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Innoenergy Annual Review 2025

InnoEnergy Annual Review 2025

Contents

A year of industrial delivery

6 7 8 9 10 12

About us

14 17 18 19 20

Strategic Value Chains

22 23 24 28 28 29 29 30 30 31 31 32 32 33 33

Highlights from our portfolio

1.1 #1 most active energy investor globally 2025 1.2 15 years of fostering innovation for growth and decarbonisation 1.3 Built on trust – connecting for impact 1.4 InnoEnergy Executive Board 1.5 InnoEnergy Supervisory Board

2.1 Creating new markets in Europe and beyond 2.2 European Battery Alliance (EBA) 2.3 European Solar PV Industry Alliance (ESIA) 2.4 Hydrogen Value Chain (HVC)

3.1 InnoEnergy portfolio companies gain global and strategic recognition 3.2 Our secret sauce: Value-added support 3.3 GravitHy 3.4 HoloSolis 3.5 Sunwafe 3.6 Verkor 3.7 VolagHy 3.8 Atawey 3.9 Altris 3.10 CorPower Ocean 3.11 ecop 3.12 ElevenEs 3.13 Enosis 3.14 GDI

About us

34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43

3.15 HeatVentors 3.16 Heliup 3.17 Hysun 3.18 Kerionics 3.19 Meva Energy 3.20 Mine Storage 3.21 Mob‑Energy 3.22 Nabrawind 3.23 NitroCapt 3.24 Novatron Fusion Group 3.25 Prime Batteries 3.26 Qkera 3.27 Skeleton Technologies 3.28 Stockholm Water Technology 3.29 suena energy 3.30 Swobbee 3.31 Tribonex 3.32 Vulcan 3.33 Zparq

44 45

Events

48 49 50

Human capital

52 53 54

Diversity

4.1 The Business Booster advances clean industrial electrification

5.1 InnoEnergy Skills Institute closing Europe’s clean tech talent gap 5.2 InnoEnergy Master School alumni build Europe’s energy start-ups

6.1 Our Values 6.2 One journey, many welcomes

InnoEnergy Annual Review 2025

About us

A year of industrial delivery In 2025, the energy transition entered a defining phase. The conversation shifted from ambition to execution. Clean technologies were no longer measured only by their promise, but by their ability to move into factories, supply chains and commercial reality.

Sébastien Clerc

CEO, InnoEnergy

For InnoEnergy, this was a year of industrial delivery. A year in which the foundations for the next generation of clean tech industries became tangible and visible. It was also a year that proved something fundamental: the companies we have funded and founded delivered results, and the markets we have helped shape together with our ecosystem are now starting to reach industrial maturity.

Building Europe’s next industrial champions

Industrial leadership does not emerge by chance. It is built through long-term commitment, patient capital and close collaboration between industry, finance and policymakers. Throughout the year, InnoEnergy remained focused on what matters most: supporting its portfolio companies as they crossed critical thresholds on their journey towards industrial relevance. Across batteries, hydrogen, solar and sustainable fuels, our company builders and portfolio ventures reached key milestones, strengthening Europe’s ability to produce strategic technologies at home. These are not isolated success stories. Together, they form the backbone of resilient value chains that reduce dependencies, create highly skilled jobs and strengthen Europe’s long-term competitiveness and industrial sovereignty.

An ecosystem that turns ambition into delivery

Scale is never achieved alone. Industrial transformation depends on the ability to connect technologies with markets, capital and policy at the right moment. This is where InnoEnergy’s ecosystem – built over more than a decade – proved decisive. By working with partners across industry, finance, research, academia and public institutions, we helped reduce risk, align incentives and accelerate decision‑making. This ecosystem approach enabled portfolio companies to move faster from innovation to execution, and allowed first‑of‑a‑kind projects to progress despite tighter capital markets. It remains a defining element of InnoEnergy’s identity – and a source of long-term competitive advantage.

Value chains as engines of scale

From execution to advantage

As global competition intensified, Europe’s strengths became clearer: regulatory certainty, deep industrial expertise and a growing pipeline of mature clean tech projects. The challenge now is not discovery but endurance: sustaining momentum, protecting strategic assets and ensuring that Europe’s industrial champions can compete on equal footing globally. This report tells a story of execution: technologies moving beyond the lab, factories taking shape and an ecosystem working together to drive real-world impact. Clean tech leadership is not claimed; it is built – step by step, project by project, value chain by value chain. This is how InnoEnergy is helping turn Europe’s clean industrial transition into long-term competitive advantage.

The value chains led by InnoEnergy continued to act as platforms for scale. By bringing together stakeholders across the full industrial system, we helped mobilise capital, shorten time to market and turn fragmentation into industrial momentum. In a year marked by financial pressure and geopolitical uncertainty, this coordinated approach proved essential as we bridge Europe’s growth equity gap.

InnoEnergy Annual Review 2025

1 about us

Transitioning global energy. Transforming every industry.

About us

1.1 #1 most active energy investor globally 2025* Transformation is tough. We get hard stuff done.

Imagine a world where all energy is clean and infinite. Where every industry on the planet is transformed, and the lives of every person impacted. This is the vision at the heart of everything we do. This is the scale of the ambition that drives us. The energy transition is no longer a question of if. Industrial transformation is now a prerequisite, in every field from automotive to agriculture – at a scale that is unprecedented. And as some industries struggle to keep pace, rather than sitting back, we’re pushing ahead.

Industrialising clean tech the InnoEnergy way Investing in early-stage startups and building new industrial companies

Delivering upskilled talent and preparing next-gen energy leaders

Leading clean tech value chains that strengthen Europe’s industrial base

We de-risk and grow promising startups through value-added services and capital. Pinpointing market gaps in key sectors, we also build and launch new industrial ventures that drive transformative change.

The most critical “raw material” in industrial transformation is people. That’s why we deliver upskilled talent to the current workforce via our Skills Institute. And we prepare next-gen energy leaders through our Masters+.

We support the development of competitive and resilient European value chains in batteries, solar and low-carbon hydrogen to drive economic growth and create millions of new jobs.

* Pitchbook, Global League Tables 7

InnoEnergy Annual Review 2025

1.2 15 years of

fostering innovation

for growth and decarbonisation

Active in Europe and the US, we invest in early-stage start-ups and the current and future workforce, building resilient clean tech value chains that drive sustainable economic growth. Through our ecosystem – with 1,400 partners, including 39 shareholders, spanning industry, finance, public policy, and academia – we scale the energy transition at speed. In support of the EU’s climate and industrial goals, InnoEnergy leads industrial alliances in batteries and solar, and accelerates the uptake of low-carbon hydrogen. Pinpointing market gaps, InnoEnergy launches new industrial champions in sectors including batteries, steel, and fertilisers. Since 2010, InnoEnergy has supported 540+ companies, helping to grow 4 into industrial unicorns. These companies have raised more than €35 billion to date, created over 47,000 jobs, and are on track to generate €110 billion in revenue with the potential of reducing an estimated 2.3 gigatons of CO2e by 2030. Currently, InnoEnergy is invested in 145+ start-ups and scaleups. InnoEnergy was established in 2010 by the European Institute of Innovation and Technology (EIT), a body of the European Union, as one of its first Knowledge and Innovation Communities (KIC). In 2025, the EIT and InnoEnergy entered into a new partnership, where they will continue collaborating on specific projects.

