EIT InnoEnergy 2020 Annual report by EIT InnoEnergy

EIT InnoEnergy Annual Review 2020

Cover: TBB.2020 photo contest | Photo by: Stephan Fürnrohr

EIT InnoEnergy Annual Review 2020

Contents Ten years of delivering innovation in sustainable energy

Recent initiatives

Meet EIT InnoEnergy

1.1 Ten years of catalysing and accelerating the

6.1 Sustainable Development Goals

6.2 A world leader in energy innovation investment

6.3 Expansion into the US

6.4 The potential of off-shore wind energy in Iberia

6.5 Energising mobility’s future

energy transition

1.2 Building global connections

1.3 Governance

The war on Covid-19 and our response

7.1 TBB.Connect

7.2 2020 EIT Awards

2.1 The war on Covid-19 and our response

7.3 PowerUp!

2.2 Supporting start-up innovators

7.4 Cleantech Camp 2020

2.3 Adapting the learning environment

7.5 Urban Mobility International Round Table

2.4 Keeping students on track for success

7.6 Accelerate Skellefteå

2.5 Joining the fight against Covid-19

7.7 Iberian Battery Summit

2.6 Lumen plays its part for Earth Day

7.8 Energía Positiva + Demo Day

Decarbonising Europe

Education

3.1 Decarbonising Europe through industrial Value Chains

8.1 Opportunities for young engineers

3.2 The Business Investment Platform

8.2 Arjun Gupta named as one of Canada’s ’30 Under

3.3 Battery industry Value Chain with the European Battery Alliance (EBA)

30 Sustainability Leaders’ 27

3.4 Green hydrogen Value Chain with the European Green Hydrogen Acceleration Centre (Eghac)

3.5 European Solar Initiative (Esi)

New european initiatives

8.3 SkillCharge and SkillCharge Enterprise

8.4 Battle of Green Talent

Diversity 9.1 Transforming business for the better

4.1 Eic accelerator green deal call: five funding successes

Events

4.2 New memorandum of understanding between eic and eit

Examples from our portfolio

5.1 Value added services to mobilise innovation

79 81 82

Ten years of delivering innovation in sustainable energy The world has changed substantially over the last 12 months. Yet despite the chaos brought by COVID-19, EIT InnoEnergy’s compass remains the same, but our ambitions are even greater: the European Green Deal is also part of our core business – given its defining role as our way out of the crisis, as decided by our European institutions. Additionally, during this year that marked our 10th anniversary, we saw our company reacting swiftly, efficiently and with outstanding agility to support our constituencies and employees in the disruption and uncertainty created by the pandemic. To name a few actions implemented: (1) “fit for purpose” additional support to more than 100 of our portfolio ventures, (2) a network of on-the ground support put in place for students of our Master Programmes to cope with lockdown measures, (3) digital learning capabilities rolled out to our partner universities to maintain the highest possible learning experience for our students. As a result, we can observe that the cohesion of our ecosystem has increased, with higher and binding loyalty with our key constituencies. Likewise the value of our innovation assets has kept increasing, with the financial value of our company more than doubling. This has been the case for the third year in a row, which means multiplying the value of the company by eight in three years. We have built a unique engine, systemically creating value. This has also been recognised by several reputable third parties, which ranked EIT InnoEnergy as one of the largest climate and renewable energy tech investors since 2016, globally. The pandemic is not over yet, especially the business consequences of the sanitary and social crisis. Therefore we will continue supporting our stakeholders throughout 2021 to mitigate the impact and capture opportunities that such a crisis also is bringing.

Also during 2020 we welcomed the European commission’s announcement to increase its target for reducing carbon emissions from 40% to 55% by 2030. This accelerates Europe’s journey towards 2050 carbon neutrality. Within that frame, 2020 has catapulted the importance of European industrial value chains to fulfil that target. EIT InnoEnergy is now playing a leading role in three of them: (1) electromobility through the European Battery Alliance (EBA) – where we continue to deliver on our commitments since its launch in 2017, (2) electrification of energy and CO2 intensive industries through the European Green Hydrogen Acceleration Centre (EGHAC) – with the flagship project H2Green Steel in North Sweden already launched, showing that it is possible today, and (3) reshoring the PV manufacturing industry to Europe through the European Solar Initiative (ESI) – surfing the Member States NECP pledges of roughly an additional 20GW PV deployed every year until 2050. These three initiatives, led by EIT InnoEnergy, have clear targets set for 2025: New annual growth in Europe in GDP terms and new jobs. With EBA we are ahead of the plan. Like all businesses that fought to stay afloat during 2020 – we took all our events online. This saw our first ever digital version of The Business Booster, which we launched in November as TBB.Connect: 1,200 professionals took part in 2,100 meetings, viewed 150 exhibitors, and watched 120 pitches spanning the entire business chain. In addition to a number of other events, and underpinning the importance of the US within “EIT InnoEnergy’s 2025 vision”, we also connected with our Boston-based partner, Greentown Labs, to host an Urban Mobility Roundtable (with over 500 attendees from 54 countries, discussing a range of topics around urban transport issues, challenges and solutions).

I would also like to acknowledge the outcome of the US elections. Only hours after being sworn in, President Joe Biden reinstated the US to the Paris climate agreement and rolled out a series of executive orders aimed at tackling the climate crisis. So with 2050 carbon neutrality pledges by the western world economies [US, Europe, and Japan with many others] and China for 2060 we can state that the world has gone beyond the tipping point. Energy will always be at the core of the economy and through the Green Deal Europe is leading the world, in which EIT InnoEnergy is a key player. Lastly, a big recognition to our whole ecosystem as you fought and are fighting the war on the Coronavirus. As our company embarks on its second decade, I am optimistic and fully convinced that the foundations we have put in place will allow Europe to build a far superior economy; one that is creating jobs, competitive on the global stage and sustainable. We are on a journey, and we are delivering.

Diego Pavía CEO, EIT InnoEnergy

TBB.2020 photo contest | Photo by: Theo van Rensen

Meet EIT InnoEnergy

EIT InnoEnergy Annual Review 2020

1.1 TEN Years of Catalysing and Accelerating the Energy Transition EIT InnoEnergy brings people and resources together, catalysing and accelerating the energy transition. New ideas, products and solutions that make a real difference, and new businesses and people to deliver them to market.

We engage at every stage of the journey – from classroom to end‑customer. Operating at the centre of the energy transition, we build connections worldwide, bringing together innovators and industry, entrepreneurs and investors, graduates and employers. Our bespoke support to accelerate sustainable energy innovation, knows no borders or boundaries: • Industry is linked with innovation and alumni, providing commercially attractive technologies

spanning the energy value chain, and top talent to enhance innovation. • Start-ups, scale-ups, and innovators receive tailormade support to boost and de-risk business cases and speed up time to market. • Students and learners have access to eight master’s programmes at 16 top technical universities and business schools, as well as online and blended courses.

01 Meet EIT InnoEnergy

As a result, in just ten years we have built the largest sustainable energy innovation ecosystem in the world • €560 million has been invested into more than 480 sustainable energy innovations, all on track to generate €16 billion in commercial revenues by 2026. • 90% of our start-ups already work with global brand names including ABB, BMW, EDF, Engie, Tata Steel and Vattenfall.

• Our EIT InnoEnergy Master School has attracted students from almost 100 countries. We now have more than 1,200 graduates and 1,500 students enrolled. Our rich network of more than 500 key players from 18 different countries enables us to be a key vehicle for the energy transition. Together we make up the ingredients needed to bring a constant pipeline of sustainable energy innovation to market – in the following pages, you will learn how we did it in 2020.

500+ Partners

€16b

269

Forecasted revenue of innovations by 2026*

Patents filed

€1.6b

€560m

Funds raised for innovations*

EIT InnoEnergy investment

€2.5b

1,200

Investment raised by innovators*

Master's alumni

330+

Start-ups selling

480+

Innovations supported

* Start-ups and innovation projects supported by EIT InnoEnergy since 2010.

EIT InnoEnergy Annual Review 2020

1.2 BUILDING GLOBAL CONNECTIONS Our strength comes from our wide network of partners, including our 23 shareholders. They are our experts, our service providers, the early adopters of innovative solutions, and the employers of our graduates. This ecosystem was enhanced further in 2020 with our official expansion into the United States, opening transatlantic opportunities for sustainable energy commercialisation and collaboration. By dismantling barriers to innovation, we are spurring a wave of new sustainable energy technologies in areas such as offshore wind, storage, and e-mobility.

Boston (USA)

01 Meet EIT InnoEnergy

Scandinavia

Benelux Central Europe Germany

France

Iberia

EIT InnoEnergy Annual Review 2020

1.3 GOVERNANCE The below diagram explains our overall governance and management structure.

EIT INNOENERGY GOVERNANCE STRUCTURE

EIT

Benelux

EIT

Central Europe

General Assembly

EIT

France

Supervisory Board

EIT

Germany

EIT

Iberia

EIT

Scandinavia

Executive Board

INNOVATION PROJECTS

BUSINESS CREATION

EDUCATION

01 Meet EIT InnoEnergy

EIT INNOENERGY EXECUTIVE BOARD

Diego Pavía

Christian Müller

Chief Executive Officer

CEO EIT InnoEnergy Germany

Bart de Beer

Mikel Lasa

Chief Financial Officer

CEO EIT InnoEnergy Iberia

Elena Bou

Jacob Ruiter

Innovation Director

Frank Gielen

CEO EIT InnoEnergy Benelux

Jakub Miler

Education Director

CEO EIT InnoEnergy Central Europe

karine vernier

Kenneth Johansson

CEO EIT InnoEnergy France

CEO EIT InnoEnergy Scandinavia

The war on Covid-19 and our response

EIT InnoEnergy Annual Review 2020

2.1 The war on Covid-19 and our response The COVID-19 pandemic ensured that 2020 was a year like no other, with the health crisis and associated economic impact combining to create an unprecedented global emergency. For EIT InnoEnergy, it was essential to take swift action in support of our network, and by early March 2020 we were working in close collaboration with our colleagues at the European Institute of Innovation & Technology (EIT) to formulate and implement our COVID-19 response plan.

We welcomed the EIT’s Crisis Response Initiative, which provided €60 million between the Knowledge Innovation Communities (KICs) to support Europe's innovation ecosystem. We spent the early phase of the crisis focusing on our most vulnerable constituencies, ensuring our portion of the funds went to supporting the start-ups and students who needed it most. Within the first two months of the crisis, we found that many of our start-ups had the resilience required to persevere through the pandemic. For those that were in more difficult situations, we quickly implemented rescue measures, delivering immediate and short-term support.

We also helped students to cope with the lockdown measures that came into effect across many nations, and enabled universities to upgrade their digital learning capabilities. With measures in place to save our start-ups and safeguard our students’ learning experience, we also reached out to our partners, investors and shareholders, offering a range of business and financial support measures designed to help them continue contributing to the energy innovation ecosystem.

2.2 Supporting start-up innovators It is difficult to overstate the impact that the COVID-19 pandemic had on vital energy innovation. Without support, it was clear that the future of many of our game-changing start-ups would be threatened. It was crucial, therefore, for EIT InnoEnergy to step in, and we were able to make a critical intervention when we mobilised €7.3 million in additional funding from the EIT to support energy innovators through the pandemic. As part of the EIT’s overall Crisis Response Initiative, the funding was a direct contribution to the European Union’s COVID-19 response. Through the funding, 21 of our start-ups were able to maintain their existing operations or capitalise on

emerging opportunities at a time when their futures – and their contributions to Europe’s sustainable recovery – would otherwise have been thrown into doubt. The funding was awarded through a detailed assessment process involving more than 2,000 telephone and video interviews that evaluated the pandemic’s impact on factors including cashflow, supply chain, and customer and investor retention.

