Europe’s InnoEnergy competition lures startups with €100k award

InnoEnergy’s global startup acceleration program calls for energy storage ideas to compete for €100,000 award.

Applications are now open until October 30th for both innovative ideas and more mature startups that base their technology or business model on electrical storage innovations, such as electric batteries.

The 15 finalists will be invited to join InnoEnergy’s flagship Highway or Boostway programs that support both entrepreneurs in the beginning of their journey as well as more established companies.

The program consists of training, business support services and funding opportunities, including access to InnoEnergy’s European venture capital network network.  The winning startup idea will be awarded a €100.000.

According to the program criteria, application is open for all nationalities. Startups that want to apply with their ideas have to demonstrate a clear competitive advantage. This can be linked to e.g. power density, weight, form factor, environmental impact, production cost, charging, supply, operation and maintenance, health and safety, or recycling.

Furthermore, the energy storage innovation must have a practical application in the sectors of e-mobility, transportation, electrical storage systems (e.g. electricity grids) or the general industry. 

Winning teams will be selected through a four-step assessment system with these key dates:

• October 30th 2018: Application deadline
• November 19th 2018: Announcement of the 50 startups selected for the second round
• November 30th 2018: Deadline to upload a 5-Minute pitch online and selection of 30 startups for 3rd round
• Mid-January 2019: Pitching event in Amsterdam to select the 15 winners
• Mid-February 2019: Final pitch, selection of winner and celebration event

Interested startups can apply by following this link.

Selection criteria that InnoEnergy’s jury will base their decision on will be the idea/innovation itself, its potential impact, the strength of the project team as well as the business model proposed.

InnoEnergy is one of Europe’s major innovation centers promoting sustainable energy and supported by the European Institute of Innovation and Technology.

It is also a key member of the European Battery Alliance (EBA) that aims to create a competitive and sustainable battery cell manufacturing value chain in Europe.

InnoEnergy has supported more than 200 early startups and helped to raise more than €177 million through its networks of investors and business angels. Furthermore, it has partnered with 385 innovation projects in Europe, with forecasted combined sales of more than €3 billion.

Electric storage innovations can contribute to many key sectors in Europe, including the booming market for Electrical vehicles.

Last week, European giant Total announced is acquisition of French startup ader in smart charging solutions for electric vehicles G2mobility. The startup commented on the deal as a strategic step to “keep contributing to the energy transition” in Europe.

Read more: French electric vehicle charging startup G2mobility acquired by Total