About us

1.3 Built on trust – connecting for impact Over the past 15 years, we have developed a unique and trusted ecosystem for clean technology innovation.

1,400+ partners across 21 EU member states and the US work together to accelerate the energy transition. By leading three strategic value chains in battery, solar, and hydrogen, we help develop resilient and competitive clean energy industries. Our holistic approach is anchored in our partnership with the EU and its institutions.

OUR SHAREHOLDERS

% INDUSTRIAL CORPORATES

% EDUCATION, TRAINING AND RTO

% FINANCIAL INSTITUTIONS

InnoEnergy Annual Review 2025

1.4 Innoenergy Executive Board

Sébastien Clerc

Bart de Beer

Sébastien Clerc brings extensive leadership in the energy transition, long experience as an investment decision-maker, and a strong track record in mobilising finance, with a proven ability to scale global renewable energy businesses.

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.

Christian Bauer

Karine Vernier

Jacob Ruiter

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.

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 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.

Chief Executive Officer

CEO, InnoEnergy DACH

Chief Financial Officer

CEO, InnoEnergy France

CEO, InnoEnergy Benelux

About us

Elena Bou

Frank Gielen

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.

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.

Mikel Lasa

Lowina Lundström

Mikołaj Budzanowski

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.

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 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 privatisation processes.

Innovation Director & Co-Founder

CEO, InnoEnergy Iberia

Education Director

CEO, InnoEnergy Scandinavia

CEO, InnoEnergy Central Europe

READ MORE 13

InnoEnergy Annual Review 2025

2 Strategic Value Chains

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.

Strategic value chains

InnoEnergy Annual Review 2025

European Battery Alliance

European Solar Industry Alliance

Strategic value chains

2.1 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. We drive systemic industrial transformation in the battery, solar PV, and hydrogen value chains. 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.

Hydrogen Value Chain Hydrogen Value Chain

InnoEnergy Annual Review 2025

2.2 European Battery Alliance (EBA) Launched by the European Commission in 2017, the European Battery Alliance (EBA) has become a cornerstone of Europe’s clean industrial strategy.

With an annual market potential estimated at around €250 billion and the capacity to support hundreds of thousands of jobs across the value chain by 2030, the battery sector is both a critical enabler of the energy transition and a strategic industrial opportunity. Managed by InnoEnergy, the EBA’s industrial development programme has grown into a powerful ecosystem of more than 800 stakeholders spanning the entire battery value chain, from raw materials and cell manufacturing to recycling. This project-driven network has laid the foundations for a competitive and increasingly integrated battery industry in Europe. The global context has intensified. Europe’s battery sector now faces strong pressure from heavily subsidised industrial ecosystems elsewhere, particularly China, whose dominance reflects a decade-long state-backed strategy combining scale, control of critical minerals and manufacturing capacity. In response, Europe is building on its strengths: regulatory stability, long-term planning and a strong industrial base. European-made batteries lead on sustainability, circularity and traceability – attributes increasingly valued by global markets and aligned with Europe’s strategic priorities.

Europe is building on its strengths: regulatory stability, long-term planning and a strong industrial base.

In 2025, Emma Nehrenheim joined InnoEnergy as Managing Director of the European Battery Alliance, strengthening leadership at a pivotal moment for the sector. With deep experience in battery manufacturing, sustainability and EU regulation, she is guiding the next phase of EBA’s industrial development, focusing on resilience, competitiveness and the long-term scaling of Europe’s battery value chain.

Emma Nehrenheim, Managing Director, European Battery Alliance

Strategic value chains

2.3 European Solar PV Industry Alliance (ESIA) Reshoring solar PV production in Europe.

The European Solar PV Industry Alliance (ESIA) aims to accelerate solar PV deployment in the European Union by scaling up to 30 GW of annual solar PV manufacturing capacity in Europe. By facilitating investment, de-risking industrial projects and supporting sector acceleration, the Alliance plays a central role in delivering Europe’s decarbonisation and energy security objectives. Launched by the European Commission in 2022, the Alliance is led by InnoEnergy as its Secretariat, with SolarPower Europe and the European Solar Manufacturing Council represented on the steering committee. Together, they work to strengthen Europe’s industrial base and reduce strategic dependencies in a rapidly growing global solar market. To deliver the objectives of the EU Solar Strategy, ESIA focuses on redeveloping, de-risking and accelerating the solar PV industry across the entire value chain, from upstream manufacturing to system integration. This approach supports the creation of a competitive European solar industry capable of responding to surging demand for solar PV in Europe and worldwide.

The Alliance’s priority actions include mobilising financing for European solar PV manufacturing projects

The Alliance’s priority actions include mobilising financing for European solar PV manufacturing projects to ensure a sustainable level playing field and supporting the swift implementation of ecodesign requirements for PV systems and products. Together, these measures are helping to lay the foundations for a resilient, competitive and future‑ready solar manufacturing sector in Europe.

Ministerial Meeting of The European Solar Industry Alliance in Brussels on 30 September 2025

InnoEnergy Annual Review 2025

2.4 Hydrogen Value Chain (HVC) Accelerating the hydrogen value chain in Europe.

As part of the overall rebranding exercise of InnoEnergy this year, EGHAC has changed its name to ‘Hydrogen Value Chain’.

Building on InnoEnergy’s deep sectoral expertise, a clear need emerged in 2021 to accelerate the development of a commercially viable hydrogen value chain in Europe. Establishing such a value chain is essential to achieving Europe’s net-zero objectives while sustaining industrial growth and competitiveness, particularly in energy‑intensive sectors. To act on this mission, InnoEnergy assembled a dedicated team of technical experts, experienced venture builders and business developers. The team focuses on building deep industry knowledge, fostering strong ecosystems and partnerships, and creating commercial opportunities that accelerate competitive decarbonisation. This enables InnoEnergy to invest in early‑stage start-ups, develop strategic portfolios and launch company‑building initiatives across the hydrogen value chain. These efforts have already translated into concrete outcomes. InnoEnergy founded GravitHy in 2022 to develop low‑carbon iron production, with the company advancing plans for its first industrial plant in Fos‑sur‑Mer, France. In 2023, FertigHy was launched to address low‑carbon fertiliser production through early value‑chain derisking. In 2024, InnoEnergy initiated the development of VolagHy, an eSAF company targeting the Nordic markets as lead regions for e‑fuel production in Europe. Across all initiatives, InnoEnergy starts from clear offtaker demand, works with partners along the full value chain to reduce the green premium, and applies its value‑added support model to derisk and accelerate innovation. Its ambition is to bring multiple first‑of‑a‑kind hydrogen projects to bankability, scale breakthrough technologies and deliver meaningful emissions reductions in the coming decade.

