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Published: 22 january 2020 12:53

InnoEnergy launches the PowerUp! Challenge, taking innovative companies to the next level

Inovacijų paroda
Luko Balandžio / 15min nuotr. / Innovation expo

Start-ups, inventors and entrepreneurs from Lithuania are invited to sign up for the sustainable energy program ‘PowerUp! Challenge’, organized by EIT InnoEnergy. EIT InnoEnergy is a network for the promotion of sustainable energy innovation which invests over 100 million euros every year into innovations. This year, participants will have the opportunity to become part of EIT InnoEnergy network, get help and advice on expanding and developing their products and more. One participant in this year’s contest will be awarded ‘Start-up of the year’. The total prize fund for the competition is EUR 65,000.

One of the best examples of InnoEnergy’s smart investments is Northvolt, Europe’s largest Lithium-Ion battery manufacturer, currently valued at EUR 1.6 billion. In early 2016, before establishing their company, two former Tesla VPs, Peter Carlsson and Paolo Cerruti, reached out to InnoEnergy for support. In contrast to conventional battery production facilities in Asia, Northvolt aims to achieve technological excellence powered by clean energy. Northvolt recently raised €350m from the European Investment Bank and is currently building two large green energy-fueled battery factories: Northvolt Ett in Skellefteá, near the Arctic Circle, and Northvolt Zwei, in lower Saxony Germany.

“InnoEnergy is a co-creator, smart investor, and industry catalyst for entrepreneurs who want to make a global impact and create a sustainable world. Companies that succeed in joining the InnoEnergy network will enjoy the following benefits: help with product enhancement, development and pilot programs, commercialisation strategies, plus help with entering and expanding into international markets as well as further funding opportunities from a trusted network of VCs and public bodies,” explains the Head of EIT InnoEnergy HUB Lithuania, Doctor Kestutis Morkunas.

The InnoEnergy PowerUp! Challenge offers organisations from Central & Eastern Europe the opportunity to become the next unicorn in the InnoEnergy portfolio. The challenge is open to entrepreneurs at all stages of development. It doesn’t matter whether you’re starting out with just an idea, or you’re looking for your next customer or to expand your market. The competition’s themes include energy, mobility, cleantech and smart cities, but the challenge is open to all ideas outside the box.

Exclusively for start-ups, the InnoEnergy PowerUp! Challenge is offering financial prizes of up to EUR 65,000 and the title of Startup of the Year.

“Other benefits include participation in Business Bootcamps©, which focusi on substantive support from program experts on topics such as business planning, pitching skills and IP protection,” says Dr. Kęstutis Morkūnas.

Last year, Lithuania was represented by Unicorn Scooters – a Lithuanian start-up planning to manufacture electric scooters.

”This year we’ve made quite a few changes – PowerUp! Challenge is no longer just for start-ups. The challenge is now open to scale-ups and SMEs. EIT InnoEnergy is expanding the program, which we hope will contribute to the development of sustainable energy business both in Lithuania and across Europe,” says Dr. Morkūnas.

To enter the PowerUp! Challenge, you need to submit your application by 5 March 2020 at the InnoEnergy website: https://powerup.innoenergy.com

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