02 The war on Covid-19 and our response

BeePlanet Team

Gaëlle Mettey CEO, Zephyre EIT InnoEnergy's support has been extremely valuable to me and my company through this COVID-19 crisis. Naoden team

VoltStorage Team

EIT InnoEnergy Annual Review 2020

2.3 Adapting the learning environment For students and teachers throughout the world, the arrival of COVID-19 resulted in drastic changes to the learning experience. With face-to-face learning becoming difficult or impossible due to lockdown restrictions and social distancing guidelines, a range of online solutions were utilised instead, with courses and programmes being subject to urgent adaptation. As face-to-face learning restrictions continued throughout the year, it was clear that a reliance on the emergency measures seen at the start of the pandemic was not sustainable if students were to receive the highest quality learning experience. In response, our EIT InnoEnergy Master School launched its Hybrid Learning Classroom – a classroom model that allows students to toggle back and forth between in-person and virtual formats according to the requirements of current social distancing regulations. It is a flexible solution that allows all students to take part in essential team activities whether they are able to be present in the classroom or not. Using state-of-the-art cloud-based technology with adaptive software to enhance communication and interaction, the Hybrid Learning Classroom creates an interactive and ‘live’ classroom feel between student and lecturer, and also among students themselves.

Rohan Adithya Vasudevan Master School student COVID-19 has probably brought the world to a halt and as a student about to graduate, I was worried about its repercussions for my thesis and Visa. But I feel comforted after receiving the support of EIT InnoEnergy staff in these uncertain times.

02 The war on Covid-19 and our response

2.4 Keeping students on track for success In addition to developing the Hybrid Learning Classroom, the EIT InnoEnergy Master School also took steps to support students whose international travel plans were disrupted by the pandemic. In cases where students were unable to travel to their study destination for the autumn 2020 semester, the EIT InnoEnergy Master School gave them the opportunity to follow a first-semester online programme equivalent to its face-to-face offer, taking advantage of state-of-the-art online learning methods. Programmes such as the EIT InnoEnergy Master’s in Energy for Smart Cities and the EIT InnoEnergy Master’s in Renewable Energy successfully transitioned to full online learning, even managing to maintain crucial programme elements including real-world business challenges and networking opportunities.

By constantly innovating and making the most creative use of cutting-edge technology, the EIT InnoEnergy Master School is continuing to give its students an outstanding learning experience, even in these difficult times.

EIT InnoEnergy Annual Review 2020

2.5 Joining the fight against COVID-19 As the pandemic took hold, governments and agencies across the world emphasised the importance of maintaining good hand hygiene. In France, iNEX Circular – the first online platform dedicated to circular economy and recycling for business – adapted its iNEX Sourcing platform to track the materials used in hand sanitiser production. As a contribution to the fight against COVID-19 in France, iNEX Circular’s ambition for the platform was to speed up production and ensure the supply of hydroalcoholic gel to hospitals. Backed by EIT InnoEnergy, iNEX Sourcing uses machine learning and data mining from more than 800,000 companies and 1 million pages of data to compile its database. The Parisian start-up quickly adapted the tool, and within four days of launch, the platform had identified many thousands of essential materials, including over 140,000 litres of ethanol, 500 litres of isopropanol, almost 2000 litres of glycerine, and thousands of containers, all within eastern France alone.

Olivier Gambari CEO of iNEX Circular We started the mapping work as a priority in eastern France, where the situation was most critical. Today our iNEX Sourcing platform is available nationwide.

02 The war on Covid-19 and our response

2.6 Lumen plays its part for Earth Day The annual Earth Day celebrations took place on 22 April 2020, a date that fell during the early phase of the COVID-19 pandemic when over 1.5 billion students worldwide were still affected by school closures. In order to mark the occasion and deliver a challenging, engaging digital learning experience, EIT InnoEnergy, together with Minecraft and Blockworks, made the Lumen Minecraft module free for students around the world to play. Developed for 9 to 15-year-olds by EIT InnoEnergy in partnership with KU Leuven and Blockworks, Lumen provides a game-based learning module for the popular Minecraft world-building video game. Designed to teach young people about sustainable energy, the module allows children to apply the fundamental concepts of energy to build a sustainably-powered Minecraft city. The module includes immersive worlds and lessons in sustainable energy. Lumen City Challenge and Lumen Power Challenge encourage students to explore different energy sources including wind, solar, hydroelectric, storage, nuclear and coal-fired power. The module also teaches students how to connect and balance supply and demand together to make a grid while also managing cost, revenue, pollution and the happiness of their citizens.

Adam Tratt Minecraft Director of Learning Programs The combination of fun in-game energy challenges and relevant learning content makes us especially excited to bring this amazing set of Minecraft worlds to classrooms and homes around the world for Earth Day.

Prof.Dr.ir. Frank Gielen, EIT InnoEnergy Education Director, said: “What better way to engage young citizens in the energy transition, and teach about different types of generation, than through one of their favourite games. We truly believe that the inclusion of Lumen on Minecraft: Education Edition will help shape the next generation of energy engineers.”

TBB.2020 photo contest | Photo by: Eric Griess

Decarbonising Europe

EIT InnoEnergy Annual Review 2020

3.1 Decarbonising Europe through industrial value chains EIT InnoEnergy plays a key role in supporting the energy transition and decarbonisation of industry. By creating alliances across the ecosystem, EIT InnoEnergy fosters the development of strategic value chains in Europe, supporting big industrial projects and leading to our goal of a carbon neutrality by 2050.

3.2 The Business Investment Platform EIT InnoEnergy’s Business Investment Platform brings together key stakeholders across the energy value chain to accelerate transactions between investee and investor.

This platform is a key feature of the European Battery Alliance (EBA), the European Green Hydrogen Acceleration Centre (EGHAC) and the European Solar Initiative (ESI), enabling us to fast track the investment required to meet Europe’s sustainability targets. In particular, it is paving the way for Europe to generate €70 billion of front-loaded investment in batteries which is required to meet peak demand by 2023. It will help us meet our goal of €40 billion in

front-loaded investment in photovoltaic production capacity, which is required to reach Europe’s targets for renewable energy supply. And, it is helping EGHAC accelerate the green hydrogen economy, which has a target of 1200TWh of final energy use based on green hydrogen by 2025 - representing investments north of €100 billion across the affected value chains. Co-designed with public and private financial institutions and several core industrial partners, the BIP shortens the time to investment, reduces business risk for the investee and reduces investment risk for the investor. These are all critical components of the industrial value chains EIT InnoEnergy is spearheading to accelerate the clean energy transition and help the world reach net-zero emissions by 2050.

03 Decarbonising Europe

3.3 BATTERY INDUSTRY VALUE CHAIN WITH THE EUROPEAN BATTERY ALLIANCE (EBA) The need for efficient batteries is growing fast, and for Europe, a domestic battery value chain is vital for a clean energy transition and competitive industry. The European Commission launched the European Battery Alliance (EBA) in October 2017, with its industrial development programme, the EBA250, being managed by EIT InnoEnergy. This community brings together over 500 key players with the aim of building a strong European battery industry. One success has been a change in the mindset around batteries, with a wider understanding of batteries’ role in delivering the European Union's strategic objectives. Governments and commercial operators are now leading the drive towards battery innovation and efficient production, partnering with the EBA to achieve a sustainable battery value chain.

Maroš Šefčovič Vice-President of the European Commission 2020 was another defining year for the European Battery Alliance. Despite the pandemic, Europe continues to be a battery hotspot, closing the investment gap to our major Asian competitors, and in moving fast towards its open strategic autonomy in this critical sector. Almost 70 industrial projects are being supported by the Alliance, while expected to create 3 to 4 million jobs by 2025. Many of the battery investments have recently advanced their timelines and raised their expected output capacity.

EIT InnoEnergy Annual Review 2020

Sweden’s new national strategy Fossil Free Sweden has submitted a new national strategy on batteries to the Swedish government, showing how Sweden can play a leading role in the sustainable battery value chain’s development.

Developed with EIT InnoEnergy, the strategy is supported by companies, universities and environmental organisations across the value chain.

Accelerating battery production in France French industrial company, Verkor, is amplifying battery cell production in Europe with the support of partners including EIT InnoEnergy. Its new venture accelerates the production capacity of low-carbon batteries to meet growing demand for electric vehicles and stationary storage, with its first gigafactory coming online in 2023. Its capacity of 16GWh of battery cells will rise to 50GWh in line with the market.

03 Decarbonising Europe

The Hungarian battery strategy

The Hungarian Ministry of Innovation and Technology, together with EIT InnoEnergy, is consulting to develop a national strategy for the Hungarian battery industry. It aims to drive economic development and growth, and ensure the successful green transition of the Hungarian energy and mobility industries. The Hungarian Battery Strategy will enable Hungary to become integral to the European supply chain and the EBA.

Dr. Péter Kaderják Senior Advisor on Green Economy Development – Hungarian Ministry for Innovation and Technology The goal of our common work is to develop a strategy for the battery industry that can create opportunities for Hungarian companies, that can create employment, and one that is able to drive more innovation in the region.

The strategic research agenda from Batteries Europe Batteries Europe, the technology and innovation platform led by EIT InnoEnergy, the European Energy Research Alliance and the European Association for Storage of Energy, published its strategic research agenda in 2020. With a Europe-wide imperative to work towards decarbonisation, it sets the priorities for battery research, identifying topics across the value chain and the relative urgency with which they must be tackled.

EIT InnoEnergy Annual Review 2020

3.4 GREEN HYDROGEN VALUE CHAIN WITH THE EUROPEAN GREEN HYDROGEN ACCELERATION CENTRE (EGHAC) Green hydrogen can be key for solving the issue of the intermittency of renewable, and it is key to reach the European Union’s goal to be fully carbon neutral by 2050. From a systemic view, green hydrogen also provides the opportunity to couple the electricity grid with the gas grid. EIT InnoEnergy is committed to developing a green hydrogen economy in Europe and has launched the European Green Hydrogen Acceleration Centre (EGHAC) with the world’s top tech and business leaders to speed the transition to a clean energy future. It is an unprecedented effort to support the development of an annual €100 billion green hydrogen economy by 2025, which could create half a million direct and indirect jobs across the green hydrogen value chain. The EGHAC is all about large industrial project in a few designated value chains; green cement, heavy road transport, transport over water, including inland waterways, green hydrogen as a feedstock for fuels and fertilizer and green steel. These projects will kick start the uptake of green hydrogen and can be replicated across Europe to increase the impact on greenhouse gas reduction and the creation of jobs.

The European Green Hydrogen Acceleration Centre will manage several workstreams, including: Promotion and co-creation of industrial projects across the value chain Building connections with other industrial and energy value chains Acceleration of technology development Stimulation of market growth Societal acceptance Addressing the skills gaps

Carina Krastel Commercial Director for the European Green Hydrogen Acceleration Center The commercialisation of green hydrogen is absolutely vital if Europe is to achieve its ambitious goals of becoming the first net zero continent by 2050. Quite simply, there is no better way of decarbonising heavy industry and transport, and it can also play a significant role in supporting grid flexibility through storage.

