EIT InnoEnergy Annual report 2019 by EIT InnoEnergy

EIT InnoEnergy â&#x20AC;&#x160;Annual Report 2019

Cover: TBB.2019 photo contest | "Wind energy sets the course" | Photo by: Robbert Frank Hagens

EIT InnoEnergy â&#x20AC;&#x160;Annual Report 2019

TABLE OF CONTENTS

Welcome �� 7

Meet EIT InnoEnergy �� 8

1.1

Accelerating Sustainable Energy Innovations �� 10

1.2

Mission, Vision and Values �� 12

1.3

Our Trusted Innovation System �� 14

1.4

Offices across Europe and the United States �� 15

1.5

Governance �� 16

1.6

The Power of the Network: Building Connections throughout Europe �� 18

Achievements in 2019 �� 24

2.1

Aspirational innovations �� 26

Key Projects �� 38

3.1

Building a European Battery Industry �� 40

3.2

Boosting the Business �� 44

3.3

Endorsing Sustainable Local Communities �� 46

3.4

Global Call for Start-ups �� 47

3.5

Best Start-ups in the CEE Region �� 48

3.6

Cleantech Camp Pre-Acceleration Programme �� 50

3.7

Education �� 51

TBB.2018 photo contest | “Looking to the future” | Photo by: Roberto Bueno

EUROPE'S SUSTAINABLE ENERGY REVOLUTION Our 24 shareholders and 500+ project partners have seen an investment of €560 million injected into 480+ sustainable energy innovations. These innovations span eight key transformative areas, including transport and mobility, circular economy and energy storage. In 2019 we also saw two new shareholders enter the EIT InnoEnergy ecosystem; the emergence of our first industrial Unicorn, Northvolt, which will bring about 3,000 direct jobs and 25,000 indirect jobs; and more than 2,100 business to business transactions at our flagship energy innovation event, The Business Booster.

DIEGO PAVÍA

CEO, EIT InnoEnergy SE In 2019 we also saw the progression of hydrogen technologies, which – like batteries – have the potential to accelerate clean energy by enabling sector coupling. Identified as one of the most promising technologies of our time, Hydrogen will remain a strategic priority in the coming years, not only for EIT InnoEnergy, but also for Europe.

Results like this do not occur in isolation. It is only through our strong network of shareholders, members and partners (including more than 1,000 Alumni, who have now graduated from our Master programmes), as well as the masterminds behind the 480 businesses we are supporting; plus the continuous support from the European Institute of Innovation and Technology, that we have been able to achieve such growth and impact.

In particular, Hydrogen has been mentioned as a key technology in the European Green Deal – a roadmap developed by the European Commission in response to climate change and environmental degradation. The end goal? To be the first climate neutral continent by 2050. With an investment plan that sets to mobilise at least €1 trillion to support sustainable investments over the next decade, this deal is our opportunity to transform Europe into a modern, resource efficient and competitive economy.

Looking back to the start of the year, we held the fifth European Battery Alliance meeting, where we had the opportunity to meet with more than 200 stakeholders from across the entire battery value chain, to discuss industrial investment opportunities in Europe. With the battery market growing at an unprecedented pace, this platform provided us with a timely opportunity to remind key stakeholders that we must act forcefully, jointly and urgently.

It is thanks to our vast ecosystem – which makes EIT InnoEnergy the force of nature that it is today, that we are able set our sights on this bright future and have confidence that we will be a key contributor to achieving Europe’s goals of a net-zero emission continent. And, at the time of writing this forward, the power of this network is also what has equipped EIT InnoEnergy with the necessary capital – be it human or financial – to support our students, companies, partners, investors and shareholders, as we navigate the uncertain territory the Coronavirus has brought upon the world. This gives me nothing but hope and reassurance that no matter the obstacle, EIT InnoEnergy will continue walking the talk as we have done for the last 10 years.

One such initiative to fast-track progress was the launch of the Business Investment Platform (BIP) – designed to accelerate transactions between investee and investor. €70 billion of frontloaded investment in batteries is required to meet peak European demand by 2025. Therefore, the implementation of instruments that help speed up progress, such as the BIP, are key to establishing a strong European battery production industry within a rapidly expanding global market – estimated to be worth €250 billion annually from 2025 onwards. Through the BIP we have a strong pipeline of 20+ industrial projects, totaling an investment need north of €10 billion.

Meet EIT InnoEnergy

EIT InnoEnergy Annual Report 2019

1.1 ACCELERATING SUSTAINABLE ENERGY INNOVATIONS For us, true sustainability means an industry that’s commercially viable, endlessly innovative and highly competitive. We make this possible by helping the adoption of pioneering new innovations, without risk or complexity.

From mobility to construction, and from renewable energy sources to smarter storage, our commercially-attractive innovations are the product of our trusted ecosystem in sustainable energy, built over the last 10 years. We’ve invested in nearly 500 assets, all of them providing ROI with a forecasted revenue of €16 billion. The trusted ecosystem brings together 500+ key players from across the energy value chain, from 18 different countries, and direct or indirect access to 150

million energy consumers. The ultimate goal is to reduce energy costs, increase system performance, decrease greenhouse gas (GHG) emissions, create jobs, and increase competitiveness. ENERGY IS IN EVERYTHING WE DO It’s not just our area of technical expertise, the industry we’re transforming, or the place where we put our proven ecosystem for innovation to work. Energy also defines the proactive, dynamic way we bring our bold ambition to life.

01 Meet EIT InnoEnergy As engaged, active partners, we work with innovators and industry, investors, regulators, entrepreneurs and enablers, the research space, and commerce. As a result, we have become a valued source of expertise and insight into the challenges the energy industry is facing today – and where innovation will take us tomorrow. A TRUSTED PARTNER FOR OUR SUSTAINABLE FUTURE Beyond working with organisations across the

20+

Online courses

energy value chain, we’re proud to play a pivotal role in the decisions that affect the future of the energy industry across Europe and beyond. We have been a driving force behind several European initiatives, including the European Battery Alliance (EBA), where we helped shape EU policy and cement a positive impact on the energy transition. This is a reflection of our reputation for delivering practical innovation and, above all else, is supporting the industry as it undergoes transformations in the future.

500+

Partners across Europe

126

Products commercialised

260+

€16B

PhD candidates

Forecasted revenue

MAKING AN IMPACT IN SUSTAINABLE ENERGY

186

Patents filed

€560M

€1,6B

EIT InnoEnergy investment

Funds raised

330

Start-ups selling

480+

Products supported

€2.5B

Investment raised

EIT InnoEnergy Annual Report 2019

1.2 MISSION, VISION AND VALUES Our mission is to build a sustainable, long-lasting operational framework amongst the three actors of the knowledge triangle in the energy sector: industry, research and higher education, while ensuring that the integration of the three is more efficient and has a higher impact on innovation than the three standing alone.

Our vision is to become the leading engine for innovation and entrepreneurship in sustainable energy.

ENGINE FOR INNOVATION AND ENTREPRENEURSHIP

INNOVATION AND ENTREPRENEURSHIP

LEADING ENGINE

HIGHER EDUCATION

SUSTAINABLE ENERGY

RESEARCH

01 Meet EIT InnoEnergy

OUR VALUES:

PAN-EUROPEAN

ENTREPRENEURIAL

We cover and capitalise the fascinating diversity of Europe.

It’s in EIT InnoEnergy’s DNA to be entrepreneurs for sustainability.

INTEGRATIVE

VISIONARY

We ceaselessly co-operate, integrate, synthesise, melt, merge.

We dare to be visionary, to think beyond boundaries, to scrutinise rules.

EXCELLENCE-DRIVEN

PASSIONATE

We thrive to be the best, work with and create the best ones.

We are bursting to develop cutting-edge-solutions & optimum results.

IMPACT-ORIENTED

SUSTAINABLE

Everything we do is directed to create the maximum impact.

We are here to stay. We care and work for the energy future of Europe.