Carina Krastel, Head of Hydrogen Value Chain

Strategic value chains

InnoEnergy Annual Review 2025

3 Highlights from our portfolio

All of the innovations we back leverage our value-added support to make their business case bigger, safer, and happen sooner. 22

Highlights from our portfolio

3.1 InnoEnergy portfolio companies gain global and strategic recognition InnoEnergy-supported portfolio companies earned high-profile international and EU recognition, underscoring Europe’s growing strength in industrial clean tech and the strategic value of innovationled value chains.

InnoEnergy portfolio companies were recognised by TIME and Statista as among the World’s Top GreenTech Companies, reflecting their positive environmental impact, innovation strength and financial maturity. CorPower Ocean, NexWafe and Skeleton Technologies were highlighted for their contributions across wave energy, solar manufacturing and energy storage. This global recognition reinforced the position of European clean tech ventures as they progressed from technological leadership towards industrial scale and international competitiveness. In parallel, three InnoEnergy portfolio companies were designated as Strategic Projects under the European Union’s Critical Raw Materials Act, confirming their importance to Europe’s industrial resilience and supply security. Vulcan Energy Resources and Euro Manganese programme were recognised for strengthening domestic and sustainable access to critical raw materials essential for battery and clean energy value chains. The designation is expected to support faster permitting and improved access to public financing, accelerating progress towards large-scale deployment while reducing reliance on external suppliers. Together, these recognitions illustrate how InnoEnergy continued to align innovation with industrial delivery. By supporting technologies and projects that reinforce entire value chains – from raw materials to energy systems – InnoEnergy helped translate policy ambition into tangible industrial progress and long-term competitiveness.

Elena Bou

Co-Founder and Executive Board Member, InnoEnergy These companies are at the forefront of their sectors, bringing breakthrough technologies the world needs to address both increasing energy needs and climate change.

InnoEnergy Annual Review 2025

3.2 oUR SECRET SAUCE:

Value-added 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 2025’s most promising innovations and their successes. READ MORE

Supply 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 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.

Governance strategy 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. 24

Val add supp 202

lueadded pport 25

Highlights from our portfolio

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

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 challenges - especially for newcomers. We provide our start-ups with market intelligence and activate our industrial partners to establish these initial commercial relationships.

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.

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. 25

InnoEnergy Annual Review 2025

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 priorities namely 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.

Social

Stakeholder engagement

Reduction of Environmental Impact

Governance

Strengthening corporate governance by increasing operational transparency

Highlights from our portfolio

Making an impact in sustainable energy

Top5

The most active VCs in European tech

According to Sifted in 2025

€35B+

investment raised by portfolio companies through 2025

$110B

Portfolio revenue Forecasted until 2030

145+

COMPANIES IN THE PORTFOLIo

The most active VC investor globally in energy

According to Pitchbook’s Annual League Table 2020, 2022, 2023, 2024, 2025

Unicorns

VC investor in Europe

According to Startup Genome

47,760

jobs created

InnoEnergy has supported the creation of 4 industrial unicorns

Through our portfolio companies, we have supported the creation of new jobs in clean tech

2.3Gt

2,000+

Estimated accumulated emissions savings potential of our portfolio by 2030

equipped to transform industries

CO2e

100,000+

workers trained to address global skills shortage to drive energy transition

Masters+ graduates

540+

companies supported

InnoEnergy Annual Review 2025

3.3 GravitHy SECURES €60 million to scale lowcarbon iron

GravitHy secured €60 million in new funding to accelerate low‑carbon iron production, with InnoEnergy supporting the project and drawing in strategic investors across the green steel value chain globally. The round combined public funds from France’s ‘Première Usine’ programme with new investors including Ecolab, Japan Hydrogen Fund, Marcegaglia, Rio Tinto and Siemens Financial Services, plus follow‑on investment from InnoEnergy and Engie New Ventures. The capital advanced engineering, permitting and recruitment, supporting progress towards a final investment decision and early demand‑securing contracts.

Simon Farry

Head of Steel Decarbonisation, Rio Tinto This investment, as a member of the consortium of investors covering GravitHy’s entire value chain, is a logical next step in our support of the project.

builder

3.4 HoloSolis advances European solar manufacturing with €220m backing

Company page

gravithy.eu

HoloSolis moved a major step closer to large‑scale industrial production by assembling a robust public‑private financing package, reinforcing Europe’s ambition to rebuild a competitive and sovereign photovoltaic manufacturing base. The financing exceeded €220 million and brought together new industrial partners alongside long‑standing shareholders including InnoEnergy. The funding supported the launch of a solar gigafactory in Sarreguemines‑Hambach, designed to reach five GW of annual capacity, create around 2,000 direct jobs and supply enough modules to power one million European homes each year.

Bertrand Lecacheux CEO, HoloSolis

I am very proud that new partners are joining us! We will be able to benefit from their expertise to build the largest TOPCon cell and module gigafactory in Europe.

builder 28

Company page

holosolis.com

Highlights from our portfolio

3.5 InnoEnergy CONFIRMS Spanish funding for Sunwafe solar PV project

InnoEnergy confirmed €200 million in funding support from Spain’s Ministry for Ecological Transition and the Demographic Challenge for the Sunwafe solar PV project, strengthening Europe’s domestic photovoltaic manufacturing capacity. The grant supports the construction of a state-of-the-art manufacturing facility in Asturias, Spain, dedicated to producing silicon ingots and wafers for photovoltaic applications. Sunwafe’s planned output of 20 GW of silicon wafers annually represents a major step toward re-establishing wafer manufacturing in Europe, enhancing energy security and strategic autonomy across the solar PV value chain.

Michael Pinto CEO, Sunwafe

3.6 Verkor opens its first gigafactory in France

This funding positions Sunwafe as a flagship initiative for reindustrialisation and strategic autonomy in the European solar value chain.

Company page

builder

sunwafe.com

InnoEnergy supported Verkor as it reached a decisive milestone by opening its first low‑carbon battery gigafactory, marking its transition to large‑scale industrial production in Europe. The opening of the gigafactory in Bourbourg confirmed Verkor’s industrial maturity and its role in strengthening Europe’s battery value chain. With an initial capacity of 16 GWh, the site was designed to supply low‑carbon lithium‑ion cells for electric mobility, supporting Europe’s ambitions for reindustrialisation, decarbonisation and technological sovereignty. The facility complemented Verkor’s Innovation Centre in Grenoble, where battery technologies had been developed and validated before being transferred to industrial scale. Together, the two sites demonstrated Verkor’s ability to move from pilot production to manufacturing, laying the foundations for further scale‑up and long‑term competitiveness in the European battery market.