03 Decarbonising Europe

3.5 EUROPEAN SOLAR INITIATIVE (ESI) EIT InnoEnergy and SolarPower Europe are together helping to redevelop the photovoltaics (PV) value chain in Europe by launching the European Solar Initiative (ESI). The ESI’s aim is to accelerate Europe’s climate agenda and economic recovery, contributing to delivery of the European Green Deal objectives. The ESI aims to redevelop a strong PV manufacturing industry in Europe - from raw materials to recycling – enabling the capture of the additional 20GW of annual solar demand that is forecast in Europe over the next decade. This will generate €40 billion of GDP annually and create 400,000 new direct and indirect jobs across the PV value chain. The ESI combines the thriving ecosystem of PV players created over the years by SolarPower Europe and the successful blueprint of the European Battery Alliance, led by EIT InnoEnergy, with its Business Investment Platform (BIP). Designed to bridge the gap between business cases, investors, off takers and delivery resources, the BIP shortens time to investment, de-risks, accelerates and boosts the robustness of the investment cases in all required dimensions (technology, team, supply chain, environmental sustainability, off-takers).

Kadri Simson Commissioner for Energy, European Commission The future of the European energy system is renewable, and solar energy has an important role to play in that. To quickly scale up green energy, we need the insights and cooperation of the industry. I am therefore very happy to see the launch of the European Solar Initiative, which I’m confident will give a boost to the entire solar PV value chain in Europe.

Thanks to a combination of factors including national energy and climate plan demand, low cost of capital, success stories across European technology development, and return on investment, the European PV sector is gaining in strength and the ESI will help unlock its potential.

TBB.2020 photo contest | "Changing the solar panels in the biggest solar energy plant from Latin America" | Photo by: Sergio Izquierdo

New European initiatives

EIT InnoEnergy Annual Review 2020

4.1 EIC ACCELERATOR GREEN DEAL CALL: FIVE FUNDING SUCCESSES Five innovations supported by EIT InnoEnergy are receiving funding grants of up to €2.5 million, along with optional equity funding of up to €15 million, from the European Innovation Council (EIC) Accelerator’s Green Deal. The EIC Accelerator supports high-risk, high-potential small and medium-sized companies and innovators to help them enter the market with new products, services and business models. The EIC Accelerator Green Deal call offered companies the opportunity to apply for funding for innovations that fuel the transition towards sustainability while supporting the EU’s leadership and competitiveness in clean technologies.

The EIC Accelerator Green Deal call received over 2,000 applications from companies based in 38 different countries. The five successful applicants supported by EIT InnoEnergy are: Developers and producers of leading ultracapacitor cells, modules and systems.

Skeleton Technologies (Estonia/ Germany)

Creators of innovative solutions for recycling and revalorization of raw materials in the photovoltaics industry.

Rosi Solar

HySiLabs Innovators in the field of hydrogen transportation.

(France)

Wattalps

(France)

Glowee (France)

Developers of bioluminescent material for the retail industry and urban landscapes.

Designers and manufacturers of affordable, highperformance batteries.

04 New European initiatives

4.2 NEW MEMORANDUM OF UNDERSTANDING BETWEEN EIC AND EIT The European Innovation Council (EIC) and the European Institute of Innovation and Technology (EIT) signed a Memorandum of Understanding. The two EU bodies – both key actors in the support of European innovation – made the commitment in order to further strengthen their collaboration in the provision of high-level support and services to European innovators, innovative SMEs and startups, higher education institutions and research organisations.

Areas for ongoing collaboration include:

Both organisations share common objectives to increase both the performance and potential of innovation in the EU, helping to create high-quality jobs and inclusive growth, and develop innovative solutions for sustainability and welfare.

• Ensuring that specific attention is given to women innovators to ensure good practice in gender diversity

The Memorandum of Understanding commits both the EIC and EIT to cooperate fully at both strategic and operational levels, enabling them to offer complementary services while avoiding gaps and duplication.

• Supporting innovative start-ups and SMEs to scale up in Europe • Facilitating access to advisory services and networks • Investing in innovative start-ups and SMEs by cooperating jointly with investor communities and proactively seeking opportunities

• Supporting innovators from widening countries • Facilitating the transition from research results to innovation opportunities including through collaborations with business, licensing and spinouts • Maximising market access for innovative start-ups and SMEs • Sharing data, experience and reporting, including the development of common datasets of supported companies • Identifying new opportunities for collaboration and synergies

TBB.2020 photo contest | Photo by: Stephan Fürnrohr

Examples from our portfolio

EIT InnoEnergy Annual Review 2020

5.1 Value added services to mobilise innovation 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 2020’s most promising innovations and their successes.

Market intelligence We work closely with policy makers and regulators to understand markets and regulation. This gives our innovators the capability to expand geographically and take advantage of support such as accreditations and certifications to comply with local standards.

Technology enhancement To transform a technology into a marketable product or service we assess its potential, patentability, identify and track possible competitors, and ensure IP is protected. We go on to support with prototype enhancement, product development and pilots and provide access to expertise and R&D infrastructure

Customers and growth We open-up markets and cross borders to identify needs and connect innovators to commercial opportunities. Time to market can be essential to survival, therefore we help you shorten the journey from lab to launch. What’s more, our shareholders are among the top players within the energy industry, and quite often support as a first customer or early adopter.

Supply chain and industrialisation Our trusted ecosystem provides innovators, investors and industry with access to key players and commercially viable technologies, spanning the entire supply chain. This expertise helps to industrialise the innovations we support, providing industry with a wide spectrum of sustainable energy solutions.

05 Value added services

Governance strategy Our experts provide guidance on the strategic direction of the businesses we support. This includes helping companies define their priorities; coaching and advising on technical and business matters; managing stakeholders; and identifying synergies and opportunities for collaboration.

Social acceptance and citizen engagement We promote societal acceptance and citizen engagement to disrupt the way we experience energy. We generate inspiration that leads to societal awareness and an understanding of the impact an individual can make. This ultimately leads to changes in regulation, the uptake of more sustainable energy solutions and an acceleration of the energy transition.

Regulation Our team of experts play a pivotal role in the decisions that affect the future of the energy industry. They have their finger on the pulse when policies are in the making – enabling us to provide insights on new regulations which may impact the innovations we support and identify opportunities for sustainable economic development.

Access to finance Because our goal is to ensure all innovations deliver a commercially viable product, we don’t ‘fund and run’. We offer a flexible funding model to suit the changing needs of the products we support. This can then go on to act as a catalyst for further funding from a variety of public and private bodies.

Access to human capital The makers and shapers of the energy world as we know it today have been people. Therefore, we spur innovation by linking innovators and industry with students and alumni who possess the skills, entrepreneurial ability, commercial awareness and agility needed to drive the energy transition.

We bring together knowledge and experience wherever it is located. Through our global network we reduce time to market, de-risk innovation and create commercially attractive solutions to empower a sustainable energy future. 39

EIT InnoEnergy Annual Review 2020

CorPower Ocean, a global leader in wave energy conversion, has secured €9 million in equity funding for its breakthrough technology. The funding round was led by Midroc New Technology, with additional investment from ALMI Invest Greentech, EIT InnoEnergy and a group of private investors. CorPower Ocean’s new generation of high-efficiency wave energy converters is inspired by the pumping principles of the human heart. Advanced control technology allows large amounts of energy to be harvested using small, low-cost devices. A unique solution makes them transparent to storm waves, which provides survivability in the harshest ocean conditions. The funding will be used to demonstrate the first commercial-scale wave energy converter within CorPower Ocean’s flagship HiWave-5 project, along with the long-term development of supply and service capacity for commercial wave energy farms. The aim is for HiWave-5 to convert the company’s wave technology into a bankable product by 2024, by proving the survivability, performance and economics of a grid-connected array of wave energy converters in northern Portugal. Ingvar Eriksson, BCO of EIT InnoEnergy Scandinavia,, said: "We have supported CorPower since 2012 and are happy with progress made to this point, having proven the principles and physics of the technology at sea. EIT InnoEnergy has evaluated many ocean energy technologies and found CorPower advancing to a leading position in the race to make it a mainstream energy source."

Product page 40

Patrik Möller CEO of CorPower Ocean This funding package marks another significant milestone in the firm's mission to introduce a new class of certified and warrantied wave energy converter products. We are pleased to see continued strong support from investors who share our vision of bringing reliable and competitive wave energy technology to the world, unlocking one of the largest untapped sources of clean energy on earth. corpowerocean.com

05 Examples from our portfolio

Top European entrepreneurs and investors have backed Skeleton Technologies, the largest European manufacturer of ultracapacitor-based energy storage, with equity funding of €41.3 million. The company, which has been supported by EIT InnoEnergy since 2015, has now raised capital of over €93 million since its inception. With a tripling of its revenues in 2020 – in spite of the effects of the global COVID-19 pandemic – its growth is continuing to accelerate. Skeleton Technologies’ ultracapacitors offer a complementary solution to other enabling technologies such as lithium-ion batteries and hydrogen fuel cells. The company has built a blue-chip customer base that includes a German automotive company, leading truck OEMs, grid integrators and the European Space Agency. During 2020, the company acquired major new clients, including a world leader in renewable energy production and a leading hydrogen bus manufacturer, and is now working to further increase its competitive advantage and increase both the energy and power density of its products. Diego Pavia, CEO of EIT InnoEnergy, said: “The green transformation of Europe’s economy – from transportation to process industries – is unthinkable without innovative energy storage solutions. Therefore, it is of utmost strategic importance to help build European champions in this arena. Hence, our decision to invest in Northvolt back in its very early days. Skeleton, with its world-leading and broadly applicable ultracapacitor technology, has all it takes to become another one of those European champions, and we are proud to continue and extend our support for them.”

Taavi Madiberk CEO and co-founder of Skeleton Technologies The momentum for energy transition and decarbonisation of the economy is stronger than ever. I am proud to see that our investors strongly believe in our vision and we now have a new world-class mix of industrial companies and experienced startup leadership behind us. Their experience will now help us scale and aggressively grow. We have the right products to capture a dominant market share in the ultracapacitor industry globally. skeletontech.com

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EIT InnoEnergy Annual Review 2020

The use of solar energy in private homes is one of the drivers that can accelerate the transition to clean energy, and the development of sustainable energy storage solutions is key to this transition. The German company, VoltStorage, is the world’s only home energy storage provider using Vanadium Redox Flow battery technology – a solution that is free of rare raw materials, completely recyclable, 100 percent nonflammable and can be charged and discharged as often as required without losing capacity. VoltStorage products provide property developers and home owners with an efficient and ecological alternative to lithium technology, with the company’s VoltStorage SMART home battery being recognised as one of the most innovative developments at ees Europe in 2018 – Europe’s largest trade show for energy storage. Within an ambition to become the leading supplier of lithium-free energy storage systems within two years, VoltStorage’s growth plan was strengthened by completion of its future-oriented financing initiative, achieving €6 million in funding from organisations including EIT InnoEnergy. The capital will be used to expand the series production of home batteries, develop larger Redox Flow energy storage systems for commercial, agricultural and residential areas, and continuously develop the Redox Flow battery technology. By the end of 2021, VoltStorage plans to double its team and triple production space at its Munich headquarters.

