For several years, the energy industry<\/a> has unwaveringly explored, innovated, and invested in technologies and services to bring about a new industrial revolution \u2013 sustainable, electrified, and digital. But these innovators are much more than the sum of their parts, much more than investment figures on a page. What was once just a handful of cutting-edge ideas on how to make energy more sustainable has developed into its very own ecosystem \u2013 with myriad suppliers, competitors, customers, government agencies, NGOs, and investors.<\/p>\n
This ecosystem is an essential facet of Europe\u2019s future economy. Without it, there is simply no way we can rise to meet the climate and environmental challenges that we are facing. But we also know that many of the start-ups and entrepreneurs that underpin this ecosystem are falling between the cracks of state-led support and have limited access to credit. It is not enough to prepare large investment packages to save our European ventures. We need a fast deployment of those packages and measures that rescue not-credit-worthy start-ups, which are the vast majority in early stage ecosystems. We need an \u2018ICU\u2019 for our ventures; a fast-intensive treatment that helps them not only to recover, but also become stronger.<\/p>\n
Within our own portfolio, we have helped our ventures revise business plans and provided technical expertise so that they can more easily access labour, liquidity, and subsidy support measures. And for the 60% of those starts-up who require urgent support, we have deployed urgent actions to provide financial aid<\/a> to bridge the gap or sales support to close commercial contracts. Our objective is twofold: first is survival, but secondly, strengthening the company through quick adaptation.\u00a0 The potential loss of jobs and opportunities is grave, but it is the potential loss of opportunity that is most profound.<\/p>\n
Today, Europe has best-in-class leaders of the energy transition right at its fingertips, but if we fail to offer help, we will not only say goodbye to entrepreneurship now, but in the future too. If entrepreneurs see that they are not supported by the landscape that remains, why should they pursue innovation, if the potential risk is so much more unfavourable than it was before? Failing to support and embrace start-ups now \u2013 financially, politically, socially \u2013 is akin to taking a torpedo to the entrepreneurial culture that we have so carefully cultivated in Europe to date. Many innovation ideas would remain just that, destined never to become of benefit to society.<\/p>\n
Equally, if we fail to help, we throw much of the past decade\u2019s progress to the wind. The innovation readiness that the industry has amassed \u2013 and which underpins the transition to our new future \u2013 will be slowly rubbed out, setting back our ambitions to become the world\u2019s first climate-neutral continent.<\/p>\n
Thankfully, we have a window of opportunity, but it is closing fast. It is undoubtedly a lot to ask in such uncertain times, but the industry must act now to sure up liquidity and make capital increases available to ensure the long-term survival of this vital part of the industry. Afterall, energy is the very backbone of economic prosperity and what better way to deal with such uncertainty than to forge a European Green Deal roadmap that will, once and for all, make Europe\u2019s economy sustainable. Indeed, the momentum to build a sustainable, more resilient future has never been stronger as the industry comes together to survive. This is a call to policy makers, business leaders, NGOs, and investors across Europe to support and implement an investment package that will accelerate the transition to a new energy economy.<\/p>\n
In our eyes, to safeguard innovation is to save the future. Many of the start-ups in our portfolio, and indeed investment portfolios across Europe, will undoubtedly be the technology leaders of tomorrow. They make up a big part of the future of the European economy \u2013 we cannot let them die. That is why we still plan to bring together 150 of the industry\u2019s most promising clean-tech solutions at The Business Booster in November. We are all committed to economic recovery in one way or another, but it is only together that we can continue our journey to be the first climate-neutral continent by 2050.<\/p>\n
And in the same vein, to the industry as a whole we say \u2013 there is no better time to crowd around the virtual whiteboard than now. No better time to pick up the phone and offer your services, pick up the phone and ask for help, pick up the phone and check in. Having rallied our own network, EIT InnoEnergy is poised to deliver in key fields including the ongoing development of a sustainable battery supply chain in Europe, the development of decentralised energy and the commercialisation of green hydrogen.<\/p>\n
Europe benefits from a vast network of start-ups, funders, educators, and research institutes, and out of adversity we can continue to forge a sustainable, long-term future together.<\/p>\n
Elena Bou<\/strong>
\nInnovation Director <\/strong>
\nEIT InnoEnergy<\/strong>
\ninfo@innoenergy.com<\/strong><\/a>
\nTweet @InnoEnergyEU<\/a><\/strong>
\nhttps:\/\/www.innoenergy.com\/<\/strong><\/a><\/p>\n
Please note, this article will also appear in the third edition of our <\/strong><\/em>new quarterly publication<\/em><\/strong><\/a>. <\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"