EIT InnoEnergy Annual Report 2019

1.3 OUR TRUSTED INNOVATION ECOSYSTEM EIT InnoEnergy is not just another business network. Working and partnering with us gives access to the most dynamic, diverse and vibrant community in the field of sustainable energy. Europe has the people and the ideas, the resources and the skills to create a fully sustainable energy industry. Our role is to bring them together. We connect people, open up markets and cross borders. We introduce products to customers, and ideas to audiences. We help plug skills gaps and fill market niches to maximise the potential

90%

of the innovations and innovators we support. Our Europe-wide network of business, academic and research partners is central to this work.

500+

Partners

Start-ups working with corporates

380+

Start-ups supported

1200

Research institutes

Master's alumni

OUR ECOSYSTEM IN NUMBERS

European cleantech VCs

1200

200+

Sustainable energy experts

Attendees at TBB

Shareholders

Sales people

2100

CommUnity members

01 Meet EIT InnoEnergy

1.4 OFFICES ACROSS EUROPE AND THE UNITED STATES The activities of EIT InnoEnergy are managed through our regional offices located in Benelux, Central Europe, France, Germany, Iberia, Scandinavia, and lately also on the US East Coast (Boston). At the same time, we build upon our extensive network of 500+ associate and project partners representing top rank industries, research centres and universities across Europe and 24 shareholders.

EIT InnoEnergy Annual Report 2019

1.5 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

CEO EIT InnoEnergy Benelux

FRANK GIELEN

JAKUB MILER

Education Director

CEO EIT InnoEnergy Central Europe

RICHARD BIAGIONI

KENNETH JOHANSSON

CEO EIT InnoEnergy France

CEO EIT InnoEnergy Scandinavia

EIT InnoEnergy Annual Report 2019

1.6 THE POWER OF THE NETWORK: BUILDING CONNECTIONS THROUGHOUT EUROPE

Our strength comes from our Europe-wide network of partners. They are our experts, our service providers, the early adopters of innovative solutions and the employers of our graduates.

The EIT InnoEnergy network includes our 24 shareholders, as well as 500+ associate and project partners. All of them support our entrepreneurs and innovators with their experience and expertise. In return, they gain unrivaled opportunities to invest in new ideas and create commercial opportunities for new solutions. Together our partners represent the best of Europe’s industry, research and higher education – and all are key players within the energy sector.

01 Meet EIT InnoEnergy

EIT InnoEnergy Annual Report 2019

Repsol, a global multi-energy company, has agreed on a partnership with EIT InnoEnergy through its strategic investment fund. The collaboration will fast-track the adoption of innovative technologies and business models into Repsol, to reinforce its commitment to the energy transition. Through the alliance, Repsol will gain access to EIT InnoEnergy’s innovation ecosystem of 480+ supported businesses and 500+ project partners across Europe. This includes organisations in various fields of sustainable energy including renewables, smart cities, mobility, circular economy, energy efficiency and storage. This will provide Repsol with opportunities to invest in new ideas and create commercial opportunities for new solutions. EIT InnoEnergy’s network represents the very best of Europe’s energy industry, research experts and higher education institutions. Through this the partnership, Repsol will reinforce its Corporate Venturing Model, which has an allocation of €85 million for the 2016-2020 period. The Corporate Venturing Model is Repsol’s open innovation strategy geared to complement the company’s internal capabilities in R&D. Mikel Lasa, Iberia CEO at EIT InnoEnergy, commented: “Transitioning to a sustainable energy sector is one of the biggest challenges facing Europe today, and no company can do it alone. Our role is to provide the right ecosystem to forward-thinking companies, so they can meet the right people, connect with the right partners and harness the right skills, to accelerate their company’s position. The energy transition is a marathon, not a sprint, and we’re the coach right beside companies of all shapes and sizes – advising and guiding them to have the biggest impact.”

Jaime Martín,

Technology and Corporate Venturing Corporate Director, Repsol Our ethos mirrors that of EIT InnoEnergy’s; from reducing emissions to focusing on the human side of the energy transition, which is why this partnership made complete sense. As part of our updated strategic plan for 2020, one of our pillars is about the development of new businesses linked to the energy transition. By forming this alliance with EIT InnoEnergy, we can work towards that goal through its innovation ecosystem to reduce our carbon footprint and build new capabilities.

01 Meet EIT InnoEnergy

The largest Ukrainian power generation and distribution company, DTEK, and EIT InnoEnergy have signed a Gold Membership agreement, along with innovation scouting in Krakow. The agreement has been signed by Emanuele Volpe, chief innovation officer at DTEK and Jakub Miler, CEO of EIT InnoEnergy Central Europe. As a Gold Partner, DTEK has already been part of the ‘PowerUp!’ competition and Emanuele Volpe was among the judges of PowerUp’s grand final, selecting the best start-ups in the field of energy in Central and Eastern Europe in Krakow on 21 May. Elements of the co-operation include: • innovation scouting in the European energy landscape, • initiatives of the European Institute of Innovation and Technology (EIT) and EIT InnoEnergy – European Battery Alliance, • co-operation with over 500 international partners from industry and the academic community, business and public sector, during The Business Booster conference and exhibition of innovations. Jakub Miler, the CEO of EIT InnoEnergy Central Europe, said: “EIT InnoEnergy’s job is to shorten the transition time to a sustainable energy system in Europe. We are glad to welcome Ukraine’s flagship energy company to our platform. We will work together to find the best solutions and share the best practices from all over Europe, so we both get closer to our goals.” DTEK is Ukraine’s largest energy group, with assets in coal mining, electricity generation and distribution, alternative energy and gas production. The synergy of coal producing and electricity generating companies, advanced technologies, professional management and high social standards help DTEK maintain its leading positions in the fuel and energy market of Ukraine.

Emanuele Volpe,

Chief Innovation Officer, DTEK DTEK provides European rules and values in Ukrainian energy markets. Together with EIT InnoEnergy, we would like to embrace European innovation as well. Innovation is changing the world and we are ready to become part of these changes. We are looking for solutions in gas and coal production, thermal generation, renewable energy, grids, e-mobility, energy efficiency and customer services.

EIT InnoEnergy Annual Report 2019

Dutch clean energy conglomerate Koolen Industries has become a shareholder of EIT InnoEnergy, to accelerate the commercialisation of clean energy start-ups. By joining forces they will combine sectoral expertise and broad industry contacts to support technology start-ups that focus on sustainability solutions.

Kees Koolen, CEO, Koolen Industries

Entrepreneur Kees Koolen, an early investor in Uber and former CEO of booking.com, founded Koolen Industries in early 2019 with the ambition to make clean energy accessible and affordable. Since then, Koolen Industries has invested in a number of projects, such as lithium battery company Super B and smart charging company Floading, to increase the positive impact they can have on the environment. “Koolen Industries appreciates the value we add to the start-up landscape. By welcoming them as a shareholder, we can achieve synergies,” said Jacob Ruiter, CEO of EIT InnoEnergy Benelux. “Kees Koolen’s entrepreneurial flare and extensive global network will invigorate our offering and take our existing start-up portfolio to the next level. The investment will help us jointly deepen our engagements with sustainability companies, at a time when the climate crisis continues to intensify. This coming together of two powerful forces will help us speed up the transition to a low carbon future”, he added. EIT InnoEnergy provides funding as well as helping start-ups reduce the involved risk and shorten the time to market. In addition to direct involvement, EIT InnoEnergy runs a flagship competition – Global Call for Start-ups – where the very best innovations within the cleantech space can win a place in one of the support programmes and a cash prize, to support their developments in sustainable energy fields, such as renewable energy, mobility and smart cities.

EIT InnoEnergy first caught my attention when I attended their Global Call for Start-ups finals in 2019, and I was impressed. Our paths have also overlapped on start-ups. We’re both investors in Hardt Hyperloop and Elestor, which is a clear indication that we have the same eye for success. The access gained by becoming a shareholder in EIT InnoEnergy will allow us to invest early in crucial innovations and maximise value as the start-ups we support speed up their journey to commercial success.

01 Meet EIT InnoEnergy

French multinational technology and digital transformation consultancy Capgemini has become a shareholder in EIT InnoEnergy. By combining both companies’ expertise, it is possible to accelerate the commercialisation of sustainable energy start-ups to help tackle climate change.

