Chasing the next unicorn in the PowerUp! Challenge

EIT InnoEnergy, the Pan-European impact fund is chasing the next round of unicorns in the Central-Eastern European region. The Swedish unicorn, Northvolt, founded by former Tesla VPs, which received InnoEnergy support, has a current valuation of EUR 1.6 billion. The deadline for application submission is March 5, 2020.

InnoEnergy is a co-creator, smart investor, and industry catalyst for entrepreneurs who want a global impact and a sustainable environment. Companies which succeed to join the InnoEnergy network will get: product enhancement, development, and pilots, commercialisation strategies, international market introduction and expansion and further funding opportunities.

One of the best examples of InnoEnergy investments is Northvolt, Europe’s largest lithium-ion battery manufacturer, with a current valuation of EUR 1.6 billion. In early 2016, before they were an established company, two former Tesla executives, Peter Carlsson and Paolo Cerruti, reached out to InnoEnergy for support. Unlike conventional battery production facilities in Asia, Northvolt is geared for technological excellence powered by clean energy. Recently Northvolt raised EUR 350m from the European Investment Bank and is currently building the two largest green energy fuelled battery factories Northvolt Ett in Skellefteá, near the Arctic Circle and the Northvolt Zwei, in lower Saxony Germany.

The PowerUp! Challenge is an opportunity for entities from Central-Eastern Europe to become the next unicorn in the InnoEnergy portfolio. The challenge is open to entrepreneurs at all stages of development. They can be at the phase of an idea, looking for your next customer or planning market expansion. The thematic areas are energy, mobility, cleantech, smart cities, but the challenge is open for all ideas outside the box.

Exclusively for eligible start-ups, InnoEnergy is holding a competition within the PowerUp! Challenge with financial prizes up to EUR 65.000 and the title of Start-up of the Year. Other benefits include participation in the Business Bootcamps, focusing on substantive support from international field experts, with topics such as business planning, pitching skills or IP protection.