EIT InnoEnergy has secured over €140M to accelerate growth for its portfolio companies

EIT InnoEnergy raised over €140 million to support clean tech and energy innovation. The funding will boost growth in its portfolio companies, aiming to generate €110 billion in revenue by 2030.
EIT InnoEnergy has secured over €140M to accelerate growth for its portfolio companies

Sustainable energy backer, EIT InnoEnergy says it has successfully completed a private placement round of over €140 million of equity. The placement will fuel growth for portfolio companies, of which the European Union co-funded organisation counts 200, and support early-stage innovative technologies and teams in the cleantech sector.

Investors in this round include new strategic players Societe Generale, Santander CIB, PULSE - CMA CGM Energy Fund, Renault Group, Stena Recycling and NIIT, and existing shareholders Siemens Financial Services, Schneider Electric, Capgemini, Volkswagen Group, ING, Koolen Industries, GROUPE IDEC and Engie.

“The objectives of the private placement have been delivered. New strategic players have joined InnoEnergy's outstanding cap table, several shareholders have reinvested, and altogether we have secured sufficient fresh financial resources to double our on-going impact. The accelerated energy transition in Europe and in the world, and an increased reindustrialisation ambition in the Western world are unique opportunities for InnoEnergy, its portfolio companies and our trusted ecosystem partners. We have geared up for the journey ahead. We have been on a mission since 2010, and we continue delivering," says Diego Pavia, CEO of EIT InnoEnergy. 

According to EIT InnoEnergy its portfolio companies are on track to generate €110 billion in revenue and save 2.1G tonnes of CO2e accumulatively by 2030. Collectively, these companies, three of which have achieve unicorn status, have raised €9.7 billion in investment to date.

Lead image via innoenergy.com.

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