B Corporation™ (B Corp), joining a global community of businesses that balance profit with purpose. This certification, awarded by B Lab™, recognises companies that meet rigorous criteria for social and environmental responsibility. EcoBean scored 102.1 points in the B Impact Assessment™, significantly exceeding the minimum threshold of 80 points.

In addition to this recognition, EcoBean has been awarded the LDC Climate Resilience Prize during the MassChallenge Switzerland Awards ceremony. This prize, supported by Louis Dreyfus Company, acknowledges startups with the greatest potential for positive climate impact in the food and agriculture sectors. EcoBean received a cash award of 100,000 CHF, along

with the title of “Gold Winner” in the MassChallenge Switzerland programme.

EcoBean’s technology addresses the environmental challenge posed by the 12 million tons of coffee grounds produced annually. By transforming this waste into valuable bio-based ingredients, EcoBean offers lowemission alternatives for various industries.

These achievements underscore EcoBean’s mission and add confidence to the company’s ambitious growth plan. The company is in talks with global buyers and is finalising funding to build stateof-the-art technology centres that will process 1,000 tons of coffee grounds annually. With the B Corp certification and the prestigious LDC Climate Resilience Prize, EcoBean is poised to continue making strides as a company and furthering the energy transition.

paweł niziński Co-founder of the B Corp movement in Poland and CEO of Better

EcoBean has embodied the essence of a B Corp from its very inception. Built on circular economy principles, EcoBean raises awareness and supports partner companies in adopting due diligence - even in areas that might seem as trivial as coffee grounds.

ecobean.pl

Company page

4.13 eCop s eC ures €8.5 m I ll I on to s CA le he At pump teC hnology

w I th s I gn IFICA nt Co ₂ s Av I ngs

ecop, an Austrian-based developer of hightemperature heat pumps, has been awarded €8.5 million in funding from the european Innovation Council (eIC) Accelerator to scale the production of its novel rotation heat pump.

The unique design of ecop’s heat pump uses a rotating system with a climate-friendly, non-toxic, and non-flammable working medium. This system can adjust its speed to accommodate different heat source temperatures, providing a high degree of operational flexibility. By enabling factories and municipalities to reduce their reliance on natural gas and other fossil fuels to produce heat, ecop’s technology can save up to 2,500 tons of CO2 per year with each heat pump system.

The EIC Accelerator recognised the decarbonisation potential of ecop’s technology, selecting it from a pool of 969 applicants. This funding will enable ecop to finalise the development of its new rotor design and scale up production, making its heat pump solution more broadly available and supporting the global transition to sustainable energy.

Fabian sacharowitz CEO, ecop

This funding will enable us to finalise the development of our new rotor design and take the next step in scaling up, making our heat pump solution more broadly available, and ultimately enabling more companies and municipalities to generate affordable and CO2-free heat to sustainably power their operations.

4.14 €3.5 m I ll I on For e nl I ne to A dvA n C e sensorless gr I d mon I tor I ng so F twA re

Inno

e

nergy portfolio company and software

business enline has successfully secured €3.5 million in a funding round aimed at driving global expansion and acceleration of its sustainable energy solution. the funds will be used to strengthen its position as a leader in innovative sensorless software for the energy industry.

The funding round was led by prominent investors, including InnoEnergy, Caixa Capital Risc, and Santander Alternative Investments through the Santander InnoEnergy Climate Fund.

The capital raised will enable Enline to expand its operations internationally and enhance its technology offerings. Enline has been rapidly expanding across Europe, North America, Latin America, Africa, Asia, and Australia through serving strategic markets like power grids, energy generation,

industry, smart cities, and insurance. Enline specialises in providing advanced monitoring and optimisation solutions for power grids, contributing to the efficiency and reliability of energy systems.

InnoEnergy’s involvement in the funding round highlights its dedication to pushing the energy transition forward by supporting innovative companies that fill crucial gaps in the energy industry, making significant strides toward decarbonisation possible.

manuel lemos CEO and Co-founder, Enline

The energy industry is on the brink of a significant shift towards sustainable and renewable resources, fueled by technological innovations and global efforts to combat climate change. At Enline, our dedication lies in hastening this shift through our remote sensorless software-driven technologies.

pioneering leader in ocean current turbine technology, equinox ocean turbines bv, has successfully closed a €2.4 million seed funding round led by Innoenergy, with significant participation from damen maritime ventures, nom, Fom, Init power, and two private investors.

This investment round will accelerate the development and deployment of Equinox’s cutting-edge turbine technology. This technology harnesses the immense 700 GW potential of ocean currents to generate clean baseload energy.

The funds raised will be used to further develop and commercialise Equinox’s technology, including the construction of a pre-commercial turbine by 2025. This innovative approach not only increases energy production efficiency but also supports the global transition to sustainable energy sources. Equinox’s technology has the potential to revolutionise the energy

sector by providing a consistent and reliable source of power. Equinox’s patented technology utilises a unique design based on proven elements, techniques, and design methods. The new funding will propel the company’s contribution to the clean energy landscape.

With the support of Damen’s network and maritime expertise, Equinox is poised to accelerate its developments and have the first turbine in the water in under two years. This investment underscores the potential of Equinox’s technology to drive meaningful progress toward harnessing innovative energy sources and further global decarbonisation.

pieter de haas CEO, Equinox Ocean Turbines This is a significant step towards fulfilling our ambition of making the marine energy sector a commercial reality. Now is the right time to combine efforts and experience of many parties to make Ocean Current Energy a new reality in the energy mix.

equinoxoceanturbines.com

4.16 gd I s eC ures €20 mI ll I on For s I l ICon A node development to power eleCtr IC veh IC les

gdI has secured €20 million in funding from Investeu and the european Investment bank (eIb) as a quasi-equity loan to develop gdI’s next generation of silicon anodes to power electric vehicles and decrease dependency on graphite. this funding agreement is backed by the Investeu programme as part of its mission to trigger more than €372 billion in investments in new technologies until 2027.

The funding will enable US-based GDI to scale up its production capabilities and accelerate the commercialisation of its silicon anode technology. The technology is projected to increase Lithiumion cell energy density by over 30% as compared to today’s graphite anodes. This has the potential to substantially increase the range of vehicle batteries.

The form in which financing will be provided is intended to meet the

needs of fast-growing, innovative companies. GDI’s silicon anodes are shaping up to be a crucial step in the ultimate goal of decarbonisation. InnoEnergy has played an instrumental role in supporting GDI’s development, providing both financial and strategic assistance. This collaboration signifies InnoEnergy’s commitment to fostering innovation in the energy sector and driving the transition towards more sustainable energy solutions.

rob Anstey CEO and Founder, GDI

After intensive discussions and due diligence with the EIB, our result is a partnership that will lead to Europe’s first Gigafactory for 100% silicon anodes.

4.17 h e At v entors r eCogn I sed

heatventors has been awarded the solar Impulse efficient solution label and introduced the innovative heattank Intelligent thermal battery.

HeatVentors, a pioneering company in thermal energy storage, has received the prestigious Solar Impulse Efficient Solution Label. This recognition, awarded by the Solar Impulse Foundation, highlights solutions that meet high standards of profitability and sustainability. The label was granted following a rigorous assessment by independent experts, confirming HeatVentors’ commitment to environmental and economic efficiency.

Additionally, the company’s flagship product, the HeatTank Intelligent Thermal Battery, represents a breakthrough in energy storage technology. Unlike traditional systems that store heat by changing the temperature of water, HeatTank uses special biomaterials called phase

change materials to store energy more efficiently. This innovative approach reduces storage volume by 90% and enables energy savings of 20-50%, with a return on investment of 3-5 years. HeatTank’s ability to store and release energy as needed makes it a versatile solution for various applications. With the HeatTank Intelligent Thermal Battery it is possible to generate energy only when it is the most efficient, store it and use it when it is less efficient to produce it.

HeatVentor’s award of the Solar Impulse Efficient Solution Label and its groundbreaking energy storage technology underscores the company’s momentum toward further expansion and validates its critical work in the clean energy industry.

