EIT InnoEnergy and Siemens Energy join forces to rapidly commercialise cleantech innovations
EIT InnoEnergy, the innovation engine for sustainable energy across Europe, is partnering with Siemens Energy, a leading global energy technology company, to commercialise and scale cleantech innovations. As part of that, the companies will look for joint investments and for candidates within the EIT InnoEnergy start-up portfolio to consider for Siemens Energy’s venture clienting, a program which scouts, pilots and adopts innovative start-up solutions. EIT InnoEnergy is supported by the European Institute of Innovation & Technology (EIT), a body of the European Union.
“Bringing together the disruptive thinking and innovations from cleantech start-ups and the global network and large-scale industrialization capabilities of Siemens Energy will create new value for our customers. To enable a just, fair and fast energy transition, partnerships, such as this one with EIT InnoEnergy, are key and an important part of our innovation strategy.”, says Vinod Philip, Executive Board Member Global Functions at Siemens Energy.
An independent company since 2020, Siemens Energy is one of the largest players in the energy business globally. Focused on driving the energy transition, it has identified three vital focus areas - low or zero emission power generation, energy transport and storage and reduction of CO2 emissions in industrial processes. Its innovation strategy is directed along strategic fields to develop solutions that will deliver transformational growth and help against climate change.
Siemens Energy Ventures support this innovation strategy with programs to fast-track sustainable energy innovations to address critical needs of customers and deliver commercial value aligned to the strategic fields. While its venture building supports innovations from inside the company, the venture clienting program gives selected external start-ups the opportunity for commercial pilots - with the goal of a rollout at scale thereafter. On top of that, Siemens Energy Ventures provides strategic investment to early and growth-stage start-ups.
Kendra Rauschenberger, General Partner of Siemens Energy Ventures, comments: „ Accelerating the process from idea to impact has been key for us all along. Becoming part of EIT InnoEnergy’s ecosystem and engaging with its broad portfolio of cleantech start-ups will help us further in that endeavor.”
Christian Müller, Member of the Executive Board of EIT InnoEnergy, adds: “Deepening our collaboration with such global champion that walks the walk in making the energy transition work is a unique opportunity for us and our ventures.”
Recognised in 2022 as Europe’s top and the World’s number two cleantech investor, EIT InnoEnergy has built the largest sustainable energy innovation ecosystem on the planet, with over 560 partners and an equity portfolio of around 300 start-up and scale-up companies. These include Swedish battery manufacturer Northvolt as well as up and coming industry leaders such as Skeleton Technologies, Verkor, H2 Green Steel, GravitHy, and Vulcan Energy Resources.
In addition, EIT InnoEnergy leads three strategic industrial value chains – the European Battery Alliance (EBA), the European Green Hydrogen Acceleration Centre (EGHAC) and the European Solar Initiative (ESI) –, all of which aim to decarbonise Europe’s industry, create millions of jobs and strengthen its competitive position in the world.
