InnoEnergy launches the PowerUp! Challenge elevating innovative companies to the next level
With the opportunity for multi-million Euro investment the company is seeking the best start-ups, scale-ups, and SMEs in the CEE to apply
PowerUp! Challenge 2020
EIT InnoEnergy, the Pan-European impact fund is chasing the next round of unicorns for investment within the Central-Eastern European region
Boosting the success rate of start-ups and enabling the growth of scale-ups and SMEs through financial investment, and providing know-how from industry experts and support from the trusted partner network
The Swedish unicorn, Northvolt, founded by former Tesla VPs, which received InnoEnergy support, has a current valuation of 1.6 billion euros
The PowerUp! Challenge is an opportunity for entities from Central-Eastern Europe to become the next unicorn in the InnoEnergy portfolio. The programme is open to entrepreneurs at all stages of development. It doesn’t matter if you only have an idea, looking for your next customer or planning market expansion. The thematic areas are energy, mobility, cleantech, smart cities, but the challenge is open for all ideas outside the box.
InnoEnergy is a co-creator, smart investor, and industry catalyst for entrepreneurs who want a global impact and a sustainable world. Companies which succeed to join the InnoEnergy network will get: product enhancement, development, and pilots, commercialization strategies, international market introduction and expansion and further funding opportunities.
Northvolt success story
One of the best examples of InnoEnergy investments is Northvolt, Europe’s largest lithium-ion battery manufacturer, with a current valuation of 1.6 billion euros. In early 2016, before they were an established company, two former Tesla executives, Peter Carlsson and Paolo Cerruti, reached out to InnoEnergy for support. Unlike conventional battery production facilities in Asia, Northvolt is geared for technological excellence powered by clean energy. Recently Northvolt raised €350m from the European Investment Bank and is currently building the two largest green energy fuelled battery factories Northvolt Ett in Skellefteá, near the Arctic Circle and the Northvolt Zwei, in lower Saxony Germany.