József kakas

CEO, HeatVentors

Defining innovation is always a big question. For me, it’s about using existing knowledge and tools, loosely combined to create a new solution that’s useful for someone. I really like the invention of the wheel. This is somehow similar to our solution. The operation is simple and it is simple to use, it exists in nature (like fusion, or solidification). It has many operational, financial, and environmental benefits. Company page

4.18 methApl Anet seCures

€6m Investment

to revolutIonIse

bIogAs produCtIon

methaplanet International bv, an innovative scaleup concentrating on preparing and optimising agricultural waste streams to enhance its utilisation in biogas plants, successfully closed a €6m investment round led by Abp, with significant backing from Innoenergy.

This investment round, led by ABP and supported by InnoEnergy and business angels, marks a pivotal moment in Methaplanet’s journey toward enhancing biogas production efficiency.

The funding will enable Methaplanet to establish its own production facilities for energy pellets, which are made from natural materials such as straw-based manures. These pellets significantly boost biomethane production in mono-manure biogas plants, providing farmers with a sustainable income source from manure and contributing to the RePowerEU ambitions of achieving

35bcm of biomethane by 2030. Methaplanet’s innovative approach not only increases biogas yield but also supports the agricultural sector in reducing emissions.

With ABP joining the shareholder team, Methaplanet is poised to accelerate its research and development efforts, deepen relationships with customers and suppliers, and foster collaboration within the biogas production ecosystem. This investment underscores the potential of Methaplanet’s technology to drive meaningful progress toward a more sustainable energy landscape.

martijn olthof Investment Manager, ABP’s Netherlands Energy Transition Fund

Methaplanet’s ability to convert agricultural waste streams into sustainable energy products will allow it to generate substantial positive environmental impact. We are very excited to embark on this journey with the Methaplanet team and we are looking forward to seeing financial returns and environmental impact go hand in hand.

meva energy and elcowire have entered into a groundbreaking agreement to enable the world’s first copper wire production process to replace fossil gas fully with fossil-free energy.

Meva Energy, an InnoEnergy portfolio company, has signed a 15-year agreement with Elcowire, a leading European copper wire manufacturer, to supply 9 MW of renewable biogas to Elcowire’s Helsingborg facility in Sweden. Valued at 500 million SEK, this deal represents Meva Energy’s largest contract to date and marks a historic milestone for the industry.

Copper melting has long been one of the last processes in metal production reliant on fossil fuels to reach the necessary temperatures. Meva Energy’s innovative solution replaces fossil fuels with renewable hot biogas, generated from industrial biomass

residues. This unique biogas technology enables Elcowire to melt copper without the use of any fossil-based fuels, setting a new global standard for energy-efficient and environmentally responsible production methods.

The agreement builds on a successful feasibility study and specifies that Meva Energy will design, own, and operate an on-site energy plant capable of producing 9 MW of renewable biogas for Elcowire’s Helsingborg facility over a 15-year period. This partnership is a crucial step toward achieving sustainable transformation in the metallurgy industry, which accounts for about 10% of global CO2 emissions.

paul gustavsson CEO, Elcowire

This partnership with Meva Energy is a gamechanger for us. By being the first in the world to adopt fossilfree biogas for copper melting, Elcowire is not only advancing our own sustainability efforts but also setting a new benchmark for the entire metallurgy sector. We are proud to lead this transformation toward a greener, more sustainable future.

4.20 mIne storAge seCures

Fund

A €22 million grant from the european union’s Innovation Fund to support an innovative project in norberg, sweden, has been awarded to mine storage, a company specialising in developing and operating gridscale energy storages in underground mines.

This funding will support the development of a pumped hydro storage facility in a decommissioned iron mine shaft in Norberg, Sweden. The project aims to provide gridforming services and energy-shifting capabilities, surpassing those of conventional battery systems, with minimal environmental impact. Mine Storage’s mission aligns with the goals of the European Union’s Innovation Fund, a pilot programme aimed at supporting the deployment of innovative technologies that contribute to a net-zero carbon future.

The Norberg project leverages the region’s rich history and existing infrastructure, transforming an abandoned mine into a valuable

asset for clean energy storage. The use of abandoned mines for energy storage marks a significant opportunity for creating flexible grid resources from the region’s unique landscape. With over a million closed mines globally, the potential for Mine Storage’s technology is vast and could revolutionise energy storage and management.

The company’s innovative solution represents a significant opportunity for creating flexible grid resources and supporting the deployment of net-zero carbon technologies. The grant from the EU Innovation Fund validates Mine Storage’s mission and provides the necessary resources to continue scaling upward.

maria säfström Head of ESG, Mine Storage

This grant not only confirms that our solution is impactful and feasible on a larger scale, but it also provides us with the resources to make our vision a reality. We are excited to move forward with greater confidence and contribute to the energy transition. minestorage.com

4.21 nItroCApt Forms str AtegIC pArtnershIps to sCAle lowCArbon FertIlIser produCtIon

For sustAInAble AgrICulture

pioneering swedish Agtech company nitroCapt has entered strategic partnerships with vIvesCIA and Felleskjøpet Agri to advance the production and distribution of its low-carbon nitrogen fertiliser technolgoy, sunIFIx®.

NitroCapt is advancing its mission to cut agricultural greenhouse gas emissions through partnerships with VIVESCIA, a leading French agri-food cooperative, and Felleskjøpet Agri, a major Norwegian farmers’ cooperative. These collaborations support the growth of NitroCapt’s SUNIFIX® technology – an electrified, lowcarbon nitrate fertiliser production method enabling local, costefficient manufacturing.

With VIVESCIA, NitroCapt will integrate SUNIFIX® into the “Programme TRANSITIONS,” aiming to build facilities in France’s Grand Est region to supply green nitrogen fertilisers for 750,000 hectares.

This partnership reflects a shared goal of reducing emissions while enhancing agricultural productivity and economic performance.

Meanwhile, NitroCapt secured a 10 million SEK (€880,000) pre-order from Felleskjøpet Agri, marking a key commercial milestone. Felleskjøpet sees nitrogen fertiliser as a major source of scope 3 emissions and aims to offer more sustainable, low-emission alternatives.

These partnerships validate NitroCapt’s innovative approach and position the company to scale its impact on sustainable agriculture.

gustaf Forsberg CEO, NitroCapt

Felleskjøpet has a strong agenda to reduce greenhouse gases, and our technology has the potential to become superior in terms of energy efficiency, which in turn also impacts production cost and results in nitrate, a high-quality fertiliser with significant benefits for both agriculture and the environment.

I n Forestry A nd Agr IC ulture

swedish startup nordluft, a forest management innovator, secured new financing from södra Ädla and Innoenergy for drone technology that offers precise bioash spreading in the forest sector.

Södra Ädla is a subsidiary of Södra, Sweden’s largest forest owners’ association and international forest industry group, and the investment marks significant confidence in Nordluft’s unique solution for forest fertilisation. This technology enhances efficiency, flexibility, and precision while significantly reducing costs. The company has successfully demonstrated its concept through various prototypes and is now raising additional capital to bring its solution closer to commercialisation.

The latest investment round, led by Södra Ädla and InnoEnergy, will support Nordluft in acquiring necessary flight permits and

expanding its market reach, particularly in the Nordic forestry sector. Södra brings extensive industry connections that will strengthen Nordluft’s market position. InnoEnergy, a leading impact investor in sustainable energy, continues to support Nordluft’s growth and development since the initial investment in 2018.

Nordluft’s drone technology is anticipated to be a cost-efficient solution with several advantages to existing fertilisation methods. The drones are currently intended for forestry applications but have a large potential to enhance productivity and decrease the reliance on chemical inputs in agriculture.

Founder and CEO, Nordluft

The use of drones is widespread in many areas within our society, yet their potential in more tangible tasks within forestry and agriculture applications remains largely untapped.

nordluftautomation.com Company page

4.23 n ovAtron Fus I on g roup

novatron Fusion group (nFg), a portfolio company of Innoenergy, successfully completed system integration tests of its novatron 1 (n1) machine, marking a pivotal step in the development of clean fusion energy.

