Bogdan Tudorache

The EIT investment fund InnoEnergy seeks companies in Romania for new investments.

The Fund announces the opening of entries for the international PowerUp competition! Challenge, which represents an opportunity for entities in Central and Eastern Europe (CEE) to be part of the InnoEnergy portfolio. The challenge is open to entrepreneurs in all stages of business development. These can range from the idea phase to the expansion in the market. The searched areas are: energy, mobility, cleantech, smart cities, but the challenge is open to all original project proposals, the fund announced.

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 euro. Recently Northvolt raised EUR 350 million 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, in Germany.

The PowerUp! Challenge is an opportunity for entities from Central-Eastern Europe to become the next unicorns in the InnoEnergy portfolio.

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