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Jakob Bitner CEO of VoltStorage We are glad to complete a futureoriented financing in the current market environment. With the support of the new investors, we can pursue our long-term growth strategy with greater impact. We are convinced that energy storage systems are essential for the energy transition to 100 percent renewable energies. The strong demand for our eco-friendly home batteries encourages us to realize an absolutely necessary technological market expansion with Redox Flow based product innovations – and to become the leading supplier of lithium-free energy storage systems within the next two years. voltstorage.com

05 Examples from our portfolio

As the world moves towards the clean energy transition, the need for accurate data regarding the wind and energy potential of specific offshore sites is set to grow significantly. EOLOS, a provider of offshore wind and ocean data to the wind industry, is playing a key role in delivering this information, and has announced 30% revenue growth as it looks to expand across the globe. The Spanish company has been supported by EIT InnoEnergy since its inception, benefiting from funding, brokered partnerships and expertise in consultation on strategic decisions. The product it has developed, the EOLOS FLS200, is a floating buoy that uses LiDAR (light detection and ranging) technology to gather high-quality wind and ocean data from any offshore location. It enables wind farm planners to perform wind measurements at heights of more than 200 metres above sea level, and to calculate wave and current movements up to depths of 300 metres. Wind energy potential can then be calculated, minimising capital expenditure and operating expenditure, and reducing overall project cost.

Rajai Aghabi CEO of EOLOS To date we have tripled our workforce and we are grateful for all the support we have had from partners, suppliers and our specialist team to make this growth possible. In particular, without EIT InnoEnergy’s knowledge and contacts in the offshore wind market, its commercial support and years of expertise in providing counsel to energy entrepreneurs, we wouldn’t be accelerating at the pace we are today. eolossolutions.com

Following five years of success, EOLOS now has a fleet of 15 buoys deployed on projects globally, and is currently preparing to expand into the burgeoning offshore wind markets in the US and Asia Pacific. Thanks to this increased demand, EOLOS has doubled its current workshop capacity in Spain, tripled its workforce and formed strong alliances in both the US and UK.

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EIT InnoEnergy Annual Review 2020

Northvolt was founded in 2016 with a mission to build the world’s greenest battery to enable the European transition to renewable energy, and has always been committed to achieving this goal with a minimal carbon footprint and high levels of recycling. Officially launched in Stockholm in early 2017, the company has since expanded rapidly and at scale, and in 2020, it achieved a remarkable $2.2 billion of combined fundraisings. The $2.2 billion figure included funding from a range of sources for a variety of significant projects. A sum of $525 million was guaranteed by the German Federal Ministry of Economics to support the financing of Northvolt’s battery cell factory in Sweden, an important step on the road to building a broad and stable electromobility value chain in both Germany and Europe. Northvolt’s key role in the establishment of a European alternative for battery production was further highlighted with the signing of a supply contract between Northvolt and BMW worth €2 billion. Northvolt’s commitment to sustainable battery production was strengthened in 2019 when EIT InnoEnergy invested into Northvolt’s ‘Revolt’ programme – a series of initiatives to implement the latest discoveries in efficient material recovery methods. The initial announcement of the construction of a pilot battery recycling plant followed by a full-scale facility, was complemented in 2020 by a partnership between Northvolt and Norst Hydro, securing a stream of recycled battery materials for the company.

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Peter Carlsson CEO of Northvolt We are very pleased to have the continued support of EIT InnoEnergy as we take this next step in developing our blueprint for sustainable battery manufacturing. Our partnership with EIT InnoEnergy has been vital in getting us to where we are today; not only has it provided investments, it has opened doors for us across Europe. northvolt.com

05 Examples from our portfolio

Cascade Drives, the Swedish start-up that develops electromechanical linear actuators for heavy-duty applications, has partnered with Kalmar to support its journey to electrification. As a provider of cargo handling services to ports, terminals, distribution centres and heavy industry, Kalmar makes extensive use of conventional hydraulic systems. However, it has the ambition to move to a full electrically-powered portfolio, and its collaboration with Cascade Drives could enable it to replace its hydraulic actuators with a more sustainable electromechanical solution. As heavy-duty vehicles go electric and become more autonomous, there is a demand for alternatives to conventional hydraulic systems. Cascade Drives provides unique solutions for linear motion and power trains that are high-performing, eco-friendly and cost-efficient to customers in these industries. Their systems can deliver the same linear force as hydraulics, but with up to 40% reduction in power, faster and more precise linear motion, in a smaller package and with almost no maintenance requirements. Lasse Eriksson, VP Technology at Kalmar, said: “With Cascade Drives’ technology, we may indeed succeed in replacing conventional hydraulic systems altogether in our electrically powered equipment.”

Kristian Floresjö CEO of Cascade Drives Our technology offers superior efficiency, which directly leads to higher productivity, and also reduces energy consumption, which means customers can scale down their use of battery power packs, or alternatively extend operating hours. When it comes to electrification, we see Kalmar as a frontrunner. We are excited about this opportunity to collaborate with such a skilled and strong market player. cascadedrives.com

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EIT InnoEnergy Annual Review 2020

Hepta Airborne is a developer of end-to-end inspection and analysis tools designed to automate and improve power grid analysis and defect detection. Having established its expertise through the deployment of autonomous drones and advanced software solutions, Hepta is now working with DTEK Grids, the largest grid operator in Ukraine, to automate its grid fault detection. DTEK Grids has built an effective industry model, distributing every third kilowatt-hour of electricity in Ukraine with losses of just 5.5%, the lowest in the country. With almost 190,000km of power lines in its grid, it already has a series of well-established asset management procedures, but it recognised a need to integrate modern technologies in order to improve performance further. Hepta Airborne approached DTEK Grids and offered to increase the inspection efficiency by introducing drones to the process. In 2019 Hepta Airborne signed a contract for a pilot project, including 280km of inspections, in order to prove its automated analysis capability. The initial aim was to increase the efficiency of manual inspections using drones and automated software-based analysis. Drone operator teams gathered data in the field, then the data was fed into uBird platform – a cloud-based platform developed by Hepta Airborne that uses machine learning to detect defects. The two companies have subsequently entered a full-scale partnership with the aim of equipping more inspection teams with drones, increasing automation levels, and training the artificial intelligence to recognise all the most critical defects.

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Henri Klemmer CEO of Hepta Airborne In 2021, we will include humidity, soil, and weather information to our algorithms to simulate real-life conditions in the digital environment. We will predict future scenarios and potential accidents. Our journey will lead to the creation of digital twins in multiple industries – power lines, gas pipelines, railways, the telecommunication sector, and so forth. Imagine a world where you obtain an instant assessment of the physical condition of every threedimensional asset around you. heptaairborne.com

05 Examples from our portfolio

SunRoof is a Swedish-Polish start-up that develops fully solar two-in-one roofs and facades along with solutions to support smart energy management. EIT InnoEnergy is among investors who have enabled the company to raise €2 million for product development and global expansion, helping to advance its goal of becoming one of Europe’s major energy innovators. Established in Sweden in 2013, SunRoof set out to develop a modern solar roof to replace the traditional product and produce ecological electricity without having to install photovoltaic panels. Having spent its early years building and testing its proprietary technology, the company has now built over 100 roofs in Sweden, Norway and Poland, and recently recorded year-on-year growth of 500%. The company’s solar roofs and innovative facades generate electricity while delivering high efficiency, a low carbon footprint and a uniquely stylish design aesthetic. Their ongoing mission is to speed up the global transition to renewables by developing beautiful roofs that generate sufficient electricity to cover the energy demand of the entire building. Łukasz Skarka, Investment Manager at EIT InnoEnergy Central Europe, said: “We are extremely excited for us to be on board with SunRoof. I am confident the journey with such an exceptional team around this venture will be an unforgettable experience with rapid growth ahead of us.”

Lech Kaniuk CEO of SunRoof We will use the funding from this round to develop solar technology and a digital platform for monitoring and efficiently managing our customers’ electricity needs. We are currently creating a unique energy marketplace based on the Redlogger that we acquired over a month ago. We are also strengthening our position in Sweden, Poland, and Norway, and are introducing SunRoof to a number of European markets. sunroof.se

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EIT InnoEnergy Annual Review 2020

Hardt Hyperloop, the EIT InnoEnergybacked company that created Europe’s first full-scale operational hyperloop test facility, is part of a public-private consortium supported by two Dutch ministries and several other companies and research organisations. The Dutch Minister of Infrastructure and Water Management, and the State Secretary of Economics and Climate, announced that both ministries will award grants to support the jointly developed Hyperloop Development Programme. This project aims to demonstrate that hyperloop – a zeroemissions system of mass transport that potentially offers a clean alternative to air and rail – is a safe, sustainable and commercially viable solution to global transport challenges.

Jeroen in ‘t Veld

The consortium will explore the potential of hyperloop as a high-speed, zero-emissions transport solution that could play a significant role in the climate transition, while simultaneously creating new companies, jobs and economic growth. It will also assess its implications for the digitisation and connectivity of industry.

hardt.global

The two Dutch ministries agreed to award a total of €4.5 million in grants to the Hyperloop Development Programme, contributing to its overall budget of €30 million. Cora van Nieuwenhuizen, Minister of Infrastructure and Water Management, said: “The technology of the hyperloop is impressive: it is important that we follow developments closely and capitalize on opportunities for the Netherlands.”

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Chairman of the Hyperloop Development Programme A global infrastructure project such as hyperloop can only be achieved when public and private parties cooperate in complementary ways.

05 Examples from our portfolio

EIT InnoEnergy is to invest €4.2 million in Elaphe, one of the world’s leading developers of in-wheel drive technology for electric vehicles. Serving as a springboard to further growth, the investment also gives Elaphe access to EIT InnoEnergy’s highly-respected sustainable energy and mobility innovation network. As the automotive industry continues to evolve and move towards fully electric mobility, Elaphe’s bold vision is a huge step forward in the development of vehicle design. The company’s patented in-wheel powertrain system does away with the traditional centralised architecture of motor vehicles, resulting in the world’s first commercially scalable in-wheel motor system. Elaphe's innovations encompass more than a single product. They have developed a modular platform that combines the in-wheel powertrain with software that optimises each in-wheel motor in real time. Elaphe’s platform can therefore be easily integrated into a wide range of vehicles, cutting down on manufacturing costs and removing the limitations of traditional centralised powertrains.

Gorazd Lampic CEO of Elaphe The provided investment and support will significantly accelerate commercial activities with automotive OEMs. This in turn will help us further optimise our best-in-class technology platform in accordance with customer requirements for production vehicles. Therefore, being part of EIT InnoEnergy’s ecosystem gives us a competitive edge both from a technological as well as a business perspective and opens up exciting growth opportunities. in-wheel.com

By increasing the vehicle’s available space and reducing weight, the move to in-wheel motors will allow for an unprecedented level of flexibility in terms of vehicle design, while also increasing efficiency. This will allow manufacturers to reimagine vehicle design, and build bold new products better suited to a rapidly changing society.

