April 27, 2022 12:34

Siemens Financial Services joins EIT InnoEnergy to accelerate the energy transition

Siemens Financial Services (SFS), the financial arm of the German technology giant, has joined 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 to accelerate the industrialisation of breakthrough innovations in key areas of the energy transition. The partnership involves Siemens becoming the latest of 29 EIT InnoEnergy shareholders, joining companies like Volkswagen, Engie, ING and TotalEnergies.

SFS’ and EIT InnoEnergy’s collaboration will be multifaceted, ranging from co-investments into large-scale sustainable energy infrastructure projects and creating opportunities for Siemens’ businesses to joint technology partnerships, education programs, and identifying possible ecosystem partners for Siemens.

Steffen Grosse, CEO of Equity for SFS, commented: “Partnering with EIT InnoEnergy and its extensive ecosystem of portfolio companies underscores our commitment to sustainability. EIT InnoEnergy brings together the right people, resources and innovative technology needed to accelerate the energy transition and move the world closer to its goal of carbon-neutrality.”

Perfect fit to scale cleantech innovations

Diego Pavia, CEO of EIT InnoEnergy adds: “Siemens Financial Services’ unique industrial and financial expertise coupled with its strong tie to the Siemens businesses, makes SFS the perfect partner for us and our ecosystem to bring even more sustainable energy innovations to industrial scale.”

With financing volumes ranging from €1,000 to €100 million euros, SFS has more than 285,000 customers in 60 countries. Its current portfolio supports the generation of 25 Gigawatt (GW) and 12 GW of solar energy.

Recently recognised as Europe’s top and the World’s number two impact investor, EIT InnoEnergy has built the largest sustainable energy innovation ecosystem on the planet, with over 500 partners and an equity portfolio of more than 200 start-up and scale-up companies. These include Swedish battery manufacturer Northvolt as well as up and coming industry leaders such as Skeleton Technologies, Verkor, H2 Green Steel and Vulcan Energy Resources. In addition, EIT InnoEnergy leads three strategic industrial value chains – the European Battery Alliance (EBA), the European Green Hydrogen Acceleration Centre (EGHAC) and the European Solar Initiative (ESI) –, all of which aim to decarbonise Europe’s industry, create millions of jobs and strengthen its competitive position in the world.