Florent Andrillon,

Headquartered in Paris, France, Capgemini operates in more than 40 countries, with 200,000 employees. Driven by the desire to be part of the climate change solution, Capgemini has become increasingly involved with EIT InnoEnergy over the past 18 months. After several successful collaborations including events and project initiatives, the duo has cemented their partnership by making Capgemini an EIT InnoEnergy shareholder. “Like us, Capgemini sees it as their civic responsibility to help address carbon emissions and support the energy transition. The investment, coupled with their expertise in digital disruption, will help us jointly deepen our contribution to solving this major societal problem, at a time when the climate crisis continues to intensify. Our coming together will help us speed up the transition to a low carbon future”, said Richard Biagioni, CEO of EIT InnoEnergy France. One initiative that Capgemini and EIT InnoEnergy have already shared success in is that of French start-ups Alpinov X, Sylfen and Nawa Technologies. While EIT InnoEnergy provides round the clock support, each startup has also benefited from the specialist expertise of a Capgemini consultant on a short-term secondment. The secondment allowed each start-up to develop varying aspects of their business including market strategy, operational excellence and customer engagement. EIT InnoEnergy has also gained support from Capgemini’s Invent business line to structure and support the activities of the EBA250 initiative in building a competitive European battery sector. The support includes identifying business opportunities, implementation of innovative projects along the value chain, and building industry expertise in minerals mining and recycling.

Vice President and Energy Transition Lead, Capgemini While Capgemini already has its own workstream – Invent for Society – to realise this ambition, we see partnering with EIT InnoEnergy as an unrivalled opportunity to create synergies through their dynamic community of start-ups and partners. We look forward to extending the circle of innovation across Europe through research, projects and talents, hand in hand with EIT InnoEnergy.

ACHIEVEMENTS IN 2019

EIT InnoEnergy Annual Report 2019

2.1 ASPIRATIONAL INNOVATIONS

In April, Hardt Hyperloop signed a strategic deal with EIT InnoEnergy, Europe’s sustainable energy innovation engine. A sizeable investment, introductions to EIT InnoEnergy’s ecosystem of 500+ industry partners as well as access to its commercial resources, helped Hardt Hyperloop to fast track the demonstration of Europe’s first hyperloop test facility and much more in 2019. At a "Grand Reveal" event in June, EIT InnoEnergy -backed Hardt Hyperloop revealed break-through Hyperloop Lane Switch (HLS) technology. The lane-switching technology allows hyperloop vehicles to change from one lane to another without additional or moving components. This enables the vehicles to retain their high speeds, effortlessly switch routes, and merge in and out of the network. The completion of the HLS marks both the end of a testing phase and the beginning of a much larger testing facility titled the "European Hyperloop Centre". The first test phase assessed fundamental hyperloop technologies including magnetic levitation, low pressure environments, a propulsion system, cargo/passenger weight simulation, and lane-switching technology. In October, an international business consortium led by Dutch clean energy conglomerate Koolen Industries made a multi-million-euro investment in Hardt Hyperloop. This investment round was backed by the renowned German fund Freigeist Capital, multiple Dutch and Belgium investors, and one of the first engineers of Uber. The company has raised more than ten million euros to date. With this latest investment, the company is getting ready for the next step: to realise the European Hyperloop Center, a three kilometer hyperloop test facility to prove hyperloop technologies at high speeds.

Tim Houter, CEO, Hardt Hyperloop This partnership will pave the way for several big projects that will ensure a successful commercial implementation of our hyperloop solution. It’s great to have such a broad and international group of investors who will help with local developments, as well as having the continued support of our first investors.

02 Achievements in 2019

NAWA Technologies (supported by EIT InnoEnergy) are makers of next-generation ultracapacitor-based energy storage systems, and have entered a crucial phase of its rapid scale-up: industrialisation and mass production.

Ulrik Grape,

CEO, NAWA Technologies Having completed its technical development programme, NAWA has also successfully raised €9 million from new investors, including industrial investment company Kouros and CAAP Creation (the venture capital arm of Credit Agricole Alpes Provence) alongside existing investors Demeter, Région Sud Investissement, Supernova Invest, Davaniere Capital Partners and EIT InnoEnergy. While in the process of finalising further funding, NAWA Technologies prepared to install a first of its kind production line at its Aix-en-Provence facility. By the end of 2019, the first manufacturing equipment was installed and operational, allowing NAWA to steadily build up to over 100,000 ultracapacitor cells a month when at full capacity. With today’s global market for ultracapacitors worth around €500 million, but estimated to grow to €2-3 billion in 2023, NAWA Technologies is ideally positioned to take advantage of increased demand. Pascal Boulanger, COO of NAWA Technologies, said: “Having completed our development phase with highly-successful results, we are delighted to announce we will be operational with the first phase of our production by the end of this year. The installation of new manufacturing equipment at our facility begins in earnest and we will soon supply cells to a wide range of global sectors. Our technology really does have the potential to revolutionise energy storage and there are no limits to how far we can take it.” In 2019, Nawa Technologies was also recognized in the BPI Deeptech Book. Pascal Boulanger commented: “Being recognised in the BPI Deep Tech book is a real honor and a strong motivation for us, as we see this recognition as a confirmation of our work and the continued support of our work by BPI.”

Global ultracapacitor demand is set to rocket in the coming years and we are perfectly positioned to meet the increased needs of multiple sectors, from manufacturing to automotive, urban mobility to smart energy management. Thanks to the backing of new and existing investors, we are rapidly scaling up and we are very excited indeed to be entering the industrialisation phase with mass production imminent.

EIT InnoEnergy Annual Report 2019

EIT InnoEnergy’s portfolio company Betterspace, the leading one-stop shop for digitalisation and energy efficiency in hotels, successfully closed a €3 million Series A investment round led by Statkraft Ventures. With their holistic solution platform Betterspace helps hotel managers and owners save energy, reduce costs and generate new (digital) income streams.

Gerhard Weiß,

Co-founder, Betterspace Due to changing customer needs towards more personalised offerings and an increased transparency, through online booking and review portals, hoteliers need new sophisticated ways to set themselves apart from the competition. Betterspace’s scalable product suite offers complete solutions for individualising the customer journey, as well as optimising the internal processes and the energy management system of a hotel. Today, more than 500 hotels use customised Betterspace solutions such as, integrated digital assistants, intelligent room control and electric charging, in order to attract and bind customers, decrease the overall operating costs as well as increase revenues. This continuously-growing market success has convinced Statkraft Ventures to join EIT InnoEnergy and lead a sizable Series A investment round to help Betterspace with their expansion into further European markets. Luis Sperr, Business Creation Manager at EIT InnoEnergy, said: “We have had a very successful partnership with Betterspace dating back to 2015. Since then the Betterspace team was able to provide value to the hoteliers and thus to steadily grow their market share and their revenues, especially in Germany. Now it’s time to continue this success story Europe-wide. With Statkraft Ventures we’ve found the right partner at the right time for doing so.” Stefan Hülsen, Senior Investment Manager at Statkraft Ventures, commented: ”Reducing the hotels‘ operating expenditures while increasing revenue is a strong selling point, not only for Betterspace’s clients but also for us. The company’s technology, as well as the strong and demonstrated need in the hospitality industry for integrated products and services, has convinced us to support the founders on their way to becoming the leading hotel digitalisation provider.”

We are proud of what we have accomplished so far, especially in the German-speaking countries. This investment opens up many possibilities for us, to develop our business further and grow internationally. We are very happy about the support and now want and need to expand our leading position in the hospitality industry.

02 Achievements in 2019

EIT InnoEnergy joins BGA Invest and Midroc New Technology as a major shareholder in Minesto as it converts previously issued warrants to shares. In August 2019, EIT InnoEnergy exercised warrants issued in previous years subscribing 7,121,561 shares in Minesto. This move made EIT InnoEnergy the third-largest shareholder in the Swedish marine energy developer alongside main owners BGA Invest and Midroc New Technology. The support was given with the ambition of making the company the biggest success in the tidal energy, and paving the way to become a major energy equipment company, which will reinforce the European leadership in the renewable energy sector. With more than €500 million invested in innovations in the energy sector, EIT InnoEnergy is a European powerhouse in supporting and bringing new ideas and products to the market. In 2015, EIT InnoEnergy made its first investment in Minesto and its largest ever at that time in marine energy with €3.5 million. EIT InnoEnergy has since continued to support Minesto with further investments towards the further development and commercialisation of Deep Green, Minesto’s unique tidal energy technology. Javier Sanz, Thematic Leader for Renewable Energies at EIT InnoEnergy and Minesto board member, stressed that "The technology, the team and the core investors in Minesto, have prevailed for taking such a decision. Projects in Holyhead and Faroe Islands clearly show there is a high potential for a very successful commercial evolution in the upcoming years. This is a cornerstone for the blue energy sector, and as a result, is of great value to us."