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EIT InnoEnergy Annual Review 2020

Vulcan, a start-up lithium exploration company, has partnered with EIT InnoEnergy to produce the world’s first completely carbon-neutral lithium in Germany. The partnership is part of Europe’s strategic industry initiative, the European Battery Alliance, aimed at building an independent, sustainable, and resilient battery industry in Europe. Vulcan’s Zero Carbon Lithium project will be based in the Upper Rhine Rift, a region that contains the largest lithium resource in Europe. EIT InnoEnergy will support the company as it brings this strategic project to fruition. Along with direct financial support, EIT InnoEnergy will assist in raising further capital, helping to establish connections to companies in Europe’s battery supply chain as well as relevant political actors, and assisting them in building their management team and selecting qualified employees through its vital growth phase. The project itself will involve pumping hot lithium-rich brine to the surface, then using renewable electricity and heat to drive lithium extraction. Any excess renewable energy can be fed back into the grid as a saleable by-product, and consequently, the production process’s carbon footprint could be negative. The resulting lithium will be of huge value in the production of the lithium-ion batteries that are required to meet the massive demand from the automotive and other sectors as part of the clean energy transition. Christian Müller, CEO of EIT InnoEnergy Germany, said: “The CO2-neutral development of our own lithium deposits is a crucial building block for a sustainable and strong European battery industry and will bring us significantly closer to meeting our 2030 climate goals. By further investing in Vulcan, and the other lithium mining projects, Europe could cover most of its anticipated lithium demand from regional resources.”

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Horst Kreuter Co-founder of Vulcan Energy Not only does the Upper Rhine region contain one of the largest lithium reservoirs globally, it is also within a few hours of many of the world’s leading auto manufacturers and other industrial players, all of whom have a hugely growing demand for emission-free lithium. We see a massive chance for the region to become one of the key centres of the European battery industry, which would result in the creation of thousands of secure, highly qualified jobs. v-er.eu

05 Examples from our portfolio

EnergyTag was launched towards the end of 2020 as an independent, non-profit, industry-led initiative to define and build a market for real-time electricity certificates. These certificates will enable energy users to verify the source of their electricity on an hourly basis, day or night. As renewable energy comes to provide an increasing proportion of power on the grid, companies and organisations that are committed to moving away from fossil fuels need a new method of tracking their renewable energy consumption. EnergyTag answers that need by offering an international certification scheme that allows the source of energy consumption to be tracked hour by hour, round the clock. A global initiative led by energy users and producers across the world, Energy Tag’s initial aims are to: • Set an international standard for hourly-stamped energy certificates so companies always know where their energy is coming from • Coordinate the showcasing of the technology and ensure it receives substantial take-up across the market • Raise awareness internationally of the importance of tracking energy sources on an hourly basis EIT InnoEnergy has been involved with the EnergyTag initiative since its inception. It is a member of the initiative’s advisory board, working to define the standard for energy certificates with a timestamp of one hour or less, and also to set the market guidelines that will allow for the certificates to be issued and traded.

Toby Ferenczi Founder of EnergyTag Thanks to the rapidly falling cost of renewable energy and its naturally varying output, we’re seeing the need for increasing amounts of storage capacity around the world. The mission of the EnergyTag initiative is to help us rapidly increase the proportion of renewable energy on grids internationally by creating a tracking system that incentivises energy storage. Speeding up the switch to renewables is vital if we are going to keep within the 1.5-degree climate goal. energytag.org

Another organisation supported by EIT InnoEnergy, FlexiDAO, is also involved in the initiative as a potential provider of technology solutions that will enable the issuing of certificates in real time.

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TBB.2020 photo contest | “WindMills” | Photo by: Bernard II Recirdo

Recent initiatives

EIT InnoEnergy Annual Review 2020

6.1 SUSTAINABLE DEVELOPMENT GOALS

No poverty. Economic growth must be inclusive to provide sustainable jobs and promote equality.

Reduced inequalities. To reduce inequalities, policies should be universal in principle, paying attention to the needs of disadvantaged and marginalized populations.

Zero hunger. The food and agriculture sector offers key solutions for development, and is central for hunger and poverty eradication.

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.

Good health and well-being. Ensuring healthy lives and promoting the wellbeing for all at all ages is essential to sustainable development.

Responsible consumption and production. We need to decouple economic growth from environmental degradation, increase resource efficiency, promote sustainable lifestyles.

Quality education. Obtaining a quality education is the foundation to improving people’s lives and sustainable development.

Climate action. Climate change is a global challenge that affects everyone, everywhere.

Gender equality. Gender equality is not only a fundamental human right, but a necessary foundation for a peaceful, prosperous and sustainable world.

Life below water. Careful management of this essential global resource is a key feature of a sustainable future.

Clean water and sanitation. Clean, accessible water for all is an essential part of the world we want to live in.

Life on land. Sustainably manage forests, combat desertification, halt and reverse land degradation, halt biodiversity loss.

Affordable and clean energy. Energy is central to nearly every major challenge and opportunity.

Peace, justice and strong institutions. Access to justice for all, and building effective, accountable institutions at all levels.

Decent work and economic growth. Sustainable economic growth will require societies to create the conditions that allow people to have quality jobs.

Partnerships. Revitalize the global partnership for sustainable development.

Industry, innovation, and infrastructure. Investments in infrastructure are crucial to achieving sustainable development. 54

06 Recent initiatives

At EIT InnoEnergy we follow the Environmental Social and Governance (ESG) principles for responsible investments. Moreover, the European Green Deal is at the core of our strategy. In this context, one important related element is the contribution we make to the Sustainable Development Goals (SDGs) established by the United Nations.

As part of EIT InnoEnergy’s commitment to making a positive impact on the energy sector, on the environment, the economy and on society, we assess the contribution the companies in our portfolio make to SDGs. Given that SDG 7 and 13 have a direct link to EIT InnoEnergy’s strategic goals of reducing CO2 emissions, increasing the security of energy supply, and the lowering of costs along the value chain, it is no surprise that 95% of the innovations we support contribute to SDGs 7, 8, 9, 11, 12 and 13.

Reduction of Environmental Impact

Environment

Strengthening corporate governance by increasing operational transparency

Governance

For EIT InnoEnergy, this is not just a classification: SDGs are at the core of our investment process and provide a means to measure impact. They are real

Social Stakeholder Engagement

goals that help measure social and environmental impact and are essential to the future wellbeing and prosperity of our world.

EIT InnoEnergy Annual Review 2020

6.2 A WORLD LEADER IN ENERGY INNOVATION INVESTMENT As the transition to clean energy accelerates, leading business analysis organisations have noted the trend towards increasing investment in innovative climate technologies, including the generation of renewable energy. According to PwC’s The State of Climate Tech, early-state venture funding for climate tech companies rose from around $418 million in 2013 to $16.1 billion in 2019 – a rise of over 3,750%. EIT InnoEnergy’s major role in this rapid rise is recognised in the same report, with the organisation listed as being among the top 20 climate tech investors in the world, whether measured by the amount of venture capital invested or by the number of deals made. The drive towards renewable energy was a particular focus for CB Insights, who reported that the number of investment deals in the space rose by

Volkswagen Group, Kleiner Perkins, and Schneider Electric are the biggest investors in the challenge area by total dollars invested, while in terms of the number of deals, Total Energy Ventures, GE Ventures, and EIT InnoEnergy lead. Source: The State of Climate Tech 2020, PwC

13% between 2019 and 2020. Both the number of deals and the total funding were on target to reach their highest levels in five years. CB Insights also noted that EIT InnoEnergy was the second biggest investor in renewable energy technology between 2016 and 2020, as measured by the number of deals. Over 80% of this funding went to early-stage start-up companies, emphasising EIT InnoEnergy’s role in supporting the energy innovators who are impacting the search for reliable, affordable energy solutions that can help the world achieve its targets for the reduction of carbon emissions.

Key VC investors in climate tech from 2018 to 2020* Investor name

Deal count

SOSV

Breakthrough Energy Ventures

CPT Capital

EIT InnoEnergy

Contrarian Ventures

Urban Us

Total Carbon Neutrality Ventures

Spark Capital

Starlight Ventures

Cycle Capital Management

Source: PitchBook | *As of October 30, 2020

Top investors in renewable Energy tech

Most active in Energy

By unique deals, 2016-2020 ytd (12/8/20)

EIT InnoEnergy

Demeter Partners

Shell Ventures

Breakthrough Energy Ventures

EIT InnoEnergy

Climate Capital

Energy Impact Partners

Breakthrough Energy Ventures

Equinor Ventures

GM Ventures

ImpactAssets

Prelude Ventures

SOSV

Collaborative Fund

BASF Venture Capital

Capricorn Investment Group

Baemar Energy Ventures

Prelude Ventures

Total Carbon Neutrality Ventures

Scottish Enterprise

BP Ventures

Congruent Ventures

Chevron Technology Ventures

Powerhouse Ventures (Oakland)

GE Ventures

SET Venture Partners

Source: 2020 Annual Interactive Global League Tables, PitchBook

Source: cbinsigts.com

06 Recent initiatives

6.3 EXPANSION INTO THE US In September 2020 EIT InnoEnergy announced cleantech capital Boston, MA as the launchpad for its expansion into another primary market, the US. The new office will help entrepreneurs develop their innovations and reduce time to market by providing direct access to over 500 industrial partners in EIT InnoEnergy’s ecosystem. The transatlantic expansion will be mutually beneficial to start-ups and partners on both sides of the Atlantic, offering access to new markets and resources including investors, educators, and talent. Boston was chosen as a base because it is a hotbed for sustainable energy innovation and entrepreneurialism. The city has an active start-up community as well as a vibrant local network of research universities, institutions, and investors, and also benefits from supportive public policy at local and state level. EIT InnoEnergy also signed a partnership with Greentown Labs, the largest cleantech start-up incubator in North America. Both organisations are active members of the Incubatenergy Network, a consortium of US clean energy-focused incubators that has supported more than 500 companies. The new EIT InnoEnergy office is led by former Greentown Labs founding team member Mark Vasu, who has been appointed as US Operations Manager. As part of the new partnership, EIT InnoEnergy’s Innovation Director Elena Bou has joined Greentown Labs’ advisory board.

Mark Vasu US Operations Manager, EIT InnoEnergy I am excited to bring Europe’s most trusted ‘go to’ ecosystem to the US and leverage the network, knowledge, and depth of partnerships it has built in parallel with my tenure building Greentown Labs. EIT InnoEnergy’s expansion into the US is an enormous opportunity to help sustainable energy start-ups, both in the US and in Europe, that are looking to diversify geographically and rapidly scale their operations.

EIT InnoEnergy Annual Review 2020

6.4 THE POTENTIAL OF OFF-SHORE WIND ENERGY IN IBERIA A study by EIT InnoEnergy has discovered that Spain and Portugal have unique competitive advantages in the field of floating offshore wind energy (FOWE), and that there is enormous potential for the region to become a global hub for the industry. The study, which was sponsored by the independent consulting firm Enzen, found that developing the industry in the Iberian peninsula over the next two decades would have considerable socioeconomic impact. It could create up to 50,000 highly qualified jobs and yield an annual business turnover of up to €5,000 million by 2030. Forecasts by international energy experts indicate that floating offshore wind business will rise sharply around the world over the next decade. The industry has immense potential, and the first operators to gain a foothold will enjoy huge competitive advantages and ensure strong prospects to become the market leader. According to the study’s main conclusions, Iberia is on a sound footing to contend for a position as a hub for floating offshore wind energy, as it has competitive advantages not readily replicable in other areas of the world. For instance, it has the potential to develop a domestic market in the early stages, especially in island areas, where technologies and business models can be developed and tested to rapidly establish an Iberian industry that is competitive in international markets. In the most ambitious scenario, it is estimated that Iberia could have 3GW of power installed by 2030, and 22GW by 2050. The region already offers the ready availability of port infrastructure, dockyards and manufacturing capacity that are essential for efficient and effective development of the sector.

