InnoEnergy, the European innovation engine for sustainable energy, launched its global call for electric-storage startups. Fifteen of the most innovative, sustainable energy startups will receive a tailored package of added-value services and a €100,000 cash prize will be awarded to the best one. Europe isn’t alone in the search for the best energy-storage solutions—the U.S. Department of Energy has pushed forth its own campaign; read about it in “DoE Reveals New Projects to Extend Grid Energy Storage.”
To support its work with the European Battery Alliance (EBA), InnoEnergy hopes to attract and support startups with innovative technology or business model concepts focused on electric storage. Of particular interest are electric storage innovations for application in transportation, distributed and mobile energy storage, or to deliver energy-efficiency improvements and emissions reductions.
Successful applicants will receive a place on one of InnoEnergy’s business creation programs—the “Highway” or “Boostway”—and a tailored package of support, training, services, and funding. The Highway uses a hands-on approach to support early-stage startups in the go-to-market phase, helping ready products for commercialization. The Boostway program supports scale-ups to grow their businesses.
Launched in 2017, the EBA seeks to create a competitive and sustainable battery-cell manufacturing value chain in Europe. InnoEnergy is working with more than 120 stakeholders within the EBA to achieve this ambition and help develop a new market that could be worth €250 billion a year by 2025.
Elena Bou, Innovation Director at InnoEnergy, says, “Acting as a trusted partner, we’re here to give businesses the lift-off they need to reach commercialization. Through our unique ecosystem, we offer startups unparalleled access to everything they need to make a resounding business success of their innovative ideas.”
Ecosystem of Partners
Successful applicants will gain access to a network of more than 385 partners, including specialist business angels, InnoEnergy’s European VC community, and public funding bodies. Startups also gain board-level advice and mentorship as well as a front-row seat at European energy events, including The Business Booster—InnoEnergy’s annual networking event where companies across the energy value chain attend to meet startups and innovations under one roof.
Bo Normark, InnoEnergy’s thematic leader for energy storage, adds, “Europe needs innovative electric storage solutions to support the decarbonization of transport and heat through electrification. It is our mission to find businesses with unique and innovative concepts, products, and solutions that have the potential to be part of the sustainable battery-cell manufacturing value chain.”
The call for startups is open until 30 October 2018. The application process consists of five phases: an initial application, an internal evaluation, a five-minute video pitch, and an external expert assessment. Following the external assessment, 30 applicants will pitch their idea to two parallel juries, and 15 winners will be selected. At the celebration event in February, one winner will be awarded a prize of €100,000.
Applicants will be evaluated against the following criteria:
- Innovativeness of the business idea
- Value proposition
- Addressable market size
- Scalability of product/service
- Founding team and ownership structure
- Competitive advantage
- Impact potential
- Ability to leverage on InnoEnergy as a partner