The achievement included initial ionisation experiments using hydrogen plasma, launching an experimental campaign to validate the design’s novel approach to plasma stabilisation. The N1 machine, constructed and assembled within nine months, reflects the engineering excellence and dedication of NFG’s team. This milestone enables the company to begin assessing plasma density, temperature, and stability—key parameters for achieving sustained confinement using advanced magnetic fields.

The N1 machine will serve as a testbed for comparing this innovative reactor concept against traditional mirror machines. As one of the few private European companies to build a facility based on its proprietary fusion concept, NFG has transitioned from theoretical models to a tangible prototype. This progress represents a significant step towards revolutionising fusion energy production and underscores InnoEnergy’s role in accelerating breakthrough technologies in the energy sector.

peter roos CEO, Novatron Fusion Group

Nine months ago, the laboratory had an empty floor. Today, having constructed and assembled the N1 machine proves the remarkable engineering effort conducted by an impressive team.

novatronfusion.com

prime batteries technology and monsson have launched romania’s largest electric energy storage system. the new facility, located in Constanta County, has a total planned capacity of 216 mwh and is part of the first hybrid photovoltiac-wind-battery project within the mireasa wind park in romania.

The facility is in the first of three stages and the current 24 MWh storage consists of 132 battery strings with 114,048 lithium-ion cells containing 1,240 kilometres of active material electrodes. The approximate 4,200 hours of engineering on the electrical features and 3,000 hours of labour on the mechanical elements are all carried out in Romania. The project is very important for the resilience and energy autonomy of Europe.

The unit will be charged with energy generated by the preexisting 50MW Mireasa Wind Farm as well as with solar energy produced by the 35MW Galbiori 2 PV farm. All operations are seamlessly automated and controlled remotely,

functioning within an integrated system that is driven by proprietary software crafted by Monsson.

Prime Batteries, an InnoEnergy portfolio company, has extensive expertise in the production of batteries and customised energy storage solutions. The collaboration with Monsson marks a highly valuable contribution toward the push for sustainable energy.

The project is a significant milestone for Romania’s energy sector, as it enhances grid stability and promotes the use of clean energy. The storage system will help balance supply and demand, reduce energy losses, and provide backup power during outages.

răzvan nicolescu

Governing Board member and former energy minister in Romania I am very excited that such an important storage capacity is manufactured and installed in Europe by a Romanian company benefiting from InnoEnergy support. The project is very important for the resilience and energy autonomy of Europe because the batteries are produced in Europe and this is also the biggest project of this size on the continent.

primebatteries.com

4.25 skeleton teChnologIes expAnds

wIth FInnIsh r&d hub, sIemens

IntegrAtIon, And IndyCAr debut

skeleton technologies underwent significant expansion this year: expanding its r&d capabilities with a new unit in Finland, deployment of its supercapacitors by siemens in smart power management, and integration of its supercapacitors into the ntt IndyCar series innovative energy recovery systems.

Skeleton Technologies, a leader in supercapacitor and SuperBattery technology and an InnoEnergy portfolio company has opened a new research and product development unit at the LUT University campus in Lappeenranta, Finland. This expansion strengthens Skeleton’s presence in Finland, following the establishment of a pilot factory in Varkaus in early 2023. The new unit will focus on advancing Skeleton’s cutting-edge energy storage solutions.

In motorsports, Skeleton’s supercapacitors are now integrated into the NTT IndyCar Series’ Energy Recovery System (ERS). This new hybrid system, which debuted at the Honda Indy 200 at Mid-Ohio, leverages Skeleton’s high-performance supercapacitors to optimise energy capture and deployment. With Skeleton’s technology, IndyCar participants were provided with a substantial performance boost while maintai-

ning the integrity and footprint of the traditional powertrain.

Additionally, Siemens Digital Industries has employed Skeleton’s supercapacitors in their Smart Power Management platform for industrial machinery. This integration aims to improve energy efficiency and reliability in industrial operations by mitigating the impacts of erratic power supply on equipment. Skeleton’s supercapacitors excel in rapidly absorbing and discharging energy, functioning as quick energy buffers. Integrating this technology also opened opportunities for energy saving and reducing the Total Cost of Ownership.

2024 was an impactful year for Skeleton Technologies and following these crucial milestones, more achievements as an instrumental player in the clean energy industry are expected to come.

david salters President of Honda Racing Corporation USA

We have had a superb collaboration with Skeleton. Using Skeleton’s advanced supercapacitor technology, we have been able to test out something novel and unique, which is what racing is for. We are also particularly glad we executed this project in a short time. Company page

skeletontech.com

4.26 suenA seCures €3 mIllIon to enhAnCe energy tr AdIng system

For lArge-sCAle bAttery stor Age

hamburg-based clean tech start-up suena successfully closed a €3 million seed funding round. the round was co-led by the santander Innoenergy Climate Fund and the smart energy Innovation Funds of energie 360, with additional participation from existing shareholders Innoenergy, raakwark kaptaal, and business Angels.

suena, a specialist provider of novel energy storage optimisation and trading software, will use the capital to introduce its AI-based “Autopilot” software solution to markets across Europe. The funds will also help extend the software’s functionality and expand the team with top international talent.

The suena Autopilot offers a 100% software-based and fully automated trading-as-a-service

platform for energy storage and renewable energy asset owners. It processes millions of data points every minute, continuously optimises trading strategies, and reacts in real-time to fluctuations in the power grid. This modular software design allows suena to quickly adapt to new market designs and varying regulations, enabling rapid international scaling.

dr. lennard wilkening CEO, suena

suena was born out of a vision to be a catalyst for the energy transition. Energy storage capacity at scale and its efficient deployment is a crucial part of that.

4.27 tok wI se lAun C hes g uA rd IA n t r A de: AI- p owered

tokwise has introduced g uardiantrade, an advanced AI-powered trading system that autonomously optimises renewable energy portfolios.

GuardianTrade is a cutting-edge AIpowered trading system designed to enhance the efficiency and management of renewable energy portfolios. GuardianTrade operates around the clock, blending AI with human expertise to manage risk and enable real-time decisionmaking in dynamic energy markets.

GuardianTrade transforms renewable energy trading by executing coordinated strategies across multiple markets and lead times. The AI-powered trading agent autonomously analyses real-time data, including market trends, grid conditions, and portfolio dynamics, to respond swiftly to market fluctuations while maintaining strict risk controls. Key features include 24/7 automated

trading, adaptive strategies, dynamic risk control, transparent AI decision-making, and automated exception handling.

This innovative system is the result of 18 months of intensive R&D and collaboration with leading Independent Power Producers (IPPs). By integrating real-world market needs into GuardianTrade’s design, TokWise ensures that the system delivers practical, scalable, and future-ready solutions for modern energy trading.

The solution developed by the InnoEnergy portfolio company delivers the agility and intelligence needed to optimise renewable energy trading in an increasingly volatile energy market.

krasimir kolev Co-founder, TokWise

By integrating realworld market needs into GuardianTrade’s design, we ensure that the system delivers practical, scalable, and future-ready solutions for modern energy trading.

4.28 wAttAlps seCures €11 mIllIon to expAnd bAttery teChnology For heAvy-duty mAChInery

wAttAlps, a French start-up specialising in highperformance lithium-ion batteries, has successfully closed an €11 million series A funding round, with significant participation from Innoenergy.

This investment round, led by InnoEnergy and supported by Supernova Invest, Move Energy, Ring Capital, CASRA Capital, and historical investors such as Eximium and the highly selective EIC Fund, will enable WATTALPS to accelerate its development and expand its manufacturing capacity. The funding will facilitate an ambitious development programme, including an eightfold increase in manufacturing capacity at its Moirans facility near Grenoble, which currently produces 2,000 batteries per year.

