How InnoEnergy Became the World's Largest Climate Tech Group
InnoEnergy, a European clean tech accelerator, has published its comprehensive 2024 Impact Report, which details Europe's pathway to achieving net zero through technological advancements.
The report highlights the pivotal role of ecosystem-focused innovation in realising clean energy ambitions.
As climate action becomes more urgent, the report provides a glimpse into how Europe might achieve its clean energy ambitions with practical, scalable solutions driven by technology.
Technological evolution at InnoEnergy
InnoEnergy, supported by the European Commission, has in recent years become what the EU describes as "the world's largest sustainable energy innovation ecosystem".
In the years since its inception, it has established itself as a major player in clean tech investments across Europe.
Across the body's 14-year history, it has helped to nurture more than 540 clean tech start-ups, leading to an impressive €34bn (US$38.8bn) in investments, whilst preventing 2.3 gigatonnes of CO₂ emissions by 2030 across its portfolio.
InnoEnergy has helped to make advancements in electric mobility and energy storage to circular economy solutions, with the aim of expediting the transition to net zero by deploying impactful, commercially viable technologies.
"InnoEnergy’s start-ups, large companies, politicians and the entire ecosystem must work together," says Gwenaelle Avice Huet, EVP at Schneider Electric, which works closely with the accelerator.
"Most importantly, we need collaboration. Schneider alone cannot make it happen."
Details of the InnoEnergy report
A notable highlight of the report is the focus on value chains within industries such as batteries, solar photovoltaics and green hydrogen — all solutions which rely upon highly advanced technology.
The report details InnoEnergy's work with the European Battery Alliance (EBA), where it collaborates with around 800 stakeholders, including prominent entities like Siemens Financial Services.
"Transforming towards a sustainable world requires both innovative technology solutions and the necessary financing," says Steffen Grosse, CEO of Equity Finance at Siemens Financial Services.
"As a strategic investor and technology partner, we at Siemens Financial Services understand that the next phase of the energy transition can only succeed through connecting the right people, financial resources and innovative technology."
By 2030, InnoEnergy-backed companies are forecasted to generate 277TWh of clean energy and train more than 100,000 workers across solar and battery sectors.
“The energy transition is more than an environmental imperative – it’s the basis for a profound industrial, economic and societal transformation that requires bold action to ensure clean tech innovation is scaled at speed,” explains Elena Bou, Co-Founder and Innovation Director of InnoEnergy.
Facilitating climate tech innovations
The report spotlights FertigHy, Europe's pioneering fossil-free fertiliser plant. Supported by Siemens France, this initiative demonstrates a significant reduction in emissions — up to 90% — through the application of green hydrogen technologies, transforming traditionally high CO₂ emission industries.
Financial institutions are pivotal in the sustainable shift.
"As a shareholder of InnoEnergy, we recognise the value and importance that the ecosystem of InnoEnergy brings to our shared vision of the future," says Herbert Fikkers, Director at ING Sustainable Investments.
"ING's focus on sustainability, innovation and financial expertise aligns with InnoEnergy's mission to accelerate the transition to sustainable energy."
InnoEnergy's reach in sustainability is extensive. Its portfolio firms have saved €13.5bn (US$15.4bn) in energy costs and expanded energy access to 2.9 million people in developing regions.
These efforts equate to preventing emissions comparable to taking 534 million internal combustion vehicles off the road for a year or saving 163 million barrels of oil.
These figures demonstrate the tangible value of connecting climate innovation with systemic scale.
“For us, impact is not just a goal, it’s built into everything we do… With a maturing pipeline of clean industrial newcomers ready to scale and serve the domestic demand, we are pushing ahead and delivering impact,” says Diego Pavia, CEO of InnoEnergy.
The importance of collaboration
InnoEnergy's overarching strategy extends beyond mere financial contributions.
The institution's 'Skills Institute' has already upskilled 125,000 workers, with plans to train an additional 100,000 in solar energy alone.
Partnerships across its network of 1,400 entities — including policymakers, investors and academic institutions — help mitigate risks associated with innovation and facilitate swift market adoption.
Some corporate investors/partners include:
- Siemens Financial Services
- Schneider Electric
- ING Sustainable Investments
- Santander InnoEnergy Climate VC Fund
- OMV, OMV Petrom
- ACB Participaties
- Boryszew S.A.
- Vopak
- Heineken
InnoEnergy evidences that while technology is crucial to systemic change, it alone cannot suffice.
Explore the latest edition of Technology Magazine and be part of the conversation at our global conference series, Tech & AI LIVE.
Discover all our upcoming events and secure your tickets today.
Technology Magazine is a BizClik brand