Benoit Lemaignan CEO, Verkor

The inauguration of our Gigafactory marks the culmination of an exceptional commitment from our teams and the steadfast support of our partners.

builder

Company page

verkor.com 29

InnoEnergy Annual Review 2025

3.7 VolagHy advances Europe’s eSAF and hydrogen scale‑up

InnoEnergy supported VolagHy in advancing the industrial deployment of sustainable aviation fuel and renewable hydrogen for hard‑to‑abate sectors, with aviation as a primary focus. Backed and initiated by InnoEnergy, VolagHy progressed large‑scale Power‑to‑X projects designed to deliver commercially viable clean fuels. The company advanced its flagship eSAF project in Kuopio, designed to produce around 50,000 tonnes of synthetic aviation fuel per year using renewable hydrogen and biogenic CO₂, strengthening the project’s financial and industrial foundations. VolagHy also reinforced its trajectory through a strategic partnership with ORLEN, focusing on future supply models for sustainable aviation fuel and renewable hydrogen between the Nordics and Poland, and supporting the emergence of a cross‑border European eSAF market.

Markku Kivistö

Head of Cleantech, Invest In, Business Finland Having worked with the project team from the very start, we expect the tax credit award will support the project to progress into implementation.

builder

3.8 Atawey accelerates hydrogen mobility scaleup with €22m funding

Company page

volaghy.com

Atawey advanced its European hydrogen mobility ambitions through a significant capital increase, with InnoEnergy continuing to support the company’s transition from deployment to industrial scale. The €22 million equity round brought together long-standing and new investors to support the expansion of hydrogen refuelling infrastructure across Europe. The funding strengthened Atawey’s capacity to deliver modular, turnkey stations for heavy-duty mobility and industrial uses, while reinforcing its role as a trusted infrastructure partner in Europe’s hydrogen ecosystem.

Jean‑Michel Amaré

President and Co-Founder, Atawey This fundraising is a major milestone. It allows us to scale up fast while staying true to our core.

Company page

atawey.com 30

Highlights from our portfolio

3.9 Altris and Volvo Cars join forces to advance sodiumion battery technology

Altris accelerated its path to market by securing strategic investors and new funding, while InnoEnergy continued to support the company’s European sodium‑ion battery ambitions and progress towards commercialisation. Volvo Cars Tech Fund joined Altris’ B1 round and launched a collaboration to explore sodium‑ion battery energy storage systems and other applications, broadening commercial pathways beyond traditional lithium‑ion solutions. Later, Altris raised an additional 80.75 MSEK (about €7.3 million) from existing investors and reinforced leadership, sharpening its focus on customer‑driven partnerships and commercialisation.

Ann‑Sofie Ekberg

Former CEO, Volvo Cars Tech Fund We believe Altris’ technology has the potential to transform the battery market by providing more sustainable solutions, at a fraction of the cost.

Company page

altris.se

3.10 Strategic Investors Back

CorPower Ocean’s Wave

Energy Ambitions

CorPower Ocean strengthened its commercialisation pathway by bringing in new industrial investors, with InnoEnergy continuing to support the company’s ambition to make wave energy a reliable part of Europe’s clean power mix. Acario, the venture arm of Tokyo Gas, and GTT Strategic Ventures joined CorPower Ocean’s Series B round, adding engineering expertise and international industrial reach to support the transition from demonstration to commercial deployment. The backing advances wave energy as a stable, predictable renewable complement to offshore wind and solar.

Patrik Möller

CEO and Co-Founder, CorPower Ocean Acario and GTT Strategic Ventures bring significant engineering and industrial scale-up expertise.

Company page

corpowerocean.com 31

InnoEnergy Annual Review 2025

3.11 ecop ADVANCES industrial heat decarbonisation with €10.5m round

ecop strengthened its route to industrial scale by securing new growth capital, with InnoEnergy continuing to support the deployment of high‑temperature heat pump solutions across energy‑intensive sectors. The €10.5 million financing round was led by global pump manufacturer KSB, alongside the European Innovation Council Fund and existing investors including InnoEnergy. The funding enabled ecop to expand production capacity and prepare its novel rotor design for commercial use, supporting efficient, fossil‑free heat generation for industrial processes and district heating.

Fabian Sacharowitz CEO, ecop

With this financing round, we are sending a strong signal regarding the transition to using heat in industry.

Company page

ecop.at

3.12 ElevenEs ACCELERATES European battery scale-up across funding, tech and partnerships

ElevenEs advanced its industrialisation journey by combining strategic investment, technology development and supply‑chain partnerships, with InnoEnergy continuing to support the growth of a European LFP battery ecosystem. The company completed the first closing of its Series B round with backing from Caterpillar Venture Capital, strengthening plans to scale European battery manufacturing. In parallel, ElevenEs entered a joint development agreement with CarbonX to validate advanced anode materials for LFP cells and launched its Edge574 Blade Cell, setting new benchmarks for fast charging, durability and efficiency in electric mobility and industrial applications.

Nemanja Mikać

CEO and Founder, ElevenEs The investment from Caterpillar will support ElevenEs in its steps to advance LFP technology and scale operations.

Company page

elevenes.com 32

Highlights from our portfolio

3.13 Enosis INAUGURATES France’s first industrial biological methanation unit

Enosis reached a key industrial milestone by commissioning a first‑of‑its‑kind biological methanation facility, with InnoEnergy supporting the scale‑up of renewable gas solutions for the European energy system. The DENOBIO demonstrator marked the first industrial‑scale biological methanation unit in France designed for injection into the natural gas network. Integrated with an agricultural methanisation site, the installation converts recovered CO₂ and renewable hydrogen into renewable methane, increasing gas output without additional biomass and contributing to the decarbonisation of existing gas infrastructure.

Vincent Guerré

CEO and Founder, Enosis The inauguration of DENOBIO marks a further milestone in the industrialisation of biological methanation.

Company page

enosis-energies.com

3.14 GDI ADVANCES European battery materials with $11.5m follow-on round

GDI strengthened its industrial scale‑up by securing significant follow‑on financing, with InnoEnergy supporting the expansion of European manufacturing capacity for next‑generation silicon anode battery materials. The $11.5 million follow‑on round was led by Helios Climate Ventures and Impact NY, with participation from InnoEnergy and regional co‑financing, bringing total Series A funding to more than $20 million. The capital supported pilot production of GDI’s 100% silicon anodes in the Netherlands and laid the foundations for domestic battery supply chains, addressing performance, resilience and energy security across European and transatlantic markets.

Rob Anstey

CEO and Founder, GDI This milestone enables the next phase of our journey toward transforming the global battery industry.

Company page

gdinrg.com 33

InnoEnergy Annual Review 2025

3.15 HeatVentors SCALES intelligent thermal storage with €4m Series A

HeatVentors accelerated its international growth by securing Series A financing, with InnoEnergy supporting the scale‑up of intelligent thermal batteries that improve efficiency and decarbonisation in energy‑intensive heating and cooling systems worldwide. The €4 million Series A round brought together an international investor consortium including InnoEnergy to support HeatVentors’ next phase of industrial expansion. The capital strengthened technical infrastructure and accelerated development of multi‑megawatt thermal storage applications for data centres, district heating networks and large‑scale cooling systems. Already deployed in seven countries, HeatVentors’ intelligent thermal batteries deliver up to 25% energy savings while enabling renewable energy storage and waste‑heat recovery across diverse industrial and commercial sites.