Dr. Martin Edlund, CEO, Minesto EIT InnoEnergy’s commitment underlines the role of ocean energy by Minesto’s technology in the global transition to a renewable energy system. As a major investor in Minesto and in opening up its ecosystem, EIT InnoEnergy has been a key supporter of ours and played an important role in our development.

EIT InnoEnergy Annual Report 2019

EIT InnoEnergy agreed to join the shareholding at Nabrawind Technologies, increasing their support that started in 2018. The Spanish company completed, in the same operation, a capital increase of €1,175,000 with the recent entry of Basarro 2005 S.L. in its shareholding, which joins Nabrawind SL, Barinaga&Alberdi SA and Sodena SL. This new round complements the second contribution made by the initial partners in 2018 that amounted to €1.5 million. Shortly before closing this operation, the Spanish company also received a grant from the Horizon 2020 SME Instrument programme for €1.7 million. As a result, the financial situation of Nabrawind Technologies has considerably strengthened, allowing the company to face with confidence the market entry phase, which started in the same year. After the prototypes phase in 2018, Nabrawind announced in 2020 that it will also install the tallest tower in Africa (144m high). Nevertheless, and according to its development plan, the Spanish team is already working on self-erecting towers that exceed 200m high, which will become a global "wind roof". Likewise, very advanced contacts are being maintained with the main players of the wind sector for the installation of their two solutions, both modular blade and self-erecting tower, planned for 2020 and 2021.

Eneko Sanz,

General Manager, Nabrawind Technologies The profile of the new partners has prevailed. One of them, with a deep presence in Navarre and recognised industrial trajectory, the other one with an outstanding knowledge of the wind sector. Their presence will provide additional value, beyond mere financial support, which is also important.

02 Achievements in 2019

Securing €350 million loan from the European Investment Bank, raising capital and receiving a €5.8 million investment into the critical ‘Revolt’ programme are among the achievements of Northvolt, a Swedish company specialising in the production of lithium-ion batteries that EIT InnoEnergy is co-investing in.

Peter Carlsson, CEO, Northvolt

Northvolt has secured a €350 million loan from the European Investment Bank (EIB). Northvolt, a Swedish innovation developing high-quality green batteries, has requested this loan to raise funds to build Europe’s biggest battery plant. The establishment of the plant is critical to help Europe compete with Asian rivals such as CATL, Samsung and LG Chem, which are leaders in the battery market. This was also the EIB’s largest ever direct financing of battery technology, which is a considerable achievement for Northvolt. The company has also raised US$1 billion from parties including Volkswagen, BMW, the merchant banking division of Goldman Sachs. Finally, EIT InnoEnergy, with the support of the EIT and the European Union, has invested €5.8 million into Northvolt’s "Revolt" programme. The programme, which will implement the latest discoveries in efficient materials recovery methods, will see the construction of a pilot battery recycling plant, followed by a full-scale version at Northvolt’s site in Skellefteå in 2022. EIT InnoEnergy’s investment supports Northvolt’s target of using 50% recycled materials in all of its new battery cells by 2030. Diego Pavia, EIT InnoEnergy CEO, said: “This is a landmark investment and one that has a mission critical role to play in addressing climate issues. Europe’s energy transition relies on creating a local, competitive and sustainable battery value supply chain that can support the electrification of the transport, power and industrial sectors. As battery volumes are expected to increase drastically, it will be doubly important that, as an industry, we do everything we can to reduce their manufacturing footprint.”

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.

EIT InnoEnergy Annual Report 2019

CorPower Ocean, supported by EIT InnoEnergy, and Simply Blue Energy signed a Strategic Collaboration Agreement to develop a number of significant wave energy projects off the coasts of the UK and Ireland.

Patrik Möller,

CEO, CorPower Ocean

The two parties are no strangers. After Simply Blue Energy completed a comprehensive research project, in collaboration with consultancy Wave Venture, in 2017 to identify the most viable wave energy technologies emerging globally, Simply Blue Energy and CorPower exchanged a Memorandum of Understanding (MoU) for further collaboration. This has now become a Strategic Collaboration Agreement, focusing on the large scale, commercial roll-out of wave energy arrays.

EIT InnoEnergy were first to believe in our product and were ready to actually put money into it, thus facilitating attracting other investors. We also received valuable business advice and continue to keep EIT InnoEnergy up to date with our latest developments.

Simply Blue Energy has identified a number of development areas suitable for commercial wave energy project deployment. Under this agreement, they have exclusive rights to use CorPower’s technology in the designated zones and aim to start producing and exporting electricity as early as 2024. According to the agreement CorPower reserves supply capacity for the respective projects. Simply Blue Energy will also investigate the development and deployment of combined floating wind and wave energy farms. This will enable the exploration of opportunities to significantly reduce costs, as well as increasing output, by dovetailing the variations in resource availability between wind and wave energy. CorPower has already proven that its revolutionary technology offers a step-change in structural efficiency, making it up-to-five-times more efficient than what is currently available on the market. We are also proud to announce that CorPower Ocean, represented by Matthew Dickson, has won the 2019 EIT (European Institute of Innovation & Technology) VENTURE Award. The award recognises the pioneering work that has made CorPower a global leader in the ocean energy sector.

02 Achievements in 2019

Skeleton Technologies will supply ultracapacitor systems to Ĺ koda Electric, for 114 trams to be delivered by Ĺ koda Transportation to Mannheim, Heidelberg and Ludwigshafen in Germany. The company has also signed a large-scale deal with Medcom to supply ultracapacitor energy storage to Warsaw Tram in Poland, as well as to many others. Supported by EIT InnoEnergy, start-up Skeleton Technologies is the European market leader for ultracapacitors and energy storage systems for transportation and grid applications. Their ultracapacitor system recuperates the braking energy of the trams and uses it for re-acceleration, saving energy and decreasing costs. Ultracapacitors are ideal for this application due to their high efficiency, reliability and ability to recharge in seconds. These solutions will be soon used in Germany and Poland. Additionally Skeleton Technologies is bringing to market aÂ new ultracapacitor product platform, the SkelCap SCA0300, to address the fast-growing manufacturing and warehouse logistics markets. The strict power quality requirements in manufacturing are driving the demand for ultracapacitor-based UPS solutions; so the SCA0300 product platform is ideally suited to systems ensuring high-powerquality to protect sensitive manufacturing equipment. The growth of warehouse and fulfillment centre robotics is driven by the rapid growth of e-commerce. Changing consumer behaviour and expectations of quick deliveries are creating new opportunities for ultracapacitor-powered solutions. This is especially true in intralogistics where shuttle and AGV (Automated Guided Vehicle) manufacturers are replacing batteries with ultracapacitor solutions, due to power, reliability and lifespan advantages. Lately Taavi Madiberk, Skeleton CEO, also discussed Estonian-German co-operation with Mr. Peter Altmaier, the German Federal Minister for Economic Affairs and Energy, in Tallinn. He advocated for the need to implement the right policies and framework to facilitate the emergence of European champions in the cleantech sector.

Taavi Madiberk, CEO, Skeleton Technologies Projects like these show that we do not need to go to China or the United States for battery and ultracapacitor production. Skeleton has proven that energy storage manufacturing is alive and well in Europe, and European companies can work together to bring huge benefits to the European industry and market.