Javier Sanz Renewable Energy Thematic Leader at EIT InnoEnergy The promotion of a technological and industrial activity such as FOWE in the Iberian region will contribute not only to mitigate the climate change through the development of a clean power generation technology, but also will bring a positive macroeconomic impact in the region, derived from the creation of qualified jobs, exports and GDP growth.

EIT InnoEnergy Annual Review 2020

6.5 ENERGISING MOBILITY’S FUTURE For many decades, transport and mobility have been major contributors to man-made CO2 emissions, and they make up one of the few sectors in which emissions are continuing to grow. Vehicle technology, transport infrastructure and energy systems have all improved during this time, but there remains a growing demand for mobility of both people and goods, and consequently, the resulting CO2 emissions keep rising. Regulatory actions are one way of curbing CO2 emissions, but with the world’s population rising and the global economy projected to double in size by around 2042, the demand for transport and mobility will continue to increase. Technological innovations capable of disrupting the mobility ecosystem are therefore required, and areas such as autonomous driving, connectivity, electrification and smart mobility all offer scope for significant breakthroughs. Consumer behaviour must also change, with individuals and communities rethinking the ways in which they get around. These are all big changes that need to happen if the world is to survive the climate crisis.

A new strategy for investment With this need in mind, EIT InnoEnergy is focusing on strategic investment in the field of mobility, with the aim of helping the European energy, transport and mobility landscape reach a new level in sustainable energy use and greenhouse gas reductions. The organisation is committed to driving disruption in sustainable transport and mobility, building on its strength in creating and growing effective Europe-wide ecosystems. In order to achieve these aims, EIT InnoEnergy is focusing on supporting technology-driven, young, small and medium-sized companies based in Europe but with the potential to have a global impact. Investments are assessed on the basis of their ability to foster sustainable utilisation of the planet, improve accessibility and the health of people, and create long-term value.

This approach is summarised as: Planet People Profitability

Five areas of focus Investments are focused on five specific areas, most of which cover multiple modes of transport to ensure strong impact on energy and emissions. 1. Zero-emission drivetrains Examples of zero-emission drivetrains include: advanced battery technology with higher energy density for passenger cars; hydrogen as a carrier for fuel cells or internal combustion engines; and e-drive systems. These technologies have a direct impact on greenhouse gas emissions, the use of raw materials and energy efficiency, as well as improving public health and the affordability of transport. 2. Autonomous driving technology This includes products such as advanced software, sensors and other related electronics. There are strong business cases for investment in this area, with the optimised movement of vehicles potentially resulting in lower emissions, safer traffic and better affordability and availability of transport. For example, robotaxis could account for up to 20% of on-road vehicles in European cities.

06 Recent initiatives

3. Innovative transport concepts This includes innovations that could improve the efficiency of ‘last mile’ travel (also known as ‘micromobility’) for people or goods. This focus area could also include vehicle concepts that significantly improve uptake and business case across a range of technologies. 4. Energy provision infrastructure This focus area includes sustainable and efficient electric vehicle charging stations or hydrogen infrastructure. This improved infrastructure, when carefully integrated with other sectors, will enable sustainable transport and mobility across Europe. 5. New mode-shifting mobility services This includes improved algorithm and route calculation for shuttle services to improve operations, and seamless access, real-time information and payment services for end customers.

EIT InnoEnergy makes a difference In order to solve the climate crisis, the world’s mobility system needs to be decarbonised rapidly. By introducing and implementing this new investment strategy, EIT InnoEnergy is striving to harness Europe’s current progress in energy, transport and mobility in order to reach a new level in sustainable energy usage and reduction in greenhouse gas emissions. EIT InnoEnergy is already supporting 30 innovations in this field, with the first investments focusing on micromobility – the short journeys made by people and goods within a mile of their destination. By continuing in this manner, identifying investment opportunities that help meet its specified objectives, EIT InnoEnergy can make the serious impact the world needs and deserves.

Jennifer Dungs Energy for Transport and Mobility Thematic Leader, EIT InnoEnergy To help solve the climate crisis, our mobility system needs to be decarbonized – quickly. EIT InnoEnergy’s purpose is to bring the strong European energy, transport and mobility landscape to a new level in sustainable energy usage and GHG. By identifying investment opportunities that help meet this purpose, we will hence concentrate on the focus areas zero-emission drivetrain, autonomousdriving technology, innovative transport concepts, energy provision infrastructure, and mode-shifting of new mobility services.

TBB.2020 photo contest | “Westquay” | Photo by: Giles Rocholl

07 Events

EIT InnoEnergy Annual Review 2020

7.1 TBB.CONNECT The Business Booster, or TBB as it’s widely known, is EIT InnoEnergy’s annual international networking event – a two-day showcase that usually takes place in a European capital city. Things were different in 2020 as the COVID-19 pandemic made it impossible for attendees to meet in person, but through the use of digital technology, a hugely successful online version was held under the name TBB.Connect.

TBB.Connect took place between 4-5 November, welcoming 1,200 experts from around the world who connected digitally with the event. Over the two days, they took part in 2,100 meetings, viewed 150 exhibitors, and watched 120 pitches spanning the entire business chain. They also heard from guest speakers including Nobel Prize winners, industry experts, policy makers, investors and academics. Among the regular events at The Business Booster, the Global Call is a high point, and in spite of the pandemic, it was still able to take place this year. This annual competition invites sustainable energy start-ups from around the world to compete for a prize of €100,000, with five finalists being selected to pitch to the competition jury. This year’s eventual winner was SOLshare, a platform provider for reliable, sustainable and affordable electricity access to low-income people in rural Bangladesh. As always, EIT InnoEnergy was delighted to welcome SOLshare and the other finalists into its ecosystem. Another highlight of TBB.Connect was the annual photography contest with its themes of ‘Technologies and Products That Represent New Sustainable Energy’ and ‘People Participating in Sustainable Energy Economy’. There were entries from 37 photographers from 16 countries across four continents, with the first prize being awarded to Alison Wright from the USA. As for The Business Booster in 2021, it is very much hoped that the event will once again be able to be held in person, in the city of Berlin.

Giles Dickson Chief Executive Officer, WindEurope This is a great event, because it brings together all the startups with the people providing the venture capital and other financing, plus the big energy companies.

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Christel Heydemann Executive Vice-President, France Operations, Schneider Electric Sustainability and business are definitely coming together, and it is becoming mainstream.

EIT InnoEnergy Annual Review 2020

7.2 2020 EIT AWARDS The European Institute of Innovation and Technology (EIT) announced the winners of its prestigious innovation prize, the EIT Awards, in December 2020. In a virtual celebration of innovation that showcased the achievements of successful graduates, entrepreneurs and innovators supported by the EIT community, the winners were chosen by an international jury from 26 nominees competing in four categories. The public also had its say, with over 5,000 votes being cast online in the EIT Public Award. Across all the categories, the nominees presented cuttingedge products and services designed to accelerate Europe’s transition to a greener, healthier, and more digital future.

The overall prize winners, selected from 26 finalists, were as follows: Chaitanya Dhumasker, MonitorFish (Germany) Andreu Martínez Climent, ACORYS (Spain) Filippo Bosco, Blusense Diagnostics (Denmark) Cristina AleixendriMuñoz, Bound4Blue (Spain) Karthik Laxman Kunjali, Stockholm Water Technology (Sweden) The EIT Awards highlight the entire innovation pipeline powered by the EIT, from student to entrepreneur, from lab to market, and from idea to solutions for Europe. This dynamic innovation approach creates a unique environment in which nominees develop and scale innovative solutions to tackle pressing global challenges in the fields of climate, energy, digitisation, food, health, manufacturing, urban mobility, and raw materials.

Mariya Gabriel European Commissioner for Innovation, Research, Culture, Education and Youth It is clear that innovation will play a key role in Europe’s recovery. The many bright minds and their technologies on show today further demonstrate that the EIT’s unique approach to innovation is powering a new generation of entrepreneurs and services for Europe. My congratulations to all the finalists, and, in particular, the 2020 EIT Award winners!

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7.3 POWERUP! EIT InnoEnergy’s PowerUp! competition is an annual challenge that sets out to find and fund the most promising start-ups, scale-ups and SMEs in Central Eastern Europe. The 2020 final took place online due to the COVID-19 pandemic, but enthusiasm for the competition still shone through, with 360 early-stage companies from 20 nations entering in the hope of winning a substantial cash injection and access to EIT InnoEnergy’s Europe-wide network. After a hard-fought online contest in June, the overall winner of PowerUp! 2020 was announced as Woola, an Estonian start-up that has developed an eco-friendly bubblewrap solution made from sheep’s wool. The company won €50,000 along with a place on EIT InnoEnergy’s investment programme, the Highway. Founded towards the end of 2019, Woola aims to disrupt the e-commerce market by significantly decreasing the production, consumption and landfill waste of environmentally harmful materials like Styrofoam and plastic. The company’s product is shockproof, heatproof, and at-home compostable within six months. Woola makes use of an abundant resource that would otherwise be thrown away.

Anna-Liisa Palatu Co-Founder of Woola We are thrilled to have taken part in this competition and to have won support from EIT InnoEnergy, that not only provides financial investment, but also supports us with business development through its network. We are very excited to collaborate with EIT InnoEnergy on our solution and bring more ecofriendly packaging to market to protect the environment. 67

EIT InnoEnergy Annual Review 2020

7.4 CLEANTECH CAMP 2020 Cleantech Camp is a business acceleration programme aimed at start-ups, business projects and unincorporated companies in the clean energy sector. Following the programme in 2020 were 15 business ideas from a range of European countries, all of which had a chance of winning the first prize of €20,000.

The eventual first prize winner was Starke Energy from Spain, a project that develops battery-based smart energy storage solutions. Cleantech Camp’s second prize, worth €5,000, was awarded to Allread, developers of computer vision software for smart logistics. Third prize, also worth €5,000, went to Solum, which designs charging stations for light electrical vehicles using solar floor panels. Cleantech Camp also offered a number of other chances to win, with special prizes dedicated to pilot development. Each of its four industry partners presented entrepreneurs with a series of challenges, and then judged the pilot projects that participants put together in response. The winning pilots chosen by the industry partners were as follows: • Naturgy selected the pilot by BeChained, a platform for intelligent electrical grids • Enagás Emprende chose the pilot by Algaementum, involving the production of biomethane through modular and decentralised carbon cultivation platforms • CRH selected the Solum electric vehicle charging station pilot • PRIO chose a hydrogen generator technology developed by the start-up H2vivo

Josep Miquel Torregrosa Business Creation Officer, EIT InnoEnergy Iberia This year because of the pandemic, we have postponed and changed the format to digital. The results have been even better than in previous editions. CleanTech is always improving and making it better. Our aim is to bring together entrepreneurs, innovations, startups and the industry.