József Kakas

CEO, HeatVentors Energy storage has become recognized across virtually all major markets as an indispensable enabler of decarbonization.

Company page

heatventors.com

3.16 Heliup LAUNCHES industrial production of ultra‑light solar panels in France

Heliup marked a major step in reindustrialising European solar manufacturing by inaugurating its first fully automated production line, with InnoEnergy supporting the scale‑up of lightweight photovoltaic solutions for large commercial and industrial rooftops. The new industrial line in Le Cheylas, France, gives Heliup an annual production capacity of around 100 MWp of ultra‑light photovoltaic panels for buildings with limited load‑bearing capacity. Based on patented technology developed with CEA‑INES, the panels are three times lighter than conventional modules while maintaining performance and durability, enabling large‑scale solarisation of existing rooftops, local job creation and low‑carbon electricity generation without additional land use.

Yannick Veschetti

CEO and Co-Founder, Heliup This first automated production line marks an important step for us and for reindustrialising the sector.

Company page

heliup-solar.com 34

Highlights from our portfolio

3.17 Hysun ACCELERATES cost‑competitive hydrogen with €3m round

Hysun advanced the industrial validation of a novel solar‑driven hydrogen process by securing new growth capital, with InnoEnergy supporting the scale‑up of electricity‑free hydrogen production for hard‑to‑abate sectors. The €3 million funding round brought in Equinor Ventures and Axon Partners alongside InnoEnergy and the company’s founders to accelerate deployment of Hysun’s photo‑thermo‑catalytic technology. Using concentrated solar energy rather than electricity, the process removes a major cost barrier for hydrogen and positions it to compete with grey hydrogen in industrial applications. The investment supports the installation of a full‑scale prototype at the Plataforma Solar de Almería, a key step towards demonstrating scalability, competitiveness and industrial readiness under real‑world conditions.

Marco Carrascosa

CTO and Founder, Hysun This milestone allows us to demonstrate that science can be translated into an industrial solution that is scalable and competitive.

Company page

h2hysun.com

3.18 Kerionics BRINGS SOEC electrolyser manufacturing to industrial scale in Spain

Kerionics reached a key industrial milestone by securing public funding to launch Spain’s first large‑scale SOEC electrolyser manufacturing line, with InnoEnergy supporting the development of an efficient hydrogen value chain for industry. The €12.8 million allocation supports the ZEROHGREEN project, enabling Kerionics to build an automated SOEC electrolyser production line as part of a €37.7 million investment. The facility will manufacture high‑temperature electrolysers designed for maximum energy efficiency, allowing energy‑intensive industries to integrate hydrogen while recovering heat and reducing operating costs. The project is expected to create skilled jobs in the Valencian Community and strengthen Spain’s and Europe’s strategic industrial ecosystem around hydrogen technologies aligned with EU climate objectives.

José Manuel Serra

Founding Partner, Kerionics With ZEROHGREEN, we are taking a decisive step towards a more competitive and sustainable future aligned with European climate targets.

Company page

kerionics.com 35

InnoEnergy Annual Review 2025

3.19 EIB backing accelerates

Meva Energy’s

industrial biogas scale‑up

Meva Energy strengthened its industrial expansion after securing €40 million in European Investment Bank financing, with InnoEnergy supporting the roll‑out of decentralised, climate‑neutral biogas solutions for European manufacturing. The EIB venture debt financing enables Meva Energy to scale its modular biogas plants that convert biomass residues into industrial‑grade renewable gas. The technology allows manufacturers to replace fossil gas with on‑site, climate‑neutral energy while producing biochar that supports carbon‑negative outcomes. Backed by the InvestEU programme, the funding supports upgrades to reference sites and deployment of new facilities across Europe, reinforcing EU objectives on clean industry, energy security and the bioeconomy.

Niclas Davidsson CEO, Meva Energy

This partnership strengthens our ability to scale circular, carbon‑negative solutions for industrial energy use.

Company page

mevaenergy.com

3.20 Mine

Storage

LAUNCHES EU‑backed underground energy storage project in Sweden

Mine Storage reached a major milestone with the official launch of its Swedish project, supported by a €20 million EU Innovation Fund grant and backed by InnoEnergy to scale long‑duration energy storage for renewable power systems. The Norberg project will convert a decommissioned iron mine into a pumped‑hydro energy storage facility, demonstrating how existing underground infrastructure can be repurposed to provide grid support and long‑duration storage. Using proven pumped‑storage principles, the project aims to stabilise renewable‑heavy power systems while minimising environmental impact. The EU funding enables Mine Storage to advance planning, permitting and stakeholder engagement, positioning the project as a replicable model for energy storage deployment across Sweden and Europe.

Fredrik Olrog

CEO, Mine Storage We are proud to show how former industrial sites can be transformed into assets that benefit both society and the climate.

Company page

minestorage.com 36

Highlights from our portfolio

3.21 E.Leclerc and

Mob‑Energy

PILOT smart EV charging in car parks

E.Leclerc partnered with InnoEnergy‑backed Mob‑Energy to pilot a new approach to electric‑vehicle charging in supermarket car parks, improving customer convenience while optimising power use without major grid upgrades. At the E.Leclerc store in Autun, France, Mob‑Energy’s Eiko charging platform was deployed using a work‑free installation model. Powered by intelligent energy‑management algorithms, the system can charge up to 25 vehicles using the electrical capacity of a single conventional charger, dynamically allocating power based on parking time and charging needs. The pilot demonstrates a scalable, customer‑friendly solution that helps retailers meet new EV‑charging requirements while integrating mobility services into everyday shopping environments.

Salim El Houat

CEO and Co-Founder, Mob-Energy Eiko makes EV charging simpler, more flexible and better adapted to real customer usage.

Company page

mob-energy.com

3.22 Fortescue acquisition SCALES

Nabrawind reached a scale‑up milestone after being acquired by Fortescue, enabling its innovative tall‑tower wind technology to be deployed globally as part of a low‑cost, zero‑emissions energy strategy.

wind tower technology globally

The acquisition builds on a partnership launched in 2023 and integrates Nabrawind’s patented self‑erecting Nabralift tower technology into Fortescue’s renewable‑energy pipeline. By enabling turbines to be installed at greater hub heights without large cranes, the solution improves energy yield while reducing installation complexity and emissions. Backed by Fortescue’s execution platform, Nabrawind is positioned to industrialise its technology at scale and contribute to competitive wind power and global decarbonisation.

Nabrawind’s

Eneko Sanz

CEO, Nabrawind This integration allows us to project our technology to an unmatched global scale.

