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InnoEnergy launches the PowerUp! Challenge elevating innovative companies to the next level

January 15, 2020

The following is a press release:

With the opportunity for multi-million Euro investment the company is seeking the best start-ups, scale-ups, and SMEs in the CEE to apply.

• EIT InnoEnergy, the Pan-European impact fund is chasing the next round of unicorns for investment within the Central-Eastern European region

• Boosting the success rate of start-ups and enabling the growth of scale-ups and SMEs through financial investment, and providing know-how from industry experts and support from the trusted partner network

• The Swedish unicorn, Northvolt, founded by former Tesla VPs, which received InnoEnergy support, has a current valuation of 1.6 billion euros

• The deadline for application submission is 5 March 2020 

InnoEnergy is a co-creator, smart investor, and industry catalyst for entrepreneurs who want a global impact and a sustainable world. 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.

InnoEnergy Latvia Hub Manager Liene Kupla says: "Companies who participates in the PowerUp! Challenge organized by InnoEnergy, can gain a very valuable international experience and can prepare for new business opportunities. Last year, the Latvian start-up „ATLANT 3D” won the Country Final of PowerUp! in Latvia, and later at the Grand Final of PowerUp! in Krakow, Poland where competing with top 14 start-ups, was awarded with the second place and EUR 10 000 prize. This high achievement demonstrates that Latvian start-ups are strong competitors and this year's competition is open to SMEs in particular, taking advantage of investment opportunities and consultancy from InnoEnergy network experts to further develop and strengthen the business."

One of the best examples of InnoEnergy investments is Northvolt, Europe’s largest lithium-ion battery manufacturer, with a current valuation of 1.6 billion euros. 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 €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. It doesn’t matter if you only have 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 €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.

To apply for the PowerUp! Challenge you need to submit your application by 5 March 2020 via the InnoEnergy website:  

About EIT InnoEnergy

EIT InnoEnergy is the innovation engine for sustainable energy across Europe.  

We support and invest in innovation at every stage of the journey – from classroom to end-customer. With our network of partners, we build connections across Europe, bringing together inventors and industry, graduates and employers, researchers and entrepreneurs, businesses and markets.

We work in three essential areas of the innovation mix:

• Education to help create an informed and ambitious workforce that understands the demands of sustainability and the needs of industry.

• Innovation Projects to bring together ideas, inventors and industry to create commercially attractive technologies that deliver real results to customers.

• Business Creation Services to support entrepreneurs and start-ups who are expanding Europe’s energy ecosystem with their innovative offerings.

Bringing these disciplines together maximises the impact of each, accelerates the development of market-ready solutions, and creates a fertile environment in which we can sell the innovative results of our work. InnoEnergy was established in 2010 and is supported by the European Institute of Innovation and Technology (EIT).

More information:

Katrina Ansonska

Komunikacijas konsultante


Mob.: +371 263 84 364

  • Published: 15.01.2020 09:32
  • Preses relize, LETA
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