WATTALPS’ innovative modular battery system, featuring patented immersion cooling technology, is designed for heavy-duty and demanding applications across various industries, including construction, agriculture, mining,

and marine. The company’s robust and compact batteries, ranging from 48V to 800V, offer improved thermal management, faster charging, higher power delivery, and the ability to operate in a wider range of temperatures compared to conventional models. This technology positions WATTALPS as a leader in the electrification and hybridisation of heavy-duty equipment.

The new funding will also support the extension of WATTALPS’ product range to meet additional market needs and expand its commercial coverage beyond Europe. With this investment, WATTALPS aims to surpass a turnover of €100 million within five years, contributing to the global transition to sustainable energy solutions.

matthieu desboisrenaudin

CEO and Co-Founder, WATTALPS

Our customers want batteries which are safe and always work as expected in all conditions, including the toughest that might be encountered by their applications.

Company page wattalps.com

4.29 e urope A n h yperloop Center o pens For FI rst t est

the european hyperloop Centre (ehC) has completed its hyperloop test infrastructure and is ready for the first tests.

Located in Groningen, the European Hyperloop Center (EHC) features a 420-metre test tube to demonstrate key hyperloop technologies, including a full lane switch. This stateof-the-art facility replicates real-world conditions and supports the development of magnetic levitation, propulsion, stabilisation, and lane-switching at speeds up to 100 km/h.

Hardt Hyperloop will begin testing at the EHC, marking a major step in hyperloop development. The EHC is open to other organisations and is part of a European research cluster with EuroTube’s DemoTube in Switzerland. Together, these facilities accelerate hyperloop innovation.

The EHC is a key part of the Hyperloop Development Programme (HDP), a public-private partnership with over 25 partners, including EuroTube, Nevomo, and Zeleros. It is supported by the European Commission, Dutch Government, and the Province of Groningen. The steel pipes, developed by POSCO and Tata Steel, were assembled by Mercon and installed by Denys.

Hyperloop is gaining global traction as a cost-effective, space-efficient, and energy-saving alternative to high-speed rail. The EHC plays a vital role in advancing this transformative transport technology.

sascha lamme Director, EHC

This marks a pivotal moment in hyperloop development. It is great that this state-ofthe-art facility in the Province of Groningen has been brought to life with the support of all our partners, and we can’t wait for the first tests to happen.

No poverty. Economic growth must be inclusive to provide sustainable jobs and promote equality.

Zero hunger. The food and agriculture sector offers key solutions for development, and is central for hunger and poverty eradication.

Good health and well-being. Ensuring healthy lives and promoting the well-being for all at all ages is essential to sustainable development.

Quality education. Obtaining a quality education is the foundation to improving people’s lives and sustainable development.

Gender equality. Gender equality is not only a fundamental human right, but a necessary foundation for a peaceful, prosperous and sustainable world.

Clean water and sanitation. Clean, accessible water for all is an essential part of the world we want to live in.

Affordable and clean energy. Energy is central to nearly every major challenge and opportunity.

Decent work and economic growth. Sustainable economic growth will require societies to create the conditions that allow people to have quality jobs.

Industry, innovation, and infrastructure. Investments in infrastructure are crucial to achieving sustainable development.

As part of InnoEnergy’s mission to drive positive change across the energy sector, the environment, the economy, and society, we regularly evaluate how our portfolio companies contribute to the UN Sustainable Development Goals (SDGs).

Reduced inequalities. To reduce inequalities, policies should be universal in principle, paying attention to the needs of disadvantaged and marginalised populations.

Sustainable cities and communities. There needs to be a future in which cities provide opportunities for all, with access to basic services, energy, housing, transportation and more.

Responsible consumption and production. We need to decouple economic growth from environmental degradation, increase resource efficiency, promote sustainable lifestyles.

Climate action. Climate change is a global challenge that affects everyone, everywhere.

Life below water. Careful management of this essential global resource is a key feature of a sustainable future.

Life on land. Sustainably manage forests, combat desertification, halt and reverse land degradation, halt biodiversity loss.

Peace, justice and strong institutions. Access to justice for all, and building effective, accountable institutions at all levels.

Partnerships. Revitalise the global partnership for sustainable development.

Given the strong alignment between SDGs 7 and 13 and InnoEnergy’s strategic prioritiesnamely reducing CO₂ emissions, enhancing energy security, and cutting costs across the value chain - it is no surprise that the majority of our supported innovations advance SDGs 7, 8, 9, 11, 12, and 13.

s ocial Stakeholder Engagement reduction of environmental Impact g overnance

Strengthening corporate governance by increasing operational transparency

e vents

In 2024, InnoEnergy maintained a strong presence across Europe by organising and participating in key industry events - led by our flagship gathering, The Business Booster (TBB) - alongside a range of regional and third-party conferences that amplified our impact, showcased our portfolio, and fostered collaboration across the energy innovation ecosystem.

Inno e nergy’s role I n eConom IC g rowth, g eopol I t ICA l r es I l I en C e,

A nd Cle A n e nergy t r A ns I t I on

Innoenergy has been instrumental in addressing the complex challenges of economic growth, geopolitical resilience, and the transition toward clean energy. through strategic initiatives and collaborations, Innoenergy continues to drive innovation and sustainability across europe.

Innoenergy’s annual event, the business booster ( tbb) 2024 highlighted these efforts, showcasing the significant strides made in various sectors.

The dialogues at The Business Booster 2024 in Barcelona united over 1,700 attendees across the energy landscape and last year’s event gave way to an important discussion on collaborations, taking advantage of innovative technologies’ opportunities, and the role the broader ecosystem must play.

At TBB, Elena Bou, InnoEnergy’s Innovation Director stressed the importance of maintaining Europe’s momentum as a clean tech leader, currently emerging 40% of all clean technologies globally. As of now, Europe leads 43% of global climate tech investment, but Bou shared with the attendees the

vital importance of increasing the current rates. She called for Europe to maintain its competitive edge while fostering fair competition.

Another important note at TBB was modernising data centres to be able to support the growth of AI. AI should be viewed as part of

715

Rivus

Congr Atul AtIons to the wInners

Hysun Pionierkraft

the sustainable energy solution and innovations in the field that gear AI to be a source for actionable recommendations and not just prediction models are crucial for its role in the energy transition.

The hydrogen industry was also discussed as a large growth area

1,200 attendees

150 start-ups

44 countries

opportunity at InnoEnergy’s annual event. To obtain bankability in this industry, financing must be linked to off-takers on a 15-20year timeline. It was shared that the long lead time necessitates continuous de-risking of innovative climate technologies and optimising running costs

as key success factors. A strong ecosystem collaboration is necessary, including a wide range of multifaceted partnerships between industry, academia, and politics.

The battery industry was also highlighted as central to Europe’s economic growth, despite a slower

2,500+ B2B meetings humanising the energy transition your meeting point for the trusted sustainable energy ecosystem

2,100+ B2B meetings

1,200 attendees 150 start-ups

1,000+ attendees 150 start-ups

1,500+ attendees

2,100+ B2B meetings TBB went virtual for the first time

600 minutes of pitching 3,100+ B2B meetings 98% recommendation rate

150+ exhibitors

3,200 meetings

44 countries 98% recommendation rate the New green economy: balancing profit and purpose

economic growth, geopolitical resilience, clean energy transition – trilemma or opportunity?

1,700+ participants

3,500+ B2B meetings

150+ exhibitors

52 countries

98% recommendation rate

pArIs onlIne

berlIn lIsbon AmsterdAm

kerstin Jorna Director-General at European Commission DG GROW

Everybody here is walking on the transition, but your shoes hurt. Three pain points we want to address are 1) better on grid capacity, 2) derisking – more leverage with public and private, 3) execution: implementation at speed using digitalisation.

tbb .2024 edition in barcelona in numbers

1700+ participants

150 start-ups and innovators exhibited

600 minutes of pitching

3500 business meetings took place

52 cuountries were represented 98% recommendation rate

be sure to register for the business booster 2025 in lisbon!