EIT InnoEnergy Annual Report 2019

2019 was a great year for Graphmatech, award-winning materials startup part of EIT InnoEnergy Highway®. Graphmatech achieved world record values for conductive engineering plastics, was among the 33 most innovative tech companies in Sweden, made remarkable improvement in the processability of metal powders and launched a fully conductive engineering grade polymer for additive manufacturing. Graphmatech scientists achieved world record values for conductive engineering plastics which has at least 100 times lower resistivity than achieved before in filaments for 3D printing. This is a further milestone in the success story of Graphmatech, that began with foundation in 2017, followed by patented technology and material Aros Graphene®, great collaborations with Swedish, Swiss and German key industries, and being awarded Nanotech company of the year in the Nordics in 2018. Later, the prestigious Swedish “33-listan” acknowledged the 33 most innovative tech companies in Sweden that have the potential of becoming tomorrow’s stock market giants. We are proud to count two EIT InnoEnergy-backed start-ups among them – Graphmatech and Swedish Algae Factory. Graphmatech recently achieved remarkable improvement in the processability of metal powders. It solved a major challenge of the metal additive manufacturing (AM) industry with its graphene technology – another milestone in the success story of the company. By the end of the year, Graphmatech and Add North 3D announced the release of their first jointly-developed product – the Koltron G1. The product is the result of over 12 months of intensive research and development with a super material as an outcome – a fully conductive engineering-grade polymer for additive manufacturing.

Mamoun Taher, CEO, Graphmatech Being a CEO of the fast-growing Graphmatech has never stopped me from being at the lab doing innovative and outside of the box experiments. One late afternoon, I went to the lab with an intention to investigate the influence of a graphene-based material on the magnetic properties of metal powders. Unexpected behaviour of metal powder was observed after treatment with the graphene-based additive.

02 Achievements in 2019

Meva Energy has signed a market collaboration agreement with Örebro Gasteknik, a leading provider of industrial gas burners and installation services in the Scandinavian market. Meva Energy provides small, circular energy systems with a minimum of distribution and parasitic losses. Their product is a unique patented biomass gasification system. A stable technology that in contrast to many other renewable energy sources is not dependent on the weather, i.e. sun, wind, rain or waves. The most important feature of the technology is its ability to produce true high quality gas.

Niclas Davidsson, CEO, Meva Energy

With more than 25 years of experience, Örebro Gasteknik is an established supplier of burner and heat solutions to a wide range of industrial process applications. Örebro Gasteknik also holds the distribution and sales rights for several global burner producers. Traditional industrial gas consumption has been synonymous with natural gas or LPG but Örebro Gasteknik recognizes the need and growing interest for renewable gases of various types. Key to get a profitable gasification process is to utilize low cost biomass. Meva Energy’s gasification technology could use fine fraction, second generation biomass residues, i.e. sawdust, wood fibers, agricultural residues etc. The main use of biomass should be to create products such as food, houses, furniture etc. and only the residues and the used material should be used as an energy source. Today there are an excess of biomass residues, especially the low value biomass that Meva Energy utilize. A variety of feedstock could be used and if necessary it will be pre-processed, e.g. dryed (more than 15% moisture) or grinded (larger than 1,5mm). The biomass handling system will be adopted towards the local available biomass. Mats Billberger, CEO of Örebro Gasteknik, says: ”There is now a clear market pull for renewables within the gas industry and we recognize the Meva technology as a very attractive solution for many of our existing customers. The Meva gas has been successfully tested with many of our products and we see great potential in combining our competence and gas burner products with Meva gas plants.”

We are very happy about this collaboration. Not only is Örebro Gasteknik a leading gas equipment installation company but we already have more than one year of experience of working closely with their team in customer pre-projects and mutual R&D work. This cooperation comes naturally and we see many interesting projects where our combined offerings will enable industries to cut CO2 emissions by switching to our low-calorific renewable gas.

EIT InnoEnergy Annual Report 2019

EIT InnoEnergy-supported start-up Ferroamp went public by carrying out an IPO and preparing to list on Nasdaq First North. Ferroamp’s journey has been an exciting process, and EIT InnoEnergy has played a supportive role all along the way. Ferroamp joined the Highway® in 2013 to take full advantage of EIT InnoEnergy’s business acceleration services and grew significantly as a result. Ferroamp improved and protected their technology, created a winning team, carried out customer workshops, visited trade fairs, recruited experts to the board of directors, gained insights on market and regulatory changes, and raised significant funding.

Björn Jernström,

Co-founder and CTO, Ferroamp

Success starts with a great idea – in this case, a valuable innovation improving the utilisation of three-phase power supply. Ferroamps offering has since then been developed to an award-winning platform for power and energy optimisation. This enables customers to benefit from increased self-consumption, lower grid connection fees and reduced energy losses. The EnergyHub system is a modular DC-nanogrid for future proof integration of PV, battery storage and EV-charging in buildings – while Ferroamp Powershare enables these structures to commonly share those resources. They have also developed the EnergyHub Cloud service that provides actionable energy efficiency insights to customers by monitoring and collecting data, which also allows Ferroamp to further customise their services. These are innovative products that are right on time for the energy market. For Ferroamp, this journey so far has been full of well-earned achievements, and they know this next big step of going public will bring even more. With three patent families under their belt, over 400 successful installations with proven results, and an increase in sales of 53% just last year – their goals are within reach. They will also adapt their products for large volume manufacturing and continue to expand sales from their current strong Swedish market to other Nordic countries, the Netherlands, France, Italy and Finland.

We are so happy to now be listed on Nasdaq First North. Our journey to this IPO has been an exciting process, and EIT InnoEnergy has accompanied us all along the way. The long-term and tailored support we have received has been very valuable to grow our business and take us to where we are today.

02 Achievements in 2019

Principle Power, supported by EIT InnoEnergy, is a global energy technology company that enables solutions for harvesting the full potential of the world’s renewable energy resources, with a focus on unlocking the best offshore wind sites, previously inaccessible due to water depths or bottom conditions. 2019 was a year of great achievements for the organisation.

João Metelo,

CEO, Principle Power We have been working with Simply Blue Energy on the development of these sites for some time now and it is really gratifying to see the first project taking shape. Erebus represents a major step for the industry, both in terms of its size and location in Welsh waters, demonstrating that the potential for floating wind in the UK is not limited to Scotland.

In autumn, a consortium of partners led by Principle Power was awarded a $3.6 million grant from the U.S Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E) to develop, validate and operate DIGIFLOAT, the world’s first digital twin software tailored to floating offshore wind applications. This digital twin model will be a real-time, high-fidelity numerical representation of the WindFloat Atlantic (WFA) Project, which will be one of the world’s first floating offshore wind farms, once the installation is completed off the coast of northern Portugal. In winter, after being successfully connected the first platform of the WindFloat Atlantic wind farm supplied(to the grid in Portugal) the energy generated by its 8,4 MW wind turbine – the world’s largest installed on a floating platform. The commissioning of this floating wind farm contributed to the diversification of energy supply, provided access to untapped offshore wind resource and represented a significant technological leap towards a carbon-free economy. Due to further developments, the French oil supermajor Total is set to make its debut in the floating wind sector, with what could be the world’s biggest array. A near-100MW project is being developed off Wales with UK marine renewables outfit Simply Blue Energy, following the signing of a partnership deal. The 96MW Erebus development, which is expected to be brought into operation in 2025/26. In 70 metres of water, some 45km off Pembroke it’s seen as the flagship of a more ambitious build-out in the Celtic Sea basin, which is calculated to be home to a potential of 50GW of capacity.

KEY PROJECTS

TBB.2019 photo contest | “A way through the stars” | Photo by: Federico Borella

EIT InnoEnergy Annual Report 2019

3.1 BUILDING A EUROPEAN BATTERY INDUSTRY EBA250 is a unique platform for key stakeholders throughout the entire battery value chain. The network includes the European Commission, EU member states, the European Investment Bank and now more than 400 industrial, innovation, academia and financial stakeholders. The objective is to build a strong panEuropean battery industry that is able to help Europe capture a growing market worth 250B€ per year from 2025.

The future is electric. In the massive migration from fossil to electric, the availability of capable batteries is a major issue. The need for efficient batteries – for transport, power and industrial applications – is growing fast and at an increasing pace. The European Commission launched the European Battery Alliance (EBA) in October 2017 to address this industrial challenge. The annual market value is estimated at €250 billion from 2025 onwards. For Europe, the establishment of a complete domestic battery value chain is imperative for a clean energy transition and a competitive industry. The economic upside is clear: the market will have an estimated annual value of up to €250 billion by 2025. By combining European cutting-edge competences, financial strength and a crossindustrial approach, a competitive and sustainable production capacity is clearly within reach. The industrial development programme of the European Battery Alliance, the EBA250, is managed by EIT InnoEnergy. EBA250 is a project-driven community that grew during the course of 2019 from approx. 200 to more than 400 stakeholders, from mining to recycling, actively collaborating to build a strong and competitive European battery industry.

