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
- 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 deadline for application submission is 5 March 2020
- 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, commercialisation strategies, international market introduction and expansion and further funding opportunities.
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.
The PowerUp! Challenge is an opportunity for entities from Central-Eastern Europe to become the next unicorn in the InnoEnergy portfolio. The challenge 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.
Exclusively for eligible start-ups, InnoEnergy is holding a competition within the PowerUp! Challenge with financial prizes up to €65.000 and the title of Start-up of the Year. Other benefits include participation in the Business Bootcamps©, focusing on substantive support from international field experts, with topics such as business planning, pitching skills or IP protection.
To apply for the PowerUp! Challenge you need to submit your application by 5 March 2020 via the InnoEnergy website https://powerup.innoenergy.com/