It is a great opportunity to not only discover promising start-ups but also to forge meaningful connections within the investment community.

cindi bough Managing Director, Climate Investment

To make decarbonisation a reality we need a clear collaboration between politicians, industry and other enablers, and you find them all here at The Business Booster.

dr. sopna sury

Chief Operating Officer,

Hydrogen, RWE Generation SE

growth pace than before. While the demand for electric vehicles (EVs) is slowing, demand for stationary energy storage systems (ESS) accelerates. With China and the US leading in ESS, Europe faces both an opportunity and a challenge to stay competitive. Currently, scaling production, geopolitical dependencies, and funding gaps persist. “Through sustainable product design, regulatory alignment, and publicprivate collaboration, Europe has the potential to transform its battery industry into a model of resilience, helping to meet clean energy goals while strengthening its geopolitical

and economic position”, said Thore Sekkenes, EBA programme Director at InnoEnergy.

The TBB 2024 event also underscored the importance of collaboration and innovation. InnoEnergy has been instrumental in connecting innovators, customers, investors, policymakers, and corporates. InnoEnergy and its ecosystem drive this transformation, offering the infrastructure to scale clean tech solutions. The clean energy transition is not just a challenge but a significant opportunity to reshape the economic and energy landscape.

The global energy shift will happen by balancing economic growth, geopolitical resilience, and the clean energy transition.

Europe has the tools for success. However, the focus must now shift from ambition to strategy and action. Ultimately, the solution lies in working together (startups, corporates, investors, and governments) toward common goals. With strategic investment and collaboration, we can turn this transition into an opportunity rather than a trilemma, ensuring long-term prosperity and energy leadership in the future of global clean energy.

5.2 FI n A n CI ng Cl I m Ate t eC h mA nu FACtur I

ng I n Centr A l A nd eA stern e urope

In 2024, Innoenergy’s efforts have been pivotal in tackling the intertwined challenges of economic growth, geopolitical resilience, and the clean energy transition. the european sustainable energy week 2024 featured a key session co-organised by Innoenergy and the european bank for reconstruction and development (ebrd), focusing on “made in Central and eastern europe: financing clean tech manufacturing.” this session explored how to create the right conditions in the region to attract and de-risk greater investment in clean tech manufacturing projects at scale.

Key takeaways from the session included insights from investors, clean tech manufacturing pioneers, and public officials from the Central and Eastern Europe (CEE) region. Ela Yilmaz from EBRD highlighted the rapid development of the battery value chain across the region, with significant finance provided for projects such as a lithium-ion battery factory and a recycling facility for used batteries in Poland.

Nemanja Mikać, CEO of battery cell producer ElevenES, outlined the main challenge for green industrial startups in the region: convincing growth venture capitalists to invest in high-risk, capitalintensive climate tech projects.

Marcin Wasilewski from InnoEnergy emphasised the strong pre-seed ecosystem in the region but noted the gap in series A and B financing rounds compared to other sectors.

Krzysztof Bolesta, Secretary of State in the Polish Ministry of Climate and Environment, discussed the region’s reliance on EU structural funds and the need for innovative financing mechanisms to attract more private capital. Marcin Wasilewski concurred this point, adding that the use of alternative financing mechanisms with emphasis on equity instead of traditional grants will benefit the region. The session underscored the importance of collaboration and innovation in driving forward the clean energy agenda in the CEE region.

martina blahova CFO at Euro Manganese

We appreciate the new strategic projects labelling scheme set out under the EU’s recently finalised Critical Raw Materials Act (CRMA), but the impact of such a label remains to be seen with implementation.

5.3 Inno e nergy At Inters ol A r

e urope 2024: l e A d I ng the Ch A rge

I n s ol A r InnovAt I on A nd s k I lls d evelopment

Innoenergy made a significant impact at Intersolar europe 2024, the world’s largest exhibition and conference on solar energy. by supporting a diverse portfolio of pioneering companies, launching the european solar Academy, and facilitating crucial industry discussions, Innoenergy continues to drive the transition towards a sustainable and self-reliant european solar sector.

InnoEnergy’s presence at InterSolar Europe 2024 underscored its pivotal role in advancing solar innovation and skills development. The event, which attracted over 110,000 industry professionals from 176 countries, served as a platform for showcasing the latest in renewable energy technology and solutions.

A major highlight was the organisation of the annual European Solar Photovoltaic Industry Alliance (ESIA) PV Forum. As the secretariat of the ESIA, InnoEnergy brought together 150 members to discuss regulatory progress, the Net Zero Industry Act, and solutions for scaling European manufacturing. Kerstin Jorna, Director General of DG GROW at the European Commission, opened the forum with a keynote address, emphasising the importance of collaborative efforts to support the European solar industry.

Several of InnoEnergy’s portfolio companies showcased groundbreaking technologies at the event. These included Holosolis with high-efficiency photovoltaic solutions, NexWafe’s cost-effective silicon wafer production, HELIUP’s innovative solar panel installation technologies, and Solaqua’s advanced solutions for solar irrigation systems. The diverse range of innovations highlighted InnoEnergy’s role in driving the solar industry forward.

The launch of the European Solar Academy by InnoEnergy was another significant milestone. Mandated by the European Commission as one of its Net-Zero Academies, the Academy aims to reskill and upskill 65,000 workers across the European solar photovoltaic (PV) value chain over the next two years. This initiative addresses critical skills shortages identified by recent market research conducted by InnoEnergy.

kerstin Jorna Director General, DG GROW, European Commission

If there is one thing I would like you to retain, it’s that the glass is half full. We want to make this work; we want to walk the talk.

5.4 t r A

InnovAt I on A nd p ol IC y For A s ustAI n A ble Future

Innoenergy’s transatlantic Clean tech s ummit brought together over 200 industry leaders, investors, innovators, and policymakers from both sides of the Atlantic to explore success stories and roadblocks in scaling clean tech. the summit aimed to foster collaboration between the us and eu to bridge the gap between innovation, climate capital, and industrial policy.

In 2024, InnoEnergy’s Transatlantic Clean Tech Summit highlighted the critical role of collaboration in achieving ambitious decarbonisation goals amidst geopolitical volatility. The event, held at The Engine in Cambridge, MA, focused on securing clean, reliable, and domestically sourced energy for sustainability and national security.

The summit featured key sessions, including a panel on scaling net-zero industries in the EU, which provided an overview of Europe’s progress in deploying clean technologies within carbon-intensive industries. Panelists discussed

the specific technologies driving decarbonisation, the financial capital and workforce development needed, and lessons learned to date. Another panel dissected differences in regulatory environments for climate technologies in the EU and the US, comparing the roles of incentives and mandates as catalysts for clean technology deployment.

Another pannel adressed the vital role of collaboraton and industrial partnerships in building strategic value chains for lowcarbon technologies. Discussions on transatlantic expansion from

startups and a fireside chat on essential traits that drive clean tech companies to global success also occurred.

Elena Bou, Innovation Director at InnoEnergy, delivered a keynote address on building the bridge for transatlantic decarbonisation, emphasising the importance of collaborative efforts to support the clean energy transition. The summit underscored the need for innovative financing mechanisms and policy alignment to attract and de-risk greater investment in clean tech manufacturing projects at scale.

hum A n CA p I tA l

Unique study path for energy engineers. InnoEnergy Masters+ prepares top engineering talent from around the world for dynamic careers in sustainable energy.

6.1 From s tudent vI s I on to Industry r eCogn I t I on

neargy, born from the minds of Innoenergy masters+ students passionate about making a difference, has made significant strides in the energy sector.

Adrian Brasero, Guillem Álvarez, Alex Cano, and Gonzalo Olaso first crossed paths during their studies for the Masters in Renewable Energy programme. Their dedication and innovation were recognised when they secured third place in the Battle of Green Talent competition. This accomplishment propelled them into the startup incubation programme, where they continue to thrive and grow.

Neargy participated in several innovation competitions and programmes, refining their idea and gaining recognition and support. They started at ESADE Business School training, part of their InnoEnergy Masters+ training, as BEC (Bringing Energy Closer), where they validated their idea for more than six months. Then they entered the ImaginPlanet Challenge in 2021, where they were among the top 50 out of more than 400 participants. In 2023, they reached the semi-finals of the prestigious JumpStarter competition, organised by (European Institute of Innovation and Technology).