03 Key projects

KEY EBA250 MILESTONES IN 2019 In February 2019, Dominique Ristori, Director General for Energy for the European Commission, launched Batteries Europe, the European Technology and Innovation Platform on Batteries. Its aim was to drive research and innovation, knowledge transfer and competitiveness across the European battery value chain. EIT InnoEnergy has been appointed to lead the platform together with the European Energy Research Alliance (EERA) and the European Association for Storage of Energy (EASE).

Diego Pavia,

CEO, EIT InnoEnergy Energy storage is the linchpin technology for the clean energy system of the future, from grid storage to electric vehicles and cordless tools. It is essential that research and innovation agendas are closely aligned with those in industry to make a seamless transition from concept to reality. Batteries Europe will bring about a step-change in the way we collaborate, from mining, refining, design and manufacture, to digitalisation and recycling. By ensuring research and industry actions are taken in tandem, the platform can fast-track our progress towards a sustainable and competitive battery supply chain in Europe.

RESEARCH & INNOVATION ON BATTERIES The platform brings together key European stakeholders in the European batteries research and innovation (R&I) community to support EU competitiveness along the entire battery value chain. Batteries Europe will develop and update research and innovation agendas and roadmaps to spur development of battery projects at both pan-EU and national levels. In addition, the platform will help the R&I community share information, ideas, best practice, research, and access to finance. FACILITATING CROSS SECTOR COLLABORATION EIT InnoEnergy, along with EERA and EASE, will provide secretariat and cross collaboration from its involvement with the European Battery Alliance (EBA). Over the next three years, the â&#x201A;Ź1 million project will facilitate coordination of efforts undertaken by public and private partners, and other initiatives involved in battery R&I activities, through events, thematic meetings and networking opportunities. In line with the European Commissionâ&#x20AC;&#x2122;s priority to accelerate the establishment of a competitive European battery industry, the forum will help to empower the Implementation Plan of the SET plan Action 7 and support the launch of two concrete co-operation initiatives beyond the scope of traditional EU funded projects.

EIT InnoEnergy Annual Report 2019

BUSINESS INVESTMENT PLATFORM

EIT InnoEnergy launched the online Business Investment Platform (BIP) for the battery value chain, to accelerate transactions between investee and investor, during the 6th EBA250 stakeholder meeting held on 27 September. Co-designed by industrial players and public and private financial institutions, the BIP accelerates transactions in the European battery value chain. The EBA reconfirmed that the business size of the European battery value chain will represent more than €250 billion annually, by 2025. Designed to bridge the gap between financial institutions and businesses, the BIP will shorten time to investment and substantially reduce the associated risk for both parties by facilitating and coaching the businesses, thus enhancing the robustness of the investment cases in all required dimensions (technology, team, supply chain, environmental sustainability, off-takers). The BIP’s impressive network, formed via EIT InnoEnergy’s and the EBA250's networks, includes public and private financial institutions and more than 400+ industrial innovation and academic stakeholders.

is electric. Batteries are quickly becoming the cornerstone of the energy transition and €70 billion of frontloaded investment in batteries is required to meet peak European demand by 2023.” Already utilising the platform are several industrial and financial institutions, for a net worth potential investment value of €20 billion+. The BIP was showcased at EIT InnoEnergy’s flagship event The Business Booster from the 3-4 October 2019 in Paris, France.

Speaking at the EBA250 stakeholder meeting, Diego Pavia, CEO at EIT InnoEnergy, said: “The future

03 Key projects In addition, a number of concrete EBA250 projects were implemented throughout the entire value chain, demonstrating evidence that the European industrial battery strategy is bearing fruits. Some of these projects include: Umicore acquiring cobalt refinery and cathode precursor operations in Finland, which leads to expansion of its integrated battery materials footprint, Volkswagen and Northvolt forming joint venture for battery production to build a factory for lithium-ion batteries,

Ursula von der Leyen

The European Commission approving 3.2 billion EUR public support for a panEuropean research and innovation project in all segments of the battery value chain,

President of the European Commission

Europe must master the key technologies of tomorrow. If we build our technological sovereignty, we will also create new business opportunities for our companies. The story of our Battery Alliance that makes a very good example. Batteries will be strategic in a cleaner and more digital environment. But Europe still relies massively on batteries that are entirely or partly made abroad. This is why we decided to join forces with Member States and the private sector. And so the European Battery Alliance was born. It is thanks to it that the most innovative, long-lasting and clean batteries for electric cars will soon be "Made in Europe". The same model can be applied in other strategic sectors, with technologies that will be crucial for Europe's prosperity and security in the future.

EIT InnoEnergy investing 5.8 million EUR into Northvolt’s mission critical battery recycling plant. Whereas additional efforts and collaboration are needed to fully address the industrial challenge launched only a couple of years ago, we are well on our way. Europe had the strongest growth in EV batteries deployment in 2019 (vs 2018, source Adamas Intelligence) and there is no doubt of the emergence of a European mass EV battery production blueprint. In addition, the work carried out within the field of batteries as a strategic value chain for Europe will make a decisive contribution to both the European Green Deal and EU’s industrial strategy.

EIT InnoEnergy Annual Report 2019

3.2 BOOSTING THE BUSINESS The Business Booster (TBB), Europe’s catalyst for clean energy innovation, took place from 3-4 October in Paris. It was our most successful edition to date, with over 1,200 attendees from 44 countries, 2,100+ business meetings organised through our B2B tool and over 150 EIT InnoEnergy sustainable energy innovations. Some of the many highlights included Dr. Steven Chu’s keynote address. As the 12th United States Secretary of Energy and Nobel Prize winner, he had great insight to share about the impact of humans on our planet and on climate change. During the Energy Futures roundtable session he said: “The biggest challenge in climate change is the spread of correct information”. We were really inspired by Former President of Ireland and UN Special Envoy on Climate Change and also a keynote speaker during the event Mary Robinson. She shared that “The future of our children is in danger because of climate change! The world badly needs problem solvers and solution finders like you.” We also enjoyed hearing from Schneider Electric France CEO, Christel Heydemann, CEO and President of EDF,

Jean-Bernard Lévy, and General Director for Energy and Climate at the Ministry for the Ecological and Inclusive Transition Laurent Michel. In addition, we were lucky to have numerous other really interesting individuals speak during the parallel sessions and reverse pitches. During the event we showcased our own thought leadership by launching a new study that analysed 800 sustainable energy entrepreneurs and identified five key common competencies among them. The report was launched at a press conference on day one of the event and was well attended by many of top media representatives. As we do every year, many of the 160 start-ups that came to the event presented their companies and products during four-minute pitching sessions. Through public voting, five finalists were chosen to pitch to an expert jury, who selected the top three pitches to receive cash prizes that will help the companies push their innovations even further forward. This year we’re proud to announce that Skeleton Technologies was awarded with a cheque for €10,000 for winning first prize, instagrid won second prize receiving €3,000 and Energy Square won third prize also receiving a reward of €3,000. The next TBB will take place in Berlin.

03 Key projects

TBB. 2019 IN NUMBERS

2,100+

B2B MEETINGS

COUNTRIES REPRESENTED

1,200+

PARTICIPANTS

150

EXHIBITORS

440

MINUTES OF PITCHING

98%

RECOMMENDATION RATE

EIT InnoEnergy Annual Report 2019

3.3 ENDORSING SUSTAINABLE LOCAL COMMUNITIES

As part of our mission to expand sustainability throughout society and contribute to a better quality of life for citizen, EIT InnoEnergy has started collaborating with French multinational automobile manufacturer Renault Group on an ambitious project that will transform the lives of citizens through neighbourhood initiatives, using their FeliZiudad platform. This platform seeks to help make neighbourhoods, cities and towns become more sustainable, and happier places to live. Launched earlier this year the platform already has more than 35 initiatives registered from across Spain. Projects include: a social garden, established to bring generations together to share experiences and teachings, and combat loneliness, and the bike co-operative Biciclot which refurbishes old bikes while also teaching young people and adults about bike maintenance and repair. As announced at a joint press conference in Madrid on 10 July 2019, EIT InnoEnergy’s role will be to design, implement and manage the endorsement process which will assess projects against their contribution to sustainable mobility, energy and buildings, neighbourhood habitability and social cohesion. The partnership will also see EIT InnoEnergy develop a Citizen Initiatives Programme which will include an element of reward for the most impactful initiatives. “We are delighted to collaborate with EIT InnoEnergy as a partner and independent leader in sustainable energy innovation in Europe who are solid, reliable and internationally renowned; together we will develop this pioneering idea in our country, within the great project FeliZiudad”, said Jesus Presa, Director of Communication at Renault Iberia.