Company page

nabrawind.com 37

InnoEnergy Annual Review 2025

3.23 NitroCapt wins the 2025 Food Planet Prize for green fertiliser innovation

NitroCapt was awarded the 2025 Food Planet Prize for its breakthrough technology to decarbonise nitrogen fertiliser production, with InnoEnergy supporting the scale‑up of fossil‑free solutions for sustainable agriculture. The Swedish agtech company received the world’s largest environmental award for food systems in recognition of its plasma‑based process that fixes nitrogen from the air using renewable electricity, eliminating fossil fuels from fertiliser production. The technology enables local manufacturing with significantly lower energy use, addressing one of agriculture’s most emissions‑intensive value chains and strengthening food security and resilience in global food systems.

Gustaf Forsberg

CEO and Founder, NitroCapt This Prize will be very important for us to bring our technology to the stage where we can start making a difference.

Company page

nitrocapt.com

3.24 Novatron

Novatron Fusion Group (NFG) strengthened its path toward commercial fusion energy after securing €10million in SeriesA1 funding and a strategic partnership with lead investor St1, accelerating fusion development in the Nordics.

ADVANCES Nordic fusion with €10m funding

The €10 million round, backed by InnoEnergy and led by Nordic energy company St1, provides Novatron Fusion Group with long‑term industrial and commercial expertise to advance its NOVATRON fusion solution toward market readiness. St1 became NFG’s largest institutional shareholder and joined its board, reinforcing a partnership aimed at delivering fossil‑free, continuous baseload energy. The momentum was reinforced by the inauguration of NOVATRON 1 at KTH Royal Institute of Technology in Stockholm, the EU’s first private, fully integrated fusion plasma system, marking a milestone for the Nordic fusion ecosystem and Europe’s long‑term energy resilience.

Fusion Group

Peter Roos

CEO, Novatron Fusion Group As we prepare for industrialisation, we need partners that can contribute experience, networks and a strong position in the energy system.

Company page

novatronfusion.com 38

Highlights from our portfolio

3.25 Prime

Prime Batteries Technology advanced its European growth after welcoming T2Y Capital as a new strategic investor alongside InnoEnergy, reinforcing its ability to scale industrial battery manufacturing and large‑scale energy storage solutions.

STRENGTHENS scale‑up with T2Y Capital and flagship BESS project

The entry of T2Y Capital as a strategic shareholder strengthens Prime Batteries’ capital base and industrial expertise, supporting the company’s expansion as a vertically integrated European provider of lithium‑ion energy storage systems. This momentum is reflected in Prime Batteries’ selection to deliver a 72 MWh battery energy storage system for Hidroelectrica’s first battery project in Romania. The system will be deployed at the Crucea Nord wind farm to enhance grid flexibility, support renewable integration and improve energy security. Together, the new investment and the flagship Romanian project underline Prime Batteries’ role in industrialising battery storage at scale and supporting Europe’s clean energy transition.

Batteries

Vicențiu Ciobanu

CEO, Prime Batteries Technology This project shows that Romanian battery technology is ready to support large‑scale renewable integration in Europe.

Company page

primebatteries.com

3.26 InnoEnergy LEADS pre‑seed round to accelerate Qkera’s battery breakthrough

InnoEnergy led a seven‑digit pre‑seed investment in Qkera, a Munich‑based spin‑off developing advanced ceramic electrolytes, to accelerate the commercialisation of next‑generation lithium‑ion battery technologies. The funding round supports Qkera’s scale‑up of solid‑state electrolyte components designed to improve battery energy density, charging speed and safety while remaining compatible with existing manufacturing lines. Founded in 2024 as a spin‑off from the Technical University of Munich and MIT, Qkera has developed a breakthrough chemical process that enables thin, flexible ceramic membranes to be produced efficiently and at lower temperatures. With InnoEnergy’s backing and strategic guidance, including board‑level expertise, Qkera is advancing industrial validation and laying the groundwork for pilot‑scale production, strengthening Europe’s battery value chain and technological leadership.

Christian Bauer

CEO DACH, InnoEnergy The electrolyte component developed by Qkera has the potential to help next‑generation batteries achieve a breakthrough.

Company page

qkera.com 39

InnoEnergy Annual Review 2025

3.27 Skeleton expands manufacturing in Europe to power AI and grid infrastructure

Skeleton Technologies expanded European manufacturing with new sites in Finland and Germany, scaling high‑power storage for AI data centres and grid stability. The company also launched GrapheneGPU, an energy storage and optimisation system designed specifically for AI data centres. The Varkaus, Finland SuperBattery factory will provide one gigawatt of annual high‑power capacity for AI infrastructure, supported by a €50 million investment. Near Leipzig, Germany, the €220 million SuperFactory targets up to 12 million graphene‑based supercapacitor cells per year for grid applications and AI infrastructure, including production of its newly launched GrapheneGPU solution. Using Curved Graphene, GrapheneGPU smooths GPU power peaks to cut data‑centre electricity use by 44% and increase computing performance by 40%.

Taavi Madiberk

CEO and Co-Founder, Skeleton Technologies GrapheneGPU delivers up to 40% more computing with the same energy footprint.

Company page

skeletontech.com

3.28 Stockholm

Water Technology

to enable clean water in Saudi Arabia

Stockholm Water Technology secured a strategic offtake agreement to deploy its chemical‑ and membrane‑free water treatment systems in Saudi Arabia, improving access to clean and drinking water while reducing environmental impact. Under the agreement with Saudi partner DRC‑ChemTec, Stockholm Water Technology will supply 1,750 electro‑capacitive water treatment systems over four years, capable of treating around 3.5 million litres of water per day. The partnership will initially focus on commercial and consumer drinking water before expanding into industrial and municipal wastewater treatment, supporting water reuse, sustainability and local production capabilities in the Kingdom.

Karthik Laxman

CEO, Stockholm Water Technology Traditional chemical‑based solutions can have negative environmental impacts, making sustainable and efficient alternatives essential.

Company page

stockholmwater.com 40

Highlights from our portfolio

3.29 suena energy SECURES €8m Series A to scale storage optimisation

suena energy secured €8 million in Series A funding, led by Eneco Ventures with continued backing from InnoEnergy, to scale its algorithmic optimisation and trading platform for energy storage and renewable assets. The investment enables suena energy to accelerate international expansion and scale its business model as demand grows for co‑located storage and renewable projects. Its software platform optimises the trading and dispatch of battery systems across power and ancillary service markets, helping customers integrate storage efficiently while supporting a decentralised, resilient and decarbonised power system.

Dr. Lennard Wilkening

CEO and Co‑Founder, suena energy This funding round enables us to take our business model to the next level with strong partners at our side.