Neargy is a digital marketplace designed to accelerate the creation and adoption of Energy Communities (ECs). ECs consist of a group of actors coming together to produce and consume energy locally, with the goal of reducing costs, increasing energy efficiency and security while promoting renewable energy sources. Foreseeing a booming market for self-consumption, especially in Southern Europe, driven by increased awareness and regulatory support, Neargy bridges the gap between shared self-consumption initiatives and the general public.

The Neargy creators are thankful for their experience in the Masters+ programme for the opportunity to study at top-notch universities and connect with a crucial network of innovators and investors in the clean tech industry. They look forward to continuing to harness their entrepreneurial spirit and making impactful strides toward the energy transition.

Adrian brasero Co-Founder, Neargy

InnoEnergy Masters+ programmes are one of a kind in terms of mixing engineering and business abilities to get closer to the entrepreneurship world. It was this fusion of knowledge and skills that laid the groundwork for Neargy.

6.2 From Inno e nergy mA ster’s s tudent to Forbes 30 u nder 30

martim perestrelo, an Innoenergy master s chool alumnus, has been honored in the Forbes 30 under 30 list, marking the institution’s eighth recognition of this kind.

His academic journey at KTH Royal Institute of Technology and UPC: Universitat Politècnica de Catalunya led to the inception of Tether; a startup aimed at transforming the energy sector. Tether’s innovative AI-driven solution utilises parked Electric Vehicles as a decentralised battery network to stabilise the power grid and reduce fossil fuel dependence.

Martim’s journey began with his double degree in the Renewable Energy Master’s Programme, specialising in electricity markets. During his thesis at Starke Energy, he and his co-founder Luis developed the concept of Tether, which won the Jumpstarter

competition in 2022. Their dedication paid off with a Letter of Intent from a Swedish charge point operator and successful funding rounds. Acceptance into Techstars and MobilityXlab in Sweden further validated their concept.

Tether aims to revolutionise the energy sector by harnessing the untapped potential of parked electric vehicles. The industry attention that Martim and his co-founder Luis Medina Rivas have gained underscores the potential of their innovation. The 2024 Forbes 30 Under 30 list recognition is a pivotal moment in the young entrepreneurs’ journey toward expansive success.

martim perestrelo Co-founder and COO of Tether & InnoEnergy Master School alumnus

My InnoEnergy journey was great. The best thing about it is the opportunity to live in two different countries and meet so many people from such different cultures while at the same time having excellent courses. I think the highlight was the courses at ESADE and their final project of developing a startup from scratch. This was the first time that the ideas for Tether started emerging.

6.3 bI g m ooove’s bI g wI n At the bAttle o F g reen tA lent 2024

In April 2024, kth royal Institute of technology in stockholm hosted the thrilling grand Finale of the battle of green talent, an entrepreneurial competition organised by Innoenergy masters+ as part of master s chool Connect.

The event featured six teams of young, innovative entrepreneurs, all eager to present their groundbreaking ideas to this year’s esteemed jury. Among the judges were Bart de Beer, CFO of InnoEnergy; Lowina Lundström, CEO Scandinavia of InnoEnergy; Siimon Vaske, business coach and internationalisation lead from KTH Innovation; and Dina Rystedt, HR Director Sweden of Schneider Electric.

The competition was fierce, with teams having only three minutes to pitch their ideas and captivate the energy transition leaders. The stakes were high, with InnoEnergy services on offer for the top three teams, cash prizes for the first two, and the coveted Audience Award for the most impressive presentation.

Big Mooove, represented by Ashutosh Rajesh Agarwal, claimed victory with their innovative biodigesters paired with an application to provide comprehensive support for cooking fuel needs in India. Other notable teams included Greenvive with cold thermal energy storage, HeatWaveX showcased thermal energy storage technology for nuclear power plants, and Rewind Ecoshelters with a new concept for bus stops. Additionally, RuralRoots Energy displayed their idea for a new way to collect waste from fields in India and supply it to biogas producers during the offseason, and SENTech with an innovative approach to renting refurbished batteries for homeowners at an accessible price. Each presented unique solutions to pressing energy challenges.

simone Albanese HeatWaveX

I enjoyed the entrepreneur role because it was challenging me to give my best in order to refine and improve my venture. I really liked to get feedback from a lot of different people, both professionals in my field and experts in other fields as well.

6.4 Inno e nergy mA ster sC hool

b eComes Inno e nergy mA sters+

Innoenergy master s chool has undergone a transformation and is now known as Innoenergy masters+. this change reflects the institution’s commitment to providing top-tier education and fostering innovation in the energy sector.

The rebranding aims to better align with the evolving needs of students and the industry, ensuring that graduates are wellequipped to tackle future energy challenges. The new InnoEnergy Masters+ programme continues to offer a comprehensive curriculum that combines technical knowledge with entrepreneurial skills. Students will benefit from hands-on experience, industry connections, and access to cutting-edge research and technology. The programme’s focus on sustainability and renewable energy remains at the core of its mission, preparing students to become leaders in the transition to a greener future.

Students can partake in three different preparatory career track programmes: The Academics+ Track for theoretical training and applied skills that lead to two degrees and up to three certificates upon graduation; the Careers+ Track that offers onboarding, career and networking events, hackathons,

company visits and access to mentors and exclusive job opportunities; and the CommUnity+ Track that connects students, alumni and our wider ecosystem together through initiatives like social activities, topic chapters expert talks and more.

InnoEnergy Masters+ is dedicated to nurturing talent and driving innovation in the energy sector. With a strong emphasis on collaboration and practical experience, the programme aims to create a new generation of energy professionals who are ready to make a positive impact on the world.

The rebranding to InnoEnergy Masters+ marks an exciting new chapter for the institution, as it continues to evolve and adapt to the changing landscape of the energy industry. By providing students with the skills and knowledge they need to succeed, InnoEnergy Masters+ is helping to shape the future of energy.

83% graduates employed in europe 400 vacancies per year in our job board

110+ companies created by our alumni

gonzalo olaso InnoEnergy Masters+ alumnus, Neargy

As a former student of the InnoEnergy Masters+, I would highlight the opportunity to carry out my studies in a differentiating and highly prestigious programme in one of the current leading sectors in the EU, such as energy. Studying at one of the best European universities offers you the opportunity to pursue your career in various countries and gives you the opportunity to live the experience of establishing good friendships with international people, thus expanding your network.

6.5 Inno e nergy mA sters+ Alumn I

s potl I ght: CA rol I n A es C udero

Con C h A reCogn I sed Among 100

b r I ll IA nt women I n r enewA bles

Carolina escudero Concha, an alumna of the

Innoenergy master+ programme in s ustainable energy systems, has been recognised among the 100 brilliant women in renewable energy.

Carolina is a trailblazer in the renewable energy sector, combining technical expertise with a deep commitment to building a more inclusive and sustainable future. The Masters+ programme, along with her thesis at TU Eindhoven, allowed her to develop a skillset that enabled her career path. Her journey highlights the transformative power of education in equipping professionals to drive meaningful change in the energy sector.

Carolina’s remarkable career is marked by her work in integrating renewable energy into power grids and assisting industrial clients in upgrading their infrastructure with energy storage solutions. She has been involved in projects

that enhance energy resilience and sustainability, including electrifying transport and supporting clients in transitioning from fossil-fueled to electric fleets. Her expertise in depot planning, electric charger design, and structural changes for electric vehicles has been invaluable.

The InnoEnergy Master+ programme in Sustainable Energy Systems (SELECT) played a crucial role in shaping Carolina’s career. The combination of technical and commercial training provided by the programme has equipped her with the skills needed to excel in her field. This recognition signifies Carolina’s impact on the energy sector as she continues to make instrumental strides in her field.

Carolina escudero Concha

InnoEnergy Master+ alumna

For me, it’s not about one significant achievement but rather a continuous commitment to my work and supporting women in engineering.

