European Innovation Council and Cleantech for Europe sign partnership to accelerate funding for EU clean technologies

The European Innovation Council (EIC) and Cleantech for Europe signed a letter of intent to collaborate on sharing cleantech deal-flow as well as facilitate dialogue with public and private investors across Europe.

In this Letter of Intent, they agree to start a collaboration between public and private investors on clean technologies, by:

• Sharing relevant deal-flow from across Europe, allowing capital to be more efficiently allocated towards promising European clean technologies.
• Holding regular dialogues to share mutual feedback and experience on deal-making processes and the respective programmes to increase the chances of success of investee companies.
• Collaborating on research and analysis of the European cleantech landscape, in particular EIC portfolio companies, based on publicly available data.

During the ceremony, Jean-David-Malo, director of the European Innovation Council and SMEs Executive Agency said:

“Cooperation with Cleantech for Europe is important as it will allow us to share deal flow more systematically and collaborate on the analysis of European cleantech ecosystem. This will facilitate the scaling-up process of our companies and spot the market needs, which in turn can have a role to play in our funding priorities.”

“By scaling its clean technologies, the EU will become the climate and industrial leader of the next decades. But this scale-up requires a once-in-a-generation effort, and new forms of collaboration. This new partnership with the EIC will allow public and private investors to supercharge their support of clean technologies.”

said Jules Besnainou, Executive Director of Cleantech for Europe.

Background information

Over the last 10 years, Europe has become a powerhouse of cleantech innovation. Innovative European companies are tackling major challenges: from decarbonising industry and energy with renewable hydrogen to producing low-carbon cement, from electrifying transport to recycling materials and batteries. Combined, these innovations enable decarbonisation, energy independence and industrial leadership. Clean technologies are a key enabler of EU goals such as the EU Green Deal, Fit for 55 and Repower EU legislative packages.

But the development of clean technologies is often long and capital-intensive, and Europe is still struggling to scale and industrialise these technologies. In a context of increased global competition, it is vital that public and private investors work together to accelerate this scale-up.

Created in 2020, Cleantech for Europe is an initiative raising the voice of cleantech in Europe. It represents the trailblazers developing, deploying and investing in clean technologies across the EU. Cleantech for Europe’s mission is to bridge the gap between cleantech and policy leaders. Cleantech for Europe hosts a coalition of 21 EU Cleantech Venture Capital funds, and regional coalitions of investors, which would collaborate closely with the EIC.

In March 2021, the European Commission inaugurated the European Innovation Council (EIC) with the goal of identifying, developing and scaling up Europe's breakthrough technologies. The EIC’s operates on a budget of €10.1 billion for the funding period 2021–2027 which is provided to beneficiaries as grant and/or as an equity investment.