Mikel Lasa, CEO, EIT InnoEnergy Iberia Collaborating in such an ambitious project with Renault, a leading company worldwide, gives us the opportunity to expand our mission of sustainability throughout society and thus contribute to a better quality of life of the citizen.

03 Key projects

3.4 GLOBAL CALL FOR START-UPS EIT InnoEnergy launched its second global call for start-ups, open this year to any innovative business in the field of sustainable energy. Demand for sustainable energy solutions is rapidly increasing. As a trusted partner and smart investor, EIT InnoEnergy plays a pivotal role in accelerating sustainable energy innovations. That's why we want to find, reward and develop the best and most innovative ideas around sustainable energy from across the globe. In 2019 following an overwhelming response of more than 220 applicants, 15 finalists were announced and gathered for a one-day pitching event in Amsterdam. In the end, two grand winners received €100,000 cash prizes for innovative solutions in the global call for electrical storage start-ups. Finalists and winners alike received a place in our Highway® or Boostway® programmes to gain business support and enter our trusted ecosystem. There was total of 1,098 applications from 83 countries! 500 applicants from 65 countries were went to the finals. Unfortunately, the pitching finals has been temporarily postponed due to the pandemic of Covid-19, therefore the results are soon to be revealed.

Elena Bou,

Innovation Director, EIT InnoEnergy We are reaching a tipping point – we need to tackle climate change together, and through our trusted ecosystem of more than 500 partners, we can do just that. We are ready to partner with innovators to lead the charge to change our energy landscape for the better.

EIT InnoEnergy Annual Report 2019

3.5 BEST START-UPS IN THE CEE REGION

In May, the results from the 5th edition of EIT InnoEnergy’s PowerUp! competition – which saw participation from over 300 start-ups from 24 countries across Central and Eastern Europe – were announced. Danubia NanoTech from Slovakia was named the overall winner by the judges, following a close battle with its rivals.

Jakub Miler,

The company has received a cheque for €50,000, as well as the opportunity to join the prestigious Highway® by EIT InnoEnergy business accelerator. The winner presented a solution for aerial temperature monitoring in the form of a graphene temperature sensor, available as an extremely thin film, applied on any non-metallic substrate. This technology is valuable for EV batteries and for grid battery storages, extending the batteries’ life. Second place – and a €10,000 prize – was awarded to ATLANT 3D Nanosystems from Latvia. They created a versatile 3D printer for micro and nanochip fabrication. And also developed a unique solution that can rapidly accelerate prototyping for micro-and nanodevices and systems at a fraction of current time and cost. Third place – and a €5,000 prize – was taken by V-Chiller from Hungary. They presented a revolutionary cooling device that can chill canned beverages in just a single minute. It uses minimal energy with minimal environmental impact via a vacuum cooling method with a proprietary, environmentally friendly refrigerant. This edition’s Grand Final was held in Krakow at Impact’19, one of the most high-profile economic events in the CEE region. The panel of judges and wider audience consisted of investors, industry representatives, clean energy experts and international media. 14 start-ups took part in the competition, having won their respective Country Finals to gain entry to the Grand Final. Participants came from Hungary, Poland, Czech Republic, Slovakia, Slovenia, Serbia, Lithuania, Latvia, Estonia, Romania, Bulgaria, Croatia, Turkey and Greece. For the first time in the competition’s history, an

CEO, EIT InnoEnergy Central Europe It’s worth emphasising that the PowerUp! competition isn’t just for energy companies: it’s also open to solutions focusing on mobility, clean air technology, heating, cleantech and smart technologies. What distinguishes us from other competitions is that, apart from financial prizes, participants can rely on our comprehensive support, mentoring and entrepreneurial know-how to help take their products and services to the next level.

03 Key projects additional Clean Air Challenge Award was granted at this year’s edition, open to companies demonstrating innovation and pioneering thought in clean air initiatives. This distinction was awarded to Roofit.solar from Estonia that introduced a new type of solar panel, which combines the everyday roofing material with photovoltaic modules. The award was sponsored by Veolia, a company with a positive reputation for creating, developing and implementing solutions which contribute to the sustainable development of cities and industries. Taking part in PowerUp! also gives start-ups a chance to meet with leading representatives in the energy and cleantech sectors, many of whom are official partners of the competition. This year’s partners included RAFAKO, D.TEK, Západoslovenská distribučná (ZSD) and Enerjisa, who were on the lookout for promising technologies for potential future investment.

Michał Maćkowiak,

Member of the Supervisory Board, RAFAKO S.A. The competition gives us a great chance to learn about the latest trends and technologies in areas that are close to what we do as a company, and that promise to make a real difference to the future of our planet. These include electromobility, renewable energy sources, alternative fuels or energy storage. It is also a great opportunity to share knowledge and experiences with other partners of the competition.

EIT InnoEnergy Annual Report 2019

3.6 CLEANTECH CAMP PRE-ACCELERATION PROGRAMME

The Cleantech Camp pre-accelaration programme is aimed at early stage start-ups, business projects in the clean energy. The winner of the fourth, 2019 edition is a project that produces blocks for construction with 60% less CO2 emissions. New this year was selecting several pilots that will be co-financed by EIT InnoEnergy. The first prize, worth €20,000 in cash plus in-kind services, was awarded to eCO2blocks, a Portuguese start-up that develops and produces fully recyclable building materials with 60% less CO2 emissions, and with costs 50% below traditional materials. The second prize, worth €10,000 in cash plus in-kind services, was awarded to VEnvirotech, a Spanish project that produces completely biodegradable bioplastics. Finally, the €5,000 in cash plus in-kind services third prize went to a Portuguese proposal Pavnext that develops pavements for cities capable of producing kinetic energy from passing vehicles, as well as clean electrical energy. As a novelty in this year’s edition, during the programme, each project has presented a pilot. Programme partners have selected several pilots that will be co-financed by EIT InnoEnergy and developed together with Naturgy and Enagás. Naturgy has selected IM Efficiency, a project to test solar panels on company vehicles. This Dutch company has participated in the programme with the intention of opening a market in Southern Europe. On the other hand, he has also selected Aneo. The proposal consists of a pilot developed with its own technology to foresee mistakes and offer an accurate diagnosis of the state of health in which the wind turbines are located. Enagás, for their part, through Enagás Emprende, has opted for the Tresoil project. Tresoil has an innovative technology licensed to process 23 different types of organic material with the capacity to recover between 95% -97% of the energy with almost zero emissions.

Josep-Miquel Terregrosa,

Business Creation Officer, EIT InnoEnergy Iberia The Cleantech Camp is the program we develop together with local partners and industry players in Barcelona, Madrid and Lisbon where we can find interesting opportunities to support in our Highway® program. The industry can also find new solutions for their businesses.