6.6 Inno e nergy s k I lls Inst I tute

t r AI ns 100,000 workers For e urope’s bAttery s eCtor

the Innoenergy skills Institute has successfully trained 100,000 workers through the european battery Alliance (ebA) Academy, marking a significant milestone in workforce development for the battery sector. launched in 2022, the ebA Academy was mandated by the european Commission to address the skills gap in the rapidly evolving battery industry.

oana penu Director, InnoEnergy Skills Institute

The EBA Academy’s comprehensive training programmes have equipped workers with the necessary skills to meet the demands of the clean energy transition. The Academy’s success is a testament to the power of collaboration between industry and academia, setting a new standard for workforce development in Europe. The training initiatives have not only increased employability but also addressed the needs of the expanding European battery market.

Building on this success, the Academy plans to expand its services to include sourcing, hiring, onboarding, and retention, ensuring a holistic approach to workforce development. The milestone celebration event, “Skilling at Scale for the Battery Industry,” highlighted the relevance of skill development efforts and addressed the future paradigm of workforce development in Europe.

Reaching the milestone of 100,000 trained learners is a testament to the power of targeted, industry-focused training initiatives. However, there is still a long way to go to equip the workforce with all the skills needed for the green transition.

6.7 e urope A n s ol A r ACA demy mA rks n ew Ch A pter I n s eC ur I ng

A nd e mpower I ng work ForC e

In June 2024, Innoenergy launched the european s olar Academy, a significant initiative aimed at addressing the urgent need for skilled workers in the solar photovoltaic (pv ) sector. mandated by the european Commission as one of its net-Zero Academies, the Academy is set to reskill and upskill 65,000 workers across the entire european solar pv value chain over the next two years.

The European Union has ambitious targets to install almost 600 GW of solar PV panels by 2030 and supply 40% of EU demand for net-zero technologies with products made in Europe. This transition requires a substantial increase in skilled workers, with estimates suggesting up to 400,000 additional trained workers needed for installation and 50,000 for manufacturing. The European Solar Academy, run by the InnoEnergy Skills Institute, aims to bridge this skills gap by developing tailored training services and certifying over 80 local training providers.

The Academy’s curriculum will include more than 40 courses with industry-recognised certifications, covering the entire solar PV value chain. This comprehensive approach ensures that workers are equipped with the necessary skills to contribute to the solar industry’s growth and sustainability.

The launch of the European Solar Academy is a proactive response to the growing demand for skilled workers in the solar PV sector. The Academy’s focus on reskilling and upskilling workers is crucial for the EU’s energy transition and industrial strategy. By providing high-quality training and

certification, the Academy aims to create a new generation of skilled workers who can drive the solar industry’s growth and contribute to the EU’s net-zero goals.

The European Solar Academy is not just about training workers; it is also about creating socioeconomic benefits for the EU. By developing a skilled workforce, the Academy will help to generate GDP growth, create quality jobs, and revitalise deindustrialised areas. The Academy’s role in reshoring the photovoltaic industry in Europe is also strategically important, as it ensures resilience against external shocks and supply chain disruptions.

The European Solar Academy builds on the success of the European Battery Academy, which was also mandated by the European Commission. The Battery Academy has been instrumental in identifying future skills needs, designing tailored programmes, and fostering partnerships between governments and industry. The European Solar Academy aims to replicate this success in the solar sector, using the Battery Academy’s model as a blueprint for its training programmes.

thierry breton Commissioner for the Internal Market

Boosting solar PV manufacturing in Europe is vital for our energy security, competitiveness and resilience. Today’s Solar Academy launch proves the Commission is committed to reducing emissions while creating quality jobs in the EU.

6.8 b r I dg I ng the s k I lls gA p: e mpower I ng e urope’s s ol A r

Future

As the european union embarks on an unprecedented transformation of its energy landscape, investing billions into solar energy, it is clear that we are at the forefront of a green revolution. yet, amid this rapid expansion, a critical challenge looms – a significant skills gap that could hinder the sector’s progress. to sustain and accelerate the momentum of solar pv, it is imperative that the industry cultivates a highly skilled workforce capable of meeting the demands of this evolving market.

Solar energy is rapidly becoming a cornerstone of Europe’s clean energy transition. In 2023 alone, a record 56 GWdc of solar capacity was installed across the continent, bringing the EU closer to reaching its ambitious targets. Yet, while this expansion is commendable, it underscores a critical challenge: the urgent need for a skilled workforce capable of supporting and sustaining this growth. Solar installations have surged over the past three years, positioning solar as the fastestgrowing renewable energy sector in the region. The EU’s REPowerEU initiative has set ambitious goals, aiming for 600 GWdc by 2030. To meet these targets, Europe must add approximately 70 GWdc annually – 25% more than in 2023. However, this rapid expansion is not without its challenges.

The growth of the solar PV sector in Europe presents several obstacles. The initial financial investments required for solar PV deployment are substantial, and regulatory and policy barriers

can significantly slow down the adoption and expansion of solar technologies. For instance, permitting processes can take up to four years and delay project development. The success of solar PV hinges on another key element: a well-trained workforce. Ramping up both PV deployment and manufacturing in the EU to the required levels demands hundreds of thousands of skilled workers. As of 2022, nearly 300,000 people were employed in the sector directly, with an additional 367,000 jobs supported indirectly. However, an estimated 200,000 additional workers will be needed by 2027 to maintain the projected growth trajectory. More than four-fifths of these positions must be filled in the critical stages of project development and installation.

The skills gap remains one of the most pressing issues. The solar industry requires a diverse range of expertise, from materials and process knowledge in manufacturing to electrical

oana penu Director of the InnoEnergy Skills Institute

To meet the dual challenge of deploying solar PV at speed and boosting resilience of domestic manufacturing capacity, the current skills gaps in the workforce must be addressed. The Solar Academy will do just that.

engineering and construction skills during installation.

To address these challenges, the InnoEnergy Skills Institute has launched several initiatives aimed at bridging the skills gap in the solar PV sector. These initiatives include tailored training programmes, industryrecognised certifications, and partnerships with local training providers. By developing a skilled workforce, the Institute aims to support the EU’s ambitious solar energy targets and ensure the sustainability of the sector.

The InnoEnergy Skills Institute’s approach to training is comprehensive and multifaceted. It includes modular training programmes that cover the entire solar PV value chain, from manufacturing to installation and maintenance. The Institute also collaborates with industry experts and academic institutions to ensure that the training programmes are aligned with the latest technological advancements and industry needs. This collaborative approach ensures that workers are equipped with the skills needed to contribute to

the solar industry’s growth and sustainability.

The success of these initiatives is evident in the growing number of skilled workers entering the solar PV sector. The InnoEnergy Skills Institute has trained and upskilled thousands of workers, providing them with the knowledge and expertise needed to excel in their roles. This has not only helped to bridge the skills gap but also contributed to the overall growth and development of the solar PV sector in Europe.

6.9 empowerIng the next gener AtIon oF sol Ar teChnICIAns: A globAl sol Ar

InItIAtIve

the global solar industry is experiencing unprecedented growth, driven by the urgent need to transition to renewable energy sources. As countries around the world set ambitious targets for solar energy deployment, the demand for skilled solar technicians is skyrocketing. to address this critical need, a global solar initiative has been launched, aiming to empower the next generation of solar technicians through comprehensive training programmes and industry partnerships starting in lebanon with expansion to come.

This programme is a collaborative effort involving green tech training, the Chamber of Commerce in Tripoli and the InnoEnergy Skills Insititute and implemented by the International Organisation for Migration. This training programme is part of the European Solar Academy and aligns with IEC and VDE standards, ensuring that those completing the course are ready to work to the highest international benchmarks.

Its mission is to provide highquality training and certification programmes that equip workers with the skills needed to excel in the solar industry. Participants in the course will be prepared to meet industry needs with precision. One of the key components of the Solar Technician programme is the integration of education of managerial skills in addition to the technical aspects of solar installation covered in the course. By providing industry-recognised certifications, the initiative aims to enhance employability and career

prospects for solar technicians. It will also promote career progression in the dynamic solar industry.

