Jens Wiese, Head of Group M&A, Investment Advisory and Partnerships at Volkswagen, says: “In order to decarbonize the transport sector, we will need a wide range of innovations. In addition to our own activities, in the future we will also increasingly rely on cooperation with start-ups to achieve this. The partnership with EIT InnoEnergy will help us find the most promising companies from all areas of the energy transition, which we can then support in scaling their business models.”

Diego Pavia, CEO of EIT InnoEnergy adds: “The transport sector is going through one of its biggest upheavals ever. Automotive companies are faced with a choice: either drive this transformation or be driven. Volkswagen has seized the opportunity to put itself at the forefront of this change and to shape it. Therefore, it makes us even more proud to have Volkswagen on board as a new shareholder and to take our collaboration to the next level. Looking at our 300 portfolio companies from all areas of sustainable energy, there is huge potential in Volkswagen and us joining forces to accelerate the decarbonisation of the transport sector.”

Volkswagen and EIT InnoEnergy can look back on more than five years of cooperation. As key players in the European Battery Alliance (EBA), they are heavily involved in the development of an internationally competitive European battery industry. Its annual GDP contribution is forecasted to reach 250 billion euros from 2025 onwards and to create four million direct and indirect jobs. The two companies also share their commitment as investors in the Swedish green steel maker H2 Green Steel and the Swedish battery company Northvolt. At its “Power Day” in March of this year, Volkswagen announced that it would build six giga factories in Europe by 2030 together with partners with a total output of 240 gigawatt hours.