03 Key projects

3.7 EDUCATION FORBES 30 UNDER 30 Two MSc alumni, Eirik Eide Pettersen and Arjun Gupta, achieve the Forbes “30 Under 30” list. Achieving a spot on the Forbes ‘30 Under 30’' list is no small feat. This is the kind of accolade that opens doors and serves as a permanent record, usually the first major one in a series, of a person’s career achievements. NUCLEAR ENERGY OF THE FUTURE The latest EIT InnoEnergy alumnus who made the list is Eirik Eide Pettersen, for his work as co-founder of Seaborg Technologies. He joins Govinda Upadhya, Allen Mohammadi and Tanmoy Bari who have all earned their spots on this prestigious list. Eirik’s contribution is Seaborg’s exciting innovation in the nuclear energy field – a Compact Molten Salt Reactor for sustainable, safe, and inexpensive nuclear energy. “I am extremely honoured, of course, both personally but also for Seaborg. In general, I am very appreciative of the excellent team at Seaborg who are really the main reason this could become a reality. While it is my name there on Forbes, I think it should really be considered a team victory. Also, I can’t help but feel quite humbled – it is not every day your name is featured together with the likes of Harry Potter!” – said Pettersen. SAVING THE WORLD This acknowledgement from Forbes is a milestone for Seaborg, and will certainly give it attention and introduce it to some new circles. Hopefully, the momentum can help Seaborg accomplish the next milestones. Asked if it was his goal to make the list, Pettersen said: “No. I doubt that this is the kind of acknowledgement that anyone sets out to win. Rather, it comes as a (very pleasant) side-effect of trying to accomplish overarching goals – in our case: to save the world. And to be honest, if the goal is to be in Forbes 30 Under 30, I am certain there are easier ways to accomplish that than with an advanced nuclear energy company.”

the world a better place, starting at the age of 21 (now 30) by helping to electrify rural villages in Eastern India, receiving this accolade is both an honour and a motivation. Arjun shares, “I was so pleased to make the list! I find the work in sustainability very rewarding already, but this is a great acknowledgement of what I’ve done so far – and it has bolstered my commitment to work even harder and grow my impact as a Sustainability Leader.” THINKING BIGGER, GOING GLOBAL While deploying renewable energy systems in remote areas of India, Arjun realised how essential electricity is tied to the development and prosperity of the inhabitants. It inspired him to want to do more, to have a larger effect. He shares, “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. The programme served as a great platform to access global opportunities in sustainability. While there, I received the opportunity to finish my Master Thesis at UGE in New York, deploying solar and wind projects across the globe. Over the last six years at UGE, I have deployed solar projects in North America, Philippines, Sri Lanka, Brazil, Panama and Turks & Caicos.” 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.

OUTSTANDING DEDICATION TO SUSTAINABILITY Meanwhile, Arjun Gupta, who finished the EIT InnoEnergy Master’s in Environomical Pathways for Sustainable Energy Systems back in 2014, has been named as one of the Canadian “30 Under 30 Sustainability Leaders”. For someone that has been diligently working to make

EIT InnoEnergy Annual Report 2019

“ENTREPRENEURSHIP JOURNEY” RECEIVES INTERNATIONAL ACCLAIM The “Entrepreneurship Journey” – organised as part of this MSc programme – was in the spotlight during EDUCON. In April in Dubai, IEEE held their annual globally acclaimed education conference for engineering programmes – EDUCON. They hosted leaders in the education field including representatives of the programme, who presented papers highlighting the techniques used to accelerate the entrepreneurial path of students. The Entrepreneurship Journey – parallel activities organised as part of this MSc programme – was in the spotlight, and aligned perfectly with the conference’s theme of "engineering education through student engagement". Designed to take students from innovation to entrepreneurship and beyond, the Entrepreneurship Journey is the second part of the MSc ESFC two-year experience. The first part of the programme is the Innovation Journey where students explore the market, opportunities, techniques and tools to create a prototype – so they can plan and present an actual business model. This second part, the Entrepreneurship Journey, encourages students that want to take their idea to the next level – business creation. Those ready for this challenge (and have had their start-up proposal accepted) will hone their entrepreneurial skills as they are supported to go from concept to business plan to prototype

and then finally to pitch presentation. This safe and controlled environment is the perfect incubator to help reduce the high initial failure risks that most start-ups face and prepares them for a more successful entrepreneurship outset. Both journeys carry students to three major European innovation and entrepreneurship hubs: Barcelona, Antwerp and Amsterdam. The latest acknowledgement at the 2019 EDUCON is not the first time that the MSc Energy for Smart Cities programme has been recognised for its innovative methodologies. In the past, articles have highlighted the win-win situations created for both students and energy sector companies; resulting in internships, master thesis and job proposals, as well as creating entrepreneurship initiatives among the students themselves. The Entrepreneurship Journey emphasises all the essential entrepreneurial aspects, e.g. action taking, value creation, and the employment of creative business tools. All of which foster an entrepreneurial ‘expert logic’ that can be a part of their recipe for a successful start-up. rial path of students. The Entrepreneurship Journey – parallel activities organised as part of this MSc programme – was in the spotlight, and aligned perfectly with the conference’s theme of "engineering education through student engagement".

03 Key projects

NEW PROGRAMME TO ADDRESS ENERGY STORAGE SKILLS GAP Demand for sustainable energy sources is growing exponentially around the globe. International conflicts, climate change, water scarcity and increasing public awareness are just some of the issues shifting the narrative on energy, and driving a worldwide transition from fossil fuels to renewable sources. As the global energy revolution gathers momentum, another challenge has appeared. Balancing supply with demand on the grid with wind, solar or tidal is contingent on being able to somehow address intermittent issues and store this energy for distributed use. Storage is fast becoming the defining issue in sustainable energy. And advances in this pivotal field are set to drive an unprecedented boom – and a worldwide demand for as-yet-unavailable talent. In Europe alone, battery represents a €255billion opportunity. To service this opportunity, the European Battery Alliance estimates that in excess of 100,000 new jobs will need to be created every year from 2020. The demand for professionals with the advanced engineering skills and management competences to fill these jobs, experts, is set to become acute. To meet this demand, EIT InnoEnergy has announced a new addition to its sustainable energy learning portfolio. The Master’s in Energy Storage, which was launched in September 2019, aims to equip students with a raft of technical competences that covers the full spectrum of storage technologies from battery to thermal, magnetic and electromagnetic, pumped hydropower, synthetic and biofuels. In tandem to this, the programme is designed to accelerate business management, entrepreneurial and digitalisation skills – and what its designers call, “an innovation mindset.” As with other Master’s programmes in the EIT InnoEnergy portfolio, the Master’s in Energy Storage will be delivered over two years by a number of leading-edge European universities with input from some of the continent’s foremost business schools. Students will also have access to industry practitioners for project and field work and will be exposed to case-based learning opportunities. EIT InnoEnergy expects demand for the new Master’s in Energy Storage to be high as students understand the personal and professional benefits and advantages of the programme, along with the potential for global impact in the market.

Frank Gielen,

Education Director, EIT InnoEnergy This is an industry in transformation. Energy storage is set to totally reshape the grid in coming years. And as this market expands and the technologies themselves evolve, there is going to be an unprecedented need for professionals who have both the technical clout and the kind of entrepreneurial capabilities to answer immediate challenges, spot new issues and opportunities and join the dots with speed and flexibility.

TBB.2018 photo contest | â&#x20AC;&#x153;Chasing the lightâ&#x20AC;? | Photo by: Friederike Brandenburg

TBB.2018 photo contest | “Renewable energy” | Photo by: Friederike Brandenburg

EIT InnoEnergy Kennispoort 6th floor John F. Kennedylaan 2 5612 AB Eindhoven The Netherlands info@innoenergy.com

EIT InnoEnergy Benelux Kennispoort 6th floor John F. Kennedylaan 2 5612 AB Eindhoven The Netherlands info@innoenergy.com

EIT InnoEnergy France Immeuble L’Alizée 32, rue des Berges 38000 Grenoble, France france@innoenergy.com

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 info@innoenergy.com

EIT InnoEnergy Central Europe Equal Business Park B 28 Wielicka Street 30–552 Kraków, Poland central.europe@innoenergy.com

EIT InnoEnergy Scandinavia Torsgatan 11, 8th floor 111 23 Stockholm, Sweden scandinavia@innoenergy.com EIT InnoEnergy is the trading brand of KIC InnoEnergy SE

EIT InnoEnergy Annual report 2019

Articles inside

3.7 Education

3.6 Cleantech Camp Pre-Acceleration Programme

2.1 Aspirational innovations

1.2 Mission, Vision and Values

3.5 Best Start-ups in the CEE Region

1.6 The Power of the Network: Building Connections throughout Europe

3.4 Global Call for Start-ups

3.1 Building a European Battery Industry

1.4 Offices across Europe and the United States

3.3 Endorsing Sustainable Local Communities