News & Events

Funding is secure for innovative startups and SMEs in Central Eastern Europe

EIT InnoEnergy proceeds with PowerUp! country finals online at https://powerup.innoenergy.com/country-finals

EIT InnoEnergy, the engine behind Europe’s sustainable energy transformation will go-ahead with its selection programme for acceleration and business development called PowerUp! Challenge to find and fund the most promising startups, scale-ups and SMEs in Central Eastern Europe. This year’s record number of applications and the bleak economic outlook underlines the need for support for regional ventures to be able to stabilize and grow.

425 applications

By the March 10th deadline, 425 early-stage companies from 24 Central-Eastern European nations, registered to EIT InnoEnergy’s PowerUp! Challenge.
The Challenge offers the opportunity of multi-million euro investment to innovative ventures and the possibility to join the EIT InnoEnergy network. These companies will get a variety of support opportunities such as product enhancement and development, pilot projects, commercialisation strategies, international market introduction, expansion, and further funding opportunities.

Global partners

From among the Challenge applicants, this year will see a record number of 360 eligible startups competing for the national title Startup of the Year in their respective countries. Those teams competing for the title with also have the chance to receive financial prizes up to €65.000 and other valuable offerings from key partners such as Amazon Web Services, Revolut or SpeedUp Group.

Jakub Miler, CEO of InnoEnergy Central Europe

It was a decision call if we wanted to proceed with our event despite the Europe-wide lockdown aimed at containing the COVID-19 virus.” – says InnoEnergy Central Europe’s CEO, Jakub Miler. “We decided to go ahead precisely because of it – although doing everything online in a safe and responsible manner. We want to keep supporting innovative ventures to help them survive, develop and thrive at a time when the economic outlook is rather grim. While many channels and sources on the market might dry up for them, with the backing of the European Institute of Innovation and Technology we are here to continue our support of innovative entrepreneurs with financials, know-how, and valuable partnerships.

The finals

The national selection process and the country finals will be conducted online from early April until late May. The decision about the timing and venue of the international Grand Final will be determined in the upcoming weeks depending on the status of the government event restrictions within the region.