EIT InnoEnergy tackling funding access for battery sector

In collaboration with European Commission Vice President Maroš Šefčovič, the newly inaugurated 'One-Stop-Shop to EU Finance' service aims to guide SMEs in the battery industry towards more streamlined access to public funding.

The establishment of the One-Stop-Shop service acknowledges the vital role that public funding can play in the fundraising journey of startups and scale-ups, helping to de-risk both technology and business models for private investors. Although public funding can serve as a catalyst for attracting private investment, the complexity of the EU’s public financing landscape, characterised by diverse eligibility criteria and application processes across numerous programmes, poses access challenges.

Thore Sekkenes, European Battery Alliance Programme Director at InnoEnergy, remarked: “Securing EU public funding is often seen as a mark of quality by many private investors and is crucial for further stimulating growth in rapidly evolving sectors such as batteries. However, startups and scale-ups frequently face protracted and complicated processes that demand time and resources which newcomers to the industry often lack. The One-Stop-Shop will offer enhanced speed, simplicity, and clarity in the application process for scale-ups, improving their chances of securing public funding.”

Launched by Executive Vice-President Maroš Šefčovič at COP28, the programme is now accepting applications across the entire battery value chain, spanning from raw material extraction to recycling.

European Commission Executive Vice-President Maroš Šefčovič, who oversees the European Battery Alliance, stated: “Europe’s battery industry is strategically significant and a key arena for global competitiveness. Prioritising the maximisation of Europe’s financing potential for this sector is essential to sustain the growth of the value chain and expedite the green transition. The One-Stop-Shop service is poised to facilitate more efficient allocation of public funds and bridge financing gaps in various segments of the battery value chain, from upstream activities like raw and active materials, to the recycling of end-of-life products.”

The service will concentrate on investor readiness for the EIC Accelerator, the Innovation Fund, selected offerings from the European Investment Bank (Advisory and Venture Debt), and the European Bank for Reconstruction and Development. Eligible applicants will receive an overview of EU finance programmes, a 'fitness check' of their business case, and guidance on preparing for investor introductions.

The One-Stop-Shop is a testament to InnoEnergy’s dedication to the growth of the European battery industry and follows the initiation of the EBA Strategic Battery Materials Fund in January 2024, which mobilises private finance to support early-stage projects at the upstream end of the value chain.