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7.5 URBAN MOBILITY INTERNATIONAL ROUND TABLE In September, EIT InnoEnergy and its Boston-based partner, Greentown Labs, presented a transatlantic roundtable event on the future of urban mobility. Over 500 attendees from 54 countries took part, discussing a range of topics around urban transport issues, including challenges and potential solutions. As with many other events during 2020, the roundtable was presented online, with live participation from over a dozen US and European cities. The programme was introduced and hosted by the journalist and TV presenter, Sofie van den Enk. One event highlight was a fast-paced virtual pitch and product demonstration by seven outstanding new start-ups from Germany, Spain, Estonia and the US. Once the pitches were complete there was an audience vote to select an overall winner, with Duckt – developers of charging infrastructure for electric scooters – coming out on top. The roundtable also included an introduction to the urban mobility market. EIT InnoEnergy is making this area the focus of a new investment strategy, and its Thematic Leader, Energy for Transport and Mobility, Jennifer Dungs, outlined the reasons why this is the right time to create and support a guided approach to urban mobility. There were further presentations by Brendan Mehaffy of the city of Buffalo, New York; Chris Osgood of the city of Boston, MA; and Andria Smith, sustainability

manager of the international delivery company UPS. Each outlined the need for rapid solutions to the problems of energy, pollution, and quality of life as they relate to urban mobility, along with details of efforts that have already been made and opportunities for the future, particularly addressing ‘last mile’ issues. EIT InnoEnergy’s approach to investment in this market was outlined by Investment Portfolio Manager Matias Torrellas, who explained that there are 150 companies in the EIT InnoEnergy portfolio in a variety of sustainable energy areas. Other panellists who joined the session included: • Timo Möller, Head of the McKinsey Centre for Future Mobility • Paul Breslow, the Innovation Director at EDF Innovation • Jose Javier Salinero Rodriguez, Senior Investment Manager at Repsol • Hector MacQuarrie, Senior Investment Associate at Shell Ventures

EIT InnoEnergy Annual Review 2020

7.6 ACCELERATE SKELLEFTEÅ EIT InnoEnergy partnered with Skellefteå Kraft, a municipality-owned power company in Skellefeå, Sweden, to launch the Accelerate Skellefteå Project. The call for start-up projects offered applicants from across Europe the opportunity to grow their sustainable energy businesses in Sweden as part of a green economic recovery post-COVID-19. Skellefteå is home to Northvolt’s battery production plant – the largest single site investment in Europe – and is investing in a multi-billion-euro development programme for smart and sustainable infrastructure. Becoming a renowned innovation hub for renewable energy makes the city an increasingly attractive launch base for energy start-ups. Successful applicants became part of a three-month tailored programme offering access to a broad range of services, such as supply chain development, business validation, revenue and pricing models, and technology and industrialisation support. The successful start-ups also have the opportunity to collaborate closely with EIT InnoEnergy and Skellefteå Kraft to support the city’s, and the entire region’s, energy transition.

Joachim Nordin CEO at Skellefteå Kraft We are pleased to announce this programme and to partner with EIT InnoEnergy, with its excellent track record of supporting start-ups across Europe. Together, we aim to accelerate the energy transition in Sweden and to provide innovative startups with valuable business opportunities. Skellefteå is quickly becoming a centre of gravity for energy technology innovation in Sweden. With the continued support of EIT InnoEnergy, we plan to make it a world leader in green energy innovation.

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7.7 IBERIAN BATTERY SUMMIT The first Iberian Battery Summit, organised by EIT InnoEnergy, took place over three weeks between November and December 2020. The online event attracted over 600 registrations from innovators, scientists, politicians and others, and demonstrated the fundamental role that Spain and Portugal play in the development of the value chain related to electric batteries in Europe. The summit explained that in Portugal and Spain, there is a great opportunity to develop business around batteries with applications in two specific, well-established markets: the automotive and energy sectors. The second day revealed the enormous demand for batteries from the automotive sector, with the recognition that the battery and electromobility sector will be one of Spain’s strategic commitments over the coming years. The European Battery Alliance also stated that it is ready to support projects that make business sense and that contribute to the European objective of building a new industrial value chain around batteries. One of the most hotly debated subjects at the summit was that of raw materials. Representatives of lithium extraction and production projects that are underway in the Iberian Peninsula commented on their ongoing initiatives. During the roundtable discussions, spokespeople for Lithium Iberia, Infinity Lithium and Savannah Resources explained the environmental viability of their proposals, showed that electric mobility requires a "green revolution" to make these types of mining projects possible, and reminded attendees that mining in the 21st century is a modern, cutting-edge industry. During the summit’s final session, it was made clear that the sector requires research and technological innovation to remain competitive and that, in return, researchers need industry to make their work relevant and meaningful. Iberia has the knowledge and technological capabilities necessary to produce safer, lighter and more environmentally sustainable batteries, at a lower cost, with higher capacity and a longer useful life. This knowledge is essential to accelerate the penetration of electric vehicles and renewable energies and to make the industry more competitive.

Mikel Lasa CEO of EIT InnoEnergy Iberia In these sessions, we have been able to discover that we have all the ingredients that the industry requires for the transition to clean energies and for the creation of a competitive industry around batteries. We have raw materials, local market demand, powerful and innovative business initiatives and the knowledge and capacity to become a fundamental piece in the European strategy.

EIT InnoEnergy Annual Review 2020

7.8 ENERGÍA POSITIVA + DEMO DAY In a year transformed by the COVID-19 pandemic, the Energía Positiva+ platform called out to European energy innovators, asking them to submit proposals that could help mitigate the pandemic’s economic and social impacts. The platform selected posals out of 396 submissions, which were then presented at the Energía Positiva + Demo Day event, held online in May 2020. Energía Positiva+ estimates that the 12 start-ups will receive a total initial investment of over €4 million. EIT InnoEnergy was among the organisations supporting the initiative. The 12 selected projects were presented by a variety of Spanish start-ups or scale-ups, all with varied backgrounds and at different stages of business maturity. All those presenting at the event had passed a first phase in which the organising companies analysed the proposals received, holding interviews with entrepreneurs to assess their viability and maturity. Several proposals addressed the main vectors of the new energy model, focusing on decarbonisation, renewable energy, energy efficiency, storage, sustainable mobility and circular economy. Among the proposals presented, there was an innovative solution to boost the generation of renewable energy through floating wind platforms, a storage technology to allow greater penetration of renewables in the energy mix, and a method of converting any kind of organic or inorganic waste into a gas with high hydrogen content.

Once the Energía Positiva + Demo Day was over, the organising companies set about analysing the proposals in detail in order to confirm a collaboration agreement with at least one of the start-ups. In addition to financing, those selected will receive support to develop pilot projects, technological co-development or venture clients. In some cases, several promoter companies will jointly invest or pilot the same start-up. Commenting on the value of the joint venture, Francisco Polo, the High Commissioner for Spain Entrepreneurial Nation, said: “The union is what has allowed us to overcome the most complicated phase of this health crisis and it will be essential to overcome the economic and social impact that the pandemic will generate in Spain.”

TBB.2020 photo contest | Photo by: Gary Cummins

TBB.2020 photo contest | Photo by: Alison Wright - UG

Education

EIT InnoEnergy Annual Review 2020

8.1 OPPORTUNITIES FOR YOUNG ENGINEERS As the European Union's COVID-19 vaccination strategy continues, it is an appropriate time for people to look forward to beginning a new version of their former lives, both at home and at work, and to a widespread economic recovery. Once again, Europe is at the forefront of the energy transition, with plans already underway that will create significant opportunities in the sustainable energy sector. This sector will play a pivotal role during the post-pandemic recovery, and that means there will certainly be a need for well-trained energy engineers. The European Parliament wants Europe’s future to be green and sustainable, so members have resolved to use the European Green Deal as the cornerstone of the EU’s recovery. They want to kickstart the economy sustainably and create jobs to protect key industrial sectors while pursuing an ecological transition, and sustainable energy will be integral to this vision. The energy storage industry will be key to advancing these ambitions, and Europe expects to increase its production capability 20-fold over the next seven years. This could result in 100,000 new jobs every year, with the growth delivered by a new wave of experts who need to be trained in the skills of tomorrow. This is where EIT InnoEnergy's role in training top talent for the energy transition comes in. Having already introduced a Master's in Energy Storage, in 2020 EIT InnoEnergy launched its plan to build a Battery Academy to train and upskill 16,000 European workers in this value chain by 2025.

Frank Gielen Education Director, EIT InnoEnergy Recent research shows that the European Green Deal could potentially mean one million new jobs by 2030 and three to four million new jobs by 2050. That is in the energy sector alone. If you add all the other sectors that are impacted by the energy transition like agriculture, industry, construction, and transport; the number may even double or triple. This is why we need the human capital, the brains and the young people to drive this.

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8.2 ARJUN GUPTA NAMED AS ONE OF CANADA’S ’30 UNDER 30 SUSTAINABILITY LEADERS’ Arjun Gupta, who finished the EIT InnoEnergy Master’s in Environomical Pathways for Sustainable Energy Systems in 2014, was named as one of Canada’s ‘30 Under 30 Sustainability Leaders’ for his outstanding dedication to sustainability since 2011. Since the age of 21, Arjun has been working to make the world a better place, initially by helping to electrify rural villages in Eastern India, where he realised how closely electricity is tied to the development and prosperity of the inhabitants. “To expand the impact of my work, I decided to complete my Master’s in the Environomical Pathways for Sustainable Energy Systems programme by EIT InnoEnergy,” said Arjun. “The programme served as a great platform to access global opportunities in sustainability.” Asked about the benefits of the extensive EIT InnoEnergy network, Arjun said: “I’m in close contact with many of my alumni friends around the world since I completed my Master’s. This network has been beneficial to identify new and interesting opportunities popping up globally. At the same time, the network helps me make introductions and connections with decision-makers at organisations.” Arjun has a clear plan to drive change back in his home country: “The academic tracks in Europe are far more advanced compared to the track I followed in India, specifically in the domain of renewable energy. This specialised knowledge has been in major demand in India since they have set bold renewable energy targets in an attempt to decarbonise the electricity sector. With the lack of clean tech professionals who can help accelerate India's race towards achieving their renewable energy targets, it’s an excellent opportunity for me to contribute towards the growth of renewable energy in India by utilising the specialised knowledge I picked up in Europe.” With the broad experiences Arjun has had so far in his career and the knowledge he has gained from EIT InnoEnergy Master School, he is well equipped to play a big role in the energy transition.

Arjun Gupta Master School graduate Europe is spearheading the drive towards sustainability and is a hotbed for technology, innovation and entrepreneurship. And the curriculum at EIT InnoEnergy Master School has kept up with the latest technologies and market trends, which gives you an edge after you graduate. For example, their courses – with an emphasis on project work with students from different cultures – improved my technical and communication skills. This definitely helped me secure my job at UGE and made it easier to work with a diverse mix of colleagues. 77

EIT InnoEnergy Annual Review 2020

8.3 SKILLCHARGE AND SKILLCHARGE ENTERPRISE Professionals working in the sustainable energy sector now have a new tool available to help them identify reskilling and upskilling opportunities, and find job vacancies that match their skillset. SkillCharge is an intelligent, AI-based skills assistance developed by EIT InnoEnergy to guide professionals through the energy skills landscape and help increase skills across the sector.

SkillCharge was launched in July 2020, offering professionals the opportunity to upload their CV for AI-driven analysis. The tool distils current skills, pinpoints skills that are currently lacking and guides the user to available courses that will address the skill gap. It also compares individuals’ profiles with similar profiles, identifying the skills that may be needed to increase their professional position.

EIT InnoEnergy has also developed SkillCharge Enterprise, a tool that delivers powerful insights for energy sector employers and HR professionals. Using the resource, team leaders and HR departments can easily map the skills of their entire organisation, identify skill gaps based on current sector trends, and find tailored course recommendations that can upskill employees.

SkillCharge should prove invaluable for anyone looking to land a new job in the sector, as it also provides a list of potential vacancies that are in line with existing skills. Not only that, it also points to jobs that could be applied for once an individual’s skills have been refreshed or improved.