Company page

suena.energy

3.30 Swobbee EXPANDS e‑bike battery swapping in Europe and the US

Swobbee advanced urban micromobility by partnering with ENYRING to roll out swappable e‑bike battery networks in Europe, while securing US federal funding to deploy parking and charging infrastructure in American cities. In Europe, Swobbee is working with Yamaha‑founded ENYRING to provide the hardware and software backbone for a swappable battery subscription platform for e‑bikes, launching first in Berlin and Amsterdam. Complementing this expansion, Swobbee and partners were awarded USD 3.7 million in US federal funding to deploy micromobility parking and charging networks in cities including Minneapolis and Jersey City. Together, the initiatives support safer, more affordable and circular e‑bike use by reducing range anxiety, lowering entry costs and providing reliable urban charging infrastructure.

Thomas Duscha

CEO and Co‑Founder, Swobbee Together, we are setting new standards for sustainability and convenience in urban micromobility.

Company page

swobbee.de 41

InnoEnergy Annual Review 2025

3.31 Tribonex WELCOMES new investors following successful capital raise

Tribonex welcomed new investors after completing a successful capital raise of SEK 15.7 million, strengthening its ability to scale advanced surface treatment solutions that reduce friction, wear and energy losses in industrial manufacturing. The funding round brought Turbine Capital and Almi Invest GreenTech on board, alongside continued support from existing shareholder First Venture Sweden. Tribonex develops and commercialises Triboconditioning®, a patented surface treatment process that improves energy efficiency and extends component lifetime in applications including electric vehicles, bearings, hydraulic systems and heavy‑duty machinery. The new capital will support the industrial rollout of the technology and its integration directly into customers’ production lines.

Christian Kolar CEO, Tribonex

The investment underscores the importance of our work as industries move toward more energy‑efficient and sustainable solutions.

Company page

tribonex.com

3.32 Vulcan REACHES landmark FID for Lionheart lithium project

InnoEnergy portfolio company Vulcan Energy reached Final Investment Decision (FID) for Phase One of its Lionheart lithium and renewable energy project in Germany, marking a major step toward securing Europe’s domestic supply of low‑carbon lithium. The positive FID follows the securing of a €2.2 billion financing package, fully funding construction and development of the project in Germany’s Upper Rhine Valley. The first phase of Lionheart is set to deliver domestically produced, low‑carbon lithium and renewable energy, strengthening Europe’s battery and electric mobility value chain and supporting the EU’s ambitions for critical raw‑materials security.

Cris Moreno

CEO and Managing Director, Vulcan Energy Securing this financing package and taking a positive FID is a significant achievement and allows us to move into project execution.

Company page

v-er.eu 42

Highlights from our portfolio

3.33 Zparq SECURES €5.5m EU funding to electrify marine propulsion

InnoEnergy portfolio company Zparq secured €5.5 million in EU funding to complete and scale its electric drivetrain platform, accelerating the shift toward zero‑emission marine propulsion. Selected as one of only 40 European start‑ups under the EIC Accelerator, Zparq will use the funding to finalise development and industrial scale‑up of its Z10 electric drivetrain platform. The support, which combines a grant and equity investment, strengthens Zparq’s position in addressing one of the most challenging sectors to decarbonise and supports Europe’s transition to clean, competitive marine transport.

Jonas Genchel

CEO and Co‑Founder, Zparq Our Z10 platform proves that electric propulsion can be clean, safe and fully competitive, not only in performance but also in cost and reliability.

Company page

zparq.se/en

InnoEnergy Annual Review 2025

4 Events In 2025, 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. 44

Events

4.1 The Business

Booster

InnoEnergy’s flagship event, The Business Booster (TBB), brought Europe’s clean tech ecosystem together to turn clean industrial electrification into a driver of competitiveness, economic growth and energy security.

advances clean industrial electrification

Elena Bou

Co‑Founder and Executive Board Member, InnoEnergy At the core of this change is the electron, driving Europe’s shift towards clean industrial electrification and long‑term competitiveness.

The Business Booster has become InnoEnergy’s flagship platform for accelerating Europe’s clean tech transition, bringing innovators, industry leaders, investors and policymakers together to move from ambition to execution. The 2025 edition centred on clean industrial electrification, reflecting how electrification is now the backbone of Europe’s energy transition and a strategic lever for industrial competitiveness and resilience. Discussions at TBB highlighted that the energy transition is no longer only a climate imperative. It is

increasingly shaped by geopolitics, supply‑chain resilience and economic growth. Insights from InnoEnergy’s white paper on energy transition, geopolitical resilience and economic growth framed electrification as an opportunity for Europe to strengthen its industrial base while reducing exposure to imported fossil fuels. Clean energy deployment, paired with domestic manufacturing and skills development, was positioned as a pathway to long‑term sovereignty and prosperity. The post‑event report from TBB25 reinforced this message, capturing

tbb.innoenergy.com

InnoEnergy Annual Review 2025 how clean industrial electrification can power Europe’s planet, economy and security at the same time. Speakers and participants underlined that while the pace of transition may vary, Europe is staying the course, with electrified energy set to play a growing role across mobility, heating and hard‑to‑abate industries. The focus

throughout the event was on scaling proven technologies, mobilising investment and turning policy frameworks into industrial reality. Beyond the stage, TBB continued to deliver its core value as a deal‑making platform. The event served as a meeting place where concrete partnerships were formed,

investment discussions advanced and clean tech solutions moved closer to market. By connecting policy ambition with industrial execution, The Business Booster reaffirmed its role as a catalyst for clean tech deals and a focal point for Europe’s clean industrial future.

Congratulations to the winners

Enosis

TaiSan

Ecobean

Events

TBB.2025 edition in Lisbon in numbers

3,000+ B2B Meetings

1,800+ Participants

Countries represented

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

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.

Cindi Bough

Dr. Sopna Sury

Managing Director, Climate Investment

Chief Operating Officer, Hydrogen, RWE Generation SE

117

Exhibitors

Be sure to register for The Business Booster 2026 in Munich! tbb.innoenergy.com

InnoEnergy Annual Review 2025

5 Human capital Developing the next generation of clean tech leaders and the skilled workforce to industrialise Europe’s energy transition. 48

Human capital

5.1 InnoEnergy

The InnoEnergy Skills Institute helps Europe build the workforce needed for the clean energy transition.

closing Europe’s clean tech talent gap

Europe’s clean energy sectors are growing fast, but skills development is not keeping pace. Solar, batteries, hydrogen, grids and other strategic value chains all depend on people who can install, operate, maintain and scale new technologies. Without enough trained workers, project delivery slows down and companies struggle to meet demand.

Skills Institute

Oana Penu

Director, InnoEnergy Skills Institute Technology alone cannot deliver Europe’s solar ambitions; investing early in skills is essential to build a resilient and competitive energy workforce.

The InnoEnergy Skills Institute addresses this gap through practical training and certification programmes designed with industry. Its courses focus on the roles and skills companies need now, from technical installation and operations to emerging clean energy specialisms. In solar, this means helping build the workforce required

to support Europe’s growing deployment targets. As demand for skilled installers, engineers and technicians increases, training needs to become faster, more accessible and more closely linked to real job requirements. This is the role of the Skills Institute: to connect industry needs with structured learning pathways that help people enter, grow and progress in clean energy careers. By working with employers, education partners and sector bodies, the Skills Institute supports a more coordinated approach to workforce development. It helps companies strengthen their talent pipeline, supports learners with jobrelevant skills, and contributes to Europe’s ability to deliver the clean energy transition at scale.