With solar installation still a growing profession in Lebanon, this programme offers a chance to fill a critical skills gap, ensuring participants meet both local and international standards. By partnering with industry leaders and educational institutions, the initiative ensures that its training programmes are aligned with the latest technological advancements and industry needs. This collaborative approach helps to create a dynamic and resilient workforce capable of driving the global transition to renewable energy.

As the world continues to embrace solar energy, the Solar Technician programme will play a crucial role in shaping the future of the industry. By empowering the next generation of solar technicians, the initiative is helping to build a sustainable and prosperous future for all.

Abulrahman hashem

Solar Technician Programme participant I learned about solar panels and installation at my university, but I enrolled in this course to move from theory to practical work. In this course, I learned more about solar installations, new technologies, and the importance of solar panels for environmental causes.

dI vers I ty

7

We are committed to extending the same warm welcome to everyone, whatever their personal journey.

7.1 dI verse p erspeCt I ves

At Innoenergy, our impact is strongest when every voice is heard, valued, and acted upon. that’s why diversity, equity, and inclusion (deI) are at the core of our trusted ecosystem, driving innovation across our employees, shareholders, and wider network of partners.

Recruiting with diversity in mind has created a culturally rich workplace that fosters creativity, unique perspectives, and a commitment to ensuring equity for every team member. As a result, our workforce spans 46 different nationalities with a balanced gender ratio. But DEI is more than representation, it’s about ensuring that every

employee feels respected, valued, and empowered to contribute to our collective success.

Across every stage of the employee experience, from recruitment, to compensation, and career development, as well as all our external interactions, we are committed to exemplifying these DEI principles.

Inés pascual mir Diversity Manager, InnoEnergy Our ambition to industrialise clean tech innovation to enable and grow a global net-zero economy, can only be realised if our team is empowered to think and act expansively. So, as we push ahead, we foster an environment that values diverse perspectives, inspires collaboration and has zero tolerance for discrimination. Innovation sparks it. Investment fuels it. Industry builds it. Together, we are making it happen!

7.2 ImplementAt I on In ACt I on

dutch corporate law standard of diversity

InnoEnergy supports the Dutch corporate law standard of diversity. This encourages companies to adopt a policy of having a minimum of 30% of board seats occupied by women and 30% by men. As of last year, we met this benchmark, with both our Supervisory and Executive Boards occupied by 33% women. We view these corporate standards as an opportunity to actively recruit talent who exemplify the skills needed in our leadership roles, while ensuring that our workforce is balanced with a fair gender ratio.

gender mainstreaming policy

In 2021 we put in place our Gender Mainstreaming Policy, in which we welcomed a Diversity Manager to drive our focus on diversity and implement a multiple-year action plan.

Some highlights of this are ensuring that at least 30% of our candidates in the recruitment process are female and at least one female is part of the selection committee. We also joined the ‘Equal by 30’ initiative to facilitate the exchange of the benefits of diversity, best practises, and knowledge-sharing in energy.

training

Additionally, compulsory diversity training is continuously offered to all InnoEnergy employees.

transparency

We are transparent about our company makeup and in full disclosure, the company employed on average 45% female and 55% male colleagues from 46 nationalities in 2024. This is abovemarket practise. However, we are aligned with the EU’s Gender Equality Strategy 2020-2025, and we are committed to integrating the gender dimension business and operational strategy until we achieve full gender balance.

dei investment practices

A diverse portfolio does not only mean a wide range of investment choices — it also means we invest in companies with teams from many different backgrounds. Our investment choices align with our standards of equity and inclusion, and we proudly support companies that are led by women, ethnic minorities, and people of all races and religions. Innovation comes from all corners of the world, socioeconomic statuses, and all personal identifications, and we strive to bolster sustainable solutions regardless of the origin

diversity as dNa of the Next generation of clean energy innovators

Our commitment to a diverse community within the clean energy industry goes beyond the current workforce. We are actively developing the next generation of clean energy innovators with our education programmes — the Skills Insititute and Masters+ Programme — and instilling our inclusive values along this process is front of mind.

We granted 16 Diversity Scholarships in 2024 to highperforming students with especially unique backgrounds that can enrich the programme with their perspectives. We began awarding Diversity Scholarships in 2022 as a way to ensure that a broad range of students can contribute to the clean energy industry now and in years to come.

Our education programmes allow us to shape the future of the clean energy landscape, and we are dedicated to paving the path forward with inclusivity and respect.

m

ike ruigrok Head of HR, InnoEnergy

At InnoEnergy, Diversity, Equity and Inclusion is not simply about setting targets and quotas. It aims to equip our unique organisation with a variety of viewpoints and perspectives so we can better understand and meet the needs of our diverse customers.

7.3 dI verse perspeCt I ves For our eCosystem

natalia tomiyama founder and CEO of Nüwiel

Being a founder is a challenge. Being an underrepresented founder is all that challenge and additional hurdles that come from marginalisation. What helps me in my entrepreneurial journey is to stick to my values, be aware of the bias and focus on my strengths.

evan may Investment & Asset Associate

From day one, InnoEnergy has empowered me to make an impact as a young professional. In an organisation that prioritises development, my voice is not just heard but amplified, and my fresh perspective is valued. I’ve not only gotten to learn from diverse peers and industry leaders, but have had the opportunity to share my insights on the US market to foster global collaboration.

Cristina Corchero CTO and co-founder of Bamboo Energy

The most important lesson I’ve learnt as a female founder is to build a network of women entrepreneurs that allow you to learn from other female leaders, which might be different to the ones that almost always surround us. This network allows you to ask openly any doubt and receive valuable and generous insights. And ask, always ask, do not hesitate to ask any doubt you may have, there is always someone that has been there before.

elena

louis, IP Manager

InnoEnergy empowers me by making me feel like I am a part of impactful innovation. I get to work with entrepreneurs, students, and the people shaping the future of the work force.

karin karlsson Senior Marketing & Communications Manager

People care about you for who you are, which is key to bring out the most in diverse teams.

lowina lundström CEO InnoEnergy Scendinavia

In order to succeed, we need diversity, and we need inclusion within my team but also within InnoEnergy and our ecosystem. We can only succeed together!

bo normark Chair EBA Board and account development and branding

Think beyond the obvious, build diverse teams and always focus on the market… none of this matters if we don’t care for people.

InnoEnergy Kennispoort 6th floor.

John F. Kennedylaan 2 5612 AB Eindhoven

The Netherlands info@innoenergy.com

InnoEnergy Benelux Kennispoort 6th floor

John F. Kennedylaan 2 5612 AB Eindhoven

The Netherlands benelux@innoenergy.com

InnoEnergy Brussels Rue Guimard 7 1040 Brussels info@innoenergy.com

InnoEnergy France

5 rue du Louvre 75001 Paris, France

france@innoenergy.com

5 place Nelson Mandela 38000 Grenoble, France france@innoenergy.com

InnoEnergy Central Europe ul. Mogilska 43. 31–545 Kraków, Poland. central.europe@innoenergy.com

ul. Chmielna 73 00-801 Warszawa, Poland central.europe@innoenergy.com

InnoEnergy Germany

Albert-Nestler-Strasse 21 76131 Karlsruhe, Germany germany@innoenergy.com

Zionskirchstr. 73a 10119 Berlin, Germany germany@innoenergy.com

www.innoenergy.com

InnoEnergy Iberia

Carrer Jordi Girona, 29 0C Nexus II building. 08034 Barcelona, Spain iberia@innoenergy.com

Paseo de la Castellana, 259D, 18th fl. 28046 Madrid, Spain iberia@innoenergy.com

InnoEnergy Scandinavia

Torsgatan 11, 8th floor 111 23 Stockholm, Sweden scandinavia@innoenergy.com

InnoEnergy USA

444 Somerville Ave Somerville, Massachusetts 02143 United States usa@innoenergy.com