Sustainable energy platform EIT InnoEnergy gains first financial institution shareholder, ING
Banking heavyweight ING has become the first financial institution shareholder in EIT InnoEnergy, the innovation engine for sustainable energy across Europe supported by the European Institute of Innovation & Technology (EIT), a body of the European Union.
ING is the first financial institution shareholder in EIT InnoEnergy
“Motivated not only by the urgent threat of climate change, but also by the conviction that sustainability is a core value-driver, ING is constantly setting new targets to contribute to the transition of the economy,” the bank states.
“The investment in EIT InnoEnergy is a testament to ING’s commitment to support the energy transition.”
Other shareholders in the company include Volkswagen, TotalEnergies, Naturgy and EDF.
Since 2010, EIT InnoEnergy has invested €560 million in over 380 companies with a combined forecasted turnover of over €16 billion by 2026. Among its investments are lithium-ion battery manufacturer Northvolt, ultracapacitor energy storage solutions provider Skeleton Technologies, mobility solutions innovator Hardt Hyperloop, and integrated, digital greenfield steel plant H2 Green Steel.
EIT InnoEnergy currently supports 30 start-ups in Benelux and another 350 across Europe.
It also runs a Master’s programme, with more than 1,400 students having completed it to date.
“Sustainability, energy innovations and the energy transition are focus areas at ING, as demonstrated by our commitment to the Net-Zero Banking Alliance and how we’re aligning our portfolio with net-zero climate goals,” says Gido van Graas, global head of New Energy Technologies at ING.
