The new office will help entrepreneurs develop their innovations and reduce time to market by providing direct access to more than 500 industrial partners in its ecosystem.
European sustainable energy accelerator EIT InnoEnergy has announced its first move into US markets, opening an office in Boston as the launchpad for its expansion.
According to EIT InnoEnergy, the new office will help entrepreneurs develop their innovations and reduce time to market by providing direct access to more than 500 industrial partners in its ecosystem. It chose Boston because it regards it as a ‘hotbed’ for sustainable energy innovation and entrepreneurialism.
Supporting the launch, the accelerator has signed a partnership deal with Greentown Labs, one of the largest cleantech start-up incubators in North America. Both organisations are active members of the Incubatenergy Network, a consortium of US clean energy-focused incubators that have supported more than 500 companies.
The transatlantic expansion will be mutually beneficial to start-ups and partners on both sides of the ocean, offering access to new markets and resources including investors, educators, and talent. By enhancing its ecosystem in this way, EIT InnoEnergy claims it will further dismantle barriers to innovation spurring a wave of new sustainable energy technologies in areas such as offshore wind, storage, and e-mobility.
EIT InnoEnergy said its involvement with the Incubatenergy Network, coupled with organic growth in its start-up portfolio, led it to consider a greater presence in the US to help further accelerate innovation.
“By expanding our ecosystem to incorporate more diversity and richness, we can ensure that the very best sustainable energy innovations benefit all corners of the world”
The new office is led by former Mark Vasu, a founding team member of Greentown Labs, who has been appointed as US operations manager while Elena Bou, EIT InnoEnergy’s innovation director, has joined Greentown Labs’ advisory board.
“Solving the energy transition is a challenge without borders. “By expanding our ecosystem to incorporate more diversity and richness, we can ensure that the very best sustainable energy innovations benefit all corners of the world,” said Bou.
“Following an extensive search, it was clear that the Northeast US is the best location from which to expand our ecosystem and Greentown Labs is the perfect partner in the region to work with. Together we can create new opportunities for transatlantic partnerships, research and sales, not only shortening time to market, but also substantially increasing the impact of all involved.”
In addition to the Greentown Labs partnership, EIT InnoEnergy also announced that specialised US VCs including Breakthrough Energy Ventures, TDK Ventures, City Light and Arctern Ventures have joined its VC community.
“I am excited to bring Europe’s most trusted ‘go to’ ecosystem to the US and leverage the network, knowledge, and depth of partnerships it has built in parallel with my tenure building Greentown Labs,” added Vasu.
“EIT InnoEnergy’s expansion into the US is an enormous opportunity to help sustainable energy start-ups, both in the US and in Europe, that are looking to diversify geographically and rapidly scale their operations.”
The Boston location joins EIT InnoEnergy’s pan-European business activity via its network of offices in Barcelona, Lisbon, Berlin, Karlsruhe, Grenoble, Stockholm, Krakow, Brussels, Eindhoven and Amsterdam.
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