The Europe’s Critical Clean Tech Talent Gaps 2025–2030 benchmark shows that workforce planning must now sit alongside policy, capital and infrastructure as a strategic variable. READ MORE

InnoEnergy Annual Review 2025

5.2 InnoEnergy

MasterS+

alumni build Europe’s energy start-ups

Masters+ alumni Laura Laringe and Krishna Kumar Rathinam were named in the Forbes 30 Under 30 Europe list for their work with reLi Energy, a company developing advanced software to optimise battery operation and extend asset lifetimes.

InnoEnergy Masters+ alumni are transforming academic training in energy, innovation and entrepreneurship into start-up creation, with ventures gaining market traction and international recognition. InnoEnergy Masters+ has built a strong track record of equipping students with the skills and networks needed to launch companies that address critical challenges of the energy transition. By combining advanced energy engineering with structured innovation and entrepreneurship training, the programmes enable students to move from technical insight to commercial execution while still studying. This approach has led to the creation of multiple alumnifounded start-ups in recent years. Climate fintech platform Climatize, circular-economy venture Plaex and energy flexibility start-up Tether all originated from Masters+ projects, where students were encouraged to identify real market gaps and test their ideas within Europe’s largest sustainable energy ecosystem. These ventures span climate justice, recycling and grid flexibility,

illustrating the breadth of impact generated by alumni founders. Beyond company creation, alumni success is increasingly recognised by external stakeholders. Masters+ alumni Laura Laringe and Krishna Kumar Rathinam were named in the Forbes 30 Under 30 Europe list for their work with reLi Energy, a company developing advanced software to optimise battery operation and extend asset lifetimes. Their recognition reflects a wider pattern of Masters+ graduates translating technical and business training into scalable ventures that attract industry partners and global attention. Building on this momentum, InnoEnergy continued to expand its educational offer to address the growing need for advanced digital skills in the energy sector. Through initiatives such as AI4GreenDeal, a European programme launched

Human capital

At the same time, the impact of Masters+ alumni continues to receive high‑level recognition. Laura Laringe, co‑founder of reLi Energy, was awarded the EIT Changemaker Award, recognising her contribution to advancing innovative solutions with strong societal and industrial impact. This distinction underscores the ability of Masters+ graduates not only to launch successful ventures, but also to shape Europe’s clean tech landscape as influential leaders and role models.

Together, these outcomes highlight the role of InnoEnergy’s educational programmes as a bridge between academia and entrepreneurship. By embedding innovation, venture creation and ecosystem access into engineering education, the Master School and Masters+ programmes are helping to build a new generation of founders who contribute directly to Europe’s competitiveness, industrial transformation and clean energy transition.

Alba Forns

Laura Laringe

Tyrell Pantophlet

The programme gave us the renewable energy background, entrepreneurship foundation and industry connections needed to start our own company.

The Masters+ programme gave us the technical depth, business mindset and ecosystem access needed to turn an idea into a company.

The innovation and entrepreneurship journey taught me how to pitch, network and build the skills I still use every day as a founder.

to integrate artificial intelligence and data technologies into energy education, InnoEnergy is helping to prepare a new generation of engineers and professionals equipped to drive both the green and digital transitions. Bringing together leading universities, research institutions and industry partners, the initiative develops cutting‑edge curricula and flexible learning pathways to ensure that talent keeps pace with the increasing complexity of clean tech systems.

Co‑Founder, Climatize and InnoEnergy Master+ alumna

Co‑Founder, reLi Energy and InnoEnergy Master+ alumna

Co‑Founder, Plaex and InnoEnergy Master+ alumnus

InnoEnergy Annual Review 2025

6 Diversity We are committed to extending the same warm welcome to everyone, whatever their personal journey. 52

Diversity

6.1 Our Values

Join a passionate and vibrant team! Check out open job positions in our LinkedIn company page. Follow us to make sure you do not miss any new opening!

We connect for impact

Bringing together the right people from different backgrounds • Mobilising the ecosystem to fulfil our mission • Empowering start-ups and students

We think beyond • Being bold and aspirational • Creating opportunities • Leading the pack

We challenge

We care

• Giving feedback to grow • Learning continuously • Questioning the status quo • Encouraging a speak-up atmosphere

• Being honest, transparent and act with integrity • Supporting each other • Celebrating achievements

We make it happen • Keeping it simple • Delivening on our promises • Owning our mission

InnoEnergy Annual Review 2025

6.2 One

journey, many welcomes

Diversity, inclusion and equality of opportunity are core InnoEnergy values. We are committed to extending the same warm welcome to everyone, whatever their personal journey. We extend our commitment across the career cycle. We recruit people from diverse backgrounds – for example, as of 2022, we employed 37 nationalities split 57-43 male-female. We then ensure that every member of our team is involved and valued, and receives equal recognition and opportunities for advancement. In all areas of the employee experience (including recruitment,

compensation and career development), InnoEnergy staff will value merit regardless of age, social status, race, colour or genetic features, disability, ethnic/ social origin or national minority membership, gender, gender reassignment, sexual orientation, language, marital or partnership status, political or any other opinion, economic status, religion or spiritual belief.

Diversity

Diversity is not an event, it is in our DNA, it is what we do

11%

65+ years

22-26 years

56-64 years

19%

43%

27-35 years

24%

Gender diversity

Age diversity

46-55 years

39%

Women

57%

36-45 years

Men

Nationality of our employees

Argentina

Bangladesh

Belgium

Brazil

Colombia

Cyprus

Czech Republic

Denmark

Egypt

Ethiopia

France

Georgia

Germany

Great Britain

Greece

Hungary

India

Indonesia

Israel

Italy

Kazakhstan

Kenya

Latvia

Peru

Poland

Portugal

Romania

Russia

South Africa

Spain

Sweden

Türkiye

Ukraine

USA

Uzbekistan

Venezuela

Vietnam

InnoEnergy

InnoEnergy France

InnoEnergy Germany

InnoEnergy Scandinavia

InnoEnergy Benelux

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

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

InnoEnergy USA

InnoEnergy Central Europe

InnoEnergy Iberia

WTC Tower One, level 10 Zuidplein 84 1077 XV Amsterdam info@innoenergy.com

WTC Tower One, level 10 Zuidplein 84 1077 XV Amsterdam benelux@innoenergy.com

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

5 rue du Louvre 75001 Paris, France france@innoenergy.com

ul. Mogilska 43. 31–545 Kraków, Poland. central.europe@innoenergy.com ul. Chmielna 73 00-801 Warszawa, Poland central.europe@innoenergy.com

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

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.com

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

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