ecop awarded €8.5 million in EIC Accelerator funding for innovative technologies
ecop, an Austrian based leading European developer of efficient high-temperature heat pumps for industry and district heating, has been awarded €8.5 million in funding from the European Innovation Council (EIC) Accelerator. The EIC Accelerator awards grants of up to €2.5 million, alongside equity investments, to deep-tech start-ups and small companies in a highly competitive process. ecop was selected to receive the full €2.5 million in grant funding, as well as up to €6 million in equity investment, to scale the production of its novel rotation heat pump.
ecop’s heat pump solution allows factories and local and district heating systems to efficiently recover and reuse their waste heat, with direct output temperatures up to 200 °C that are suitable for many industrial processes. The design is based on a unique rotating system that uses a 100% climate friendly, non-toxic and non-flammable working medium and can change speed to accommodate different heat source temperatures, enabling a high degree of flexibility in the operation. In turn, industrial producers and municipalities can dramatically reduce their use of natural gas and other fossil fuels to produce heat, saving up to 2500 tons of CO2 per year with each heat pump system.
The EIC Accelerator has recognized the decarbonisation potential of this technology, selecting ecop from a pool of 969 applicants to receive funding. 347 companies moved forward to the jury interview phase, and 68 were chosen for the final funding round. A total of €411 million in funding was made available, split between €165 million in grants and €245 million in equity. The equity funding will be distributed through the EIC Fund, the European Innovation Council’s investment arm.
Fabian Sacharowitz, CEO of ecop, said, “The EU’s innovation ecosystem has been an integral source of support as ecop has developed our technology and our business. This funding will enable us to finalize the development of our new rotor design and take the next step in scaling up, making our heat pump solution more broadly available, and ultimately enabling more companies and municipalities to generate affordable and CO2 free heat to sustainably power their operations.”
Christian Müller, Member of the Executive Board and CEO for the DACH region at ecop investor EIT InnoEnergy, adds: “With its one-of-a-kind solution, ecop is breaking new ground for heat pump technology, making it applicable for high-temperature industrial processes and district heating. The funding from EIC Accelerator is further proof that ecop’s transformative innovation is ready to scale. EIT InnoEnergy is there to support, and we extend our warmest congratulations to the ecop team.”