SkillCharge Enterprise is a powerful solution that can transform an organisation’s approach to learning and development, and help it stay ahead of the curve.

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8.4 BATTLE OF GREEN TALENT The Battle of Green Talent is an online competition, initiated by the EIT InnoEnergy Master School, designed to give students an insider’s view of the process of bringing innovative ideas to market. Launched in autumn 2020, students are working hard to take their own startup ideas forward and win the big prize – incubation support to take their idea to the next level. As a result of the European Green Deal, there is a massive influx of opportunities in the sustainable energy sector, and this is the perfect time for the competing students to take advantage of Europe-wide support and funding for the transition to sustainable energy. Starting with the initial stages of ideation, students shared start-up ideas which were assessed by a panel of expert investors and business students from the ESADE Business School, London Business School and Nyenrode Business Universiteit. Teams were built, taking students’ various talents into consideration, and then their ideas were presented to investors who virtually ‘invested’ in the start-ups based on their perceived value. As the students continue through the competition’s phases, they learn important lessons about creating a solid business plan, teamwork, pitching to investors and developing their business ideas. Along the way they will be able to connect with promising future start-ups from all over Europe, and gain recognition and valuable feedback from industry experts. The competition came to a conclusion in April 2021, with a live event from KU Leuven in Belgium taking advantage of EIT InnoEnergy’s state-of-the-art Hybrid Learning Classroom. The winners, an innovative solution for energy storage, were decided by a competition jury and won a cash prize of €10,000 along with incubation support through EIT InnoEnergy’s student start-up accelerator programme, Sidewalk. As a true entrepreneurial ecosystem, EIT InnoEnergy is committed to nurturing the next generation of green talent, to help harvest the brightest ideas that will change the world. Competitions like Battle of Green Talent allow these young innovators to create brand new solutions and sharpen their skills, so they are ready to take advantage of the countless opportunities that the European Green Deal will offer them in the years to come.

TBB.2020 photo contest | “Through the Solar Energy” | Photo by: Gaea Lei Osilao

Diversity

EIT InnoEnergy Annual Review 2020

9.1 TRANSFORMING BUSINESS FOR THE BETTER Humanity is diverse, but the industries that serve it have not always reflected that diversity. Fortunately, the situation has been improving for some time, and more recently the pace of change has increased dramatically. For EIT InnoEnergy, diversity has always been a fundamental value, and this shift in wider thinking is a welcome development. EIT InnoEnergy is proud of its complementary teams with their variety of backgrounds, nationalities, genders, ages and other characteristics, all reflecting different, but equally valuable experiences and ideas. The benefits of such diversity reach well beyond the realm of ‘fairness’, although that is possibly the most valuable benefit of all. Diversity has been the subject of numerous studies in recent years, and a correlation between greater inclusion and superior business performance has been demonstrated consistently across a number of different measures. From the fact that inclusive companies are more likely to lead and capture new markets – with an attendant uplift in performance and revenue – to the figures that show they can earn profits up to 30% higher than their competitors, diversity frequently goes hand-inhand with enhanced business results. When the level of corporate diversity is high, the likelihood is that everybody wins.

Working towards a more diverse energy sector Looking specifically at the energy sector, it is no secret that the challenges ahead are formidable. The goal of the energy transition is ambitious, and it demands that we draw on the talents of individuals and groups from all walks of life, from every corner of the world. Only by unlocking the potential of people from the widest variety

Elena Bou Executive Board Member and Innovation Director EIT InnoEnergy In traditional industries like energy, it is very common to suffer from so-called ‘comfortable clone syndrome’. This is when everyone within the company thinks alike, and because all ideas pass through similar cognitive screens, only familiar ones survive. At EIT InnoEnergy, our focus is on innovation, therefore creative abrasion is needed as input for the creative process. One of the critical ingredients to achieve this creative abrasion is diversity. Indeed, diversity increases innovation capacity and performance by 33%. Diversity has been in EIT InnoEnergy’s DNA since its inception. For us, diversity means different cultures, knowledge, backgrounds, genders and age. It is not only about respect, but also about our ways of working and about combining different approaches to create something greater, more disruptive and with greater impact.

09 Diversity

of backgrounds can we achieve the goals we are aiming for, and EIT InnoEnergy understands that the interactions and creativity of its increasingly diverse workforce are helping to increase its impact on the world. For these reasons, EIT InnoEnergy is committed to building on its current base, further enhancing its ability to support the energy sector as it moves towards genuine sustainability. For instance, gender

diversity remains an issue, with a significant underutilisation of women across the sector. EIT InnoEnergy is examining its own gender diversity, not only in the overall composition of its employee base, but also across its various levels of leadership. As in every other aspect of the organisation’s work, EIT InnoEnergy is continually looking to improve, comparing itself with other best-in-class organisations and aiming to become a recognised leader in the energy sector.

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

2,5%

56+ years

Gender DIVERSITY

51%

<25 years

female

22%

AGE DIVERSITY

46-55 years

49% male

34,5%

25-35 years

33%

36-45 years

nationality of OUR EMPLOYEES

Argentina

Australia

Belgium

Brazil

Costa Rica

Croatia

France

Hungary

India

Indonesia

Israel

Italy

Macedonia

Mexico

Portugal

Romania

Spain

Sweden

Ukraine

USA

Turkey

Georgia

Germany

Netherlands Norway

Venezuela

Great Britain

Greece

Peru

Poland

Vietnam

EIT InnoEnergy Annual Review 2020

Mobility’s diversity challenge Mobility today, especially in the automotive sector, is undergoing a massive shift. New technologies such as autonomous driving and connected cars are converging with changing societal trends such as sharing and flexible ownership models. Then there’s also the shift in culture, which may perhaps be the most important change. Working in this industry for over 20 years, I have been witness to the traditional approach, which in the past has served the companies well. As new players have entered the mobility field, however, new pressure has mounted on challenging the employees to ‘think differently’. There is a need to be open and to create flexibility in our business approach. A culture of sparring in a safe and trusted environment can help unlock new ideas and opportunities, and also identify when it’s best to walk away from an idea. Both are equally important. Part of the solution can be to create more diversity within the workforce. Diversity can come in many different forms, from our background and experience to our gender and style of communication. Part of our job at EIT InnoEnergy is to coach our assets, a task that requires strong communication skills and the ability to listen – really listen – along with the ability to design and execute plans as a result of those discussions. The necessary skill sets are varied and exhaustive, and cannot be filled by one type of persona. The combination of diversity with teamwork, therefore, is a solution that can create meaningful results.

Jennifer Dungs Energy for Transport and Mobility Thematic Leader, EIT InnoEnergy At EIT InnoEnergy, we have the motto ‘think global, act global’, and by default this creates a culture of diversity and teamwork within the company. When it comes to the mobility start-up scene, however, there are new technologies and innovations emerging from every corner of Europe but there is still a gap with respect to women founders. We are committed to encouraging strong and diverse teams which help close the gaps, and in the end improve agility and success.

EIT InnoEnergy Annual Review 2020

Making progress It is gratifying to see that EIT InnoEnergy’s employee base exhibits a well-balanced gender split, with 110 women and 107 men. The organisation recognises that this is a firm foundation for further consolidation and is proactively measuring and improving gender diversity in areas such as student recruitment (women currently make up 30% of the EIT InnoEnergy Engineering Master School student cohort), and in leadership within its portfolio of companies. Progress is also being made across the organisation’s leadership positions, with a steady expansion of the role of women. There are now three female Supervisory Board members, two senior female thematic leaders, and two female Executive Board members. Culture also contributes to our diversity and is a big part of what makes us unique. We have 31 nationalities which have proven to increase creativity, profit, employee engagement, skills and cultural insights. What’s more, the age of our employees ranges from 21 to 73. These generational differences offer all age groups the opportunity to learn new skills, better ways to work and as such, increase productivity. This culture of diversity is being felt not only by the individuals themselves and EIT InnoEnergy as a whole, but by the entire energy sector as we all strive to achieve our goals. However, there always remains work to be done – we would like to see more female students become engineers, more female entrepreneurs starting their own businesses and more female leaders in our organisation. What is more, expanding on the backgrounds and nationalities of the people that we represent has no limit and we will also endeavour to see the ages of our staff become even more disparate. To maintain high standards of diversity we have now appointed a Diversity Manager, Cheryl Fragiadakis. Cheryl is building on the success we have attained over the past 10 years, ensuring diversity remains forefront in all that we do.

Bo Normark Chair of European Bettery Alliance, EIT InnoEnergy Scandinavia At the age of 73 I am privileged to work in an organisation where I feel appreciated for my experience and get inspiration from working with younger people. I have also been given tasks in the team where I can use my strengths and my weaknesses are compensated by colleagues. This has made my years with EIT InnoEnergy, after traditional retirement age, the richest and most productive in my professional life and kept my creativity alive.

09 Diversity

Carolina Escudero wins WeAreTheCity Rising Star Award The annual WeAreTheCity awards, held each year to recognise the achievements of women in the workplace, named EIT InnoEnergy Master School graduate, Carolina Escudero, among its 2020 winners. Carolina won the Rising Star award in the Energy and Utilities category, a tribute to her achievements as Business Development Manager at the Swedish energy company, Vattenfall, along with work she does as a volunteer for the Women’s Engineering Society. Carolina’s work reflects EIT InnoEnergy’s ambition to unlock more female talent as progress is made towards the energy transition. The EIT InnoEnergy Master School has doubled the number of women on its programmes since its inception ten years ago, with 30% of participants now being women.

Carolina Escudero Business Development Manager, Vattenfall Besides my work in sustainability, I dedicate a lot of my time volunteering for the Women’s Engineering Society (WES). WES is a non-profit organisation which supports women in engineering, science, and technology. WES offers development and networking opportunities for these women so they can reach their potential. I am proud to have led one of the biggest clusters of WES and also to have initiated a scheme called ‘Work Shadowing Week’ where girls 16+ were placed with an engineering mentor for a week to have a real-life experience of what engineering is like.

TBB.2020 photo contest | “Clean Energy for Life” | Photo by: Bernard II Recirdo

TBB.2020 photo contest | “title” | Photo by: author

TBB.2020 photo contest | “The golden grow” | Photo by: Rajendra Malviya

EIT InnoEnergy

EIT InnoEnergy Central Europe

Kennispoort 6 floor

Equal Business Park B

John F. Kennedylaan 2

28 Wielicka Street

5612 AB Eindhoven

30–552 Kraków, Poland

The Netherlands

central.europe@innoenergy.com

info@innoenergy.com

EIT InnoEnergy Benelux

EIT InnoEnergy Scandinavia Torsgatan 11, 8th floor

Kennispoort 6th floor

111 23 Stockholm, Sweden

John F. Kennedylaan 2

scandinavia@innoenergy.com

5612 AB Eindhoven The Netherlands

EIT InnoEnergy USA

benelux@innoenergy.com

444 Somerville Ave Somerville, Massachusetts

EIT InnoEnergy France

02143 United States

1-3 Allée du Nanomètre

usa@innoenergy.com

38000 Grenoble, France france@innoenergy.com

EIT InnoEnergy is the trading brand of KIC InnoEnergy SE

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

EIT InnoEnergy Iberia Edifici Nexus II Oficina 0A Jordi Girona, 29 08034 Barcelona, Spain iberia@innoenergy.com