Co-funded by the
European Union
The war on coronavirus and EIT’s Crisis Response Initiative
EIT InnoEnergy welcomes the EIT’s Crisis Response Initiative worth €60 million directly contributing to the European Union’s response to the COVID-19 pandemic. It will directly support Europe’s innovation eco-system and will be split between all the EIT’s Knowledge and Innovation Communities.
EIT InnoEnergy has been working in close collaboration with the EIT on the Covid-19 response plan since early March. Focused first on our most vulnerable constituencies, EIT InnoEnergy has reached out to students (400+), start-ups (300+), and then in our partners (400+), investors (50+) and shareholders (24).
As far as our portfolio ventures are concerned, we have undertaken a thorough audit of their business plans post-Corona, which resulted in more than 2,000 calls/meetings with the entrepreneurs, their other shareholders, sometimes with potential off-takers, their lenders, etc. Detailed information on the process and support measures we have urgently deployed can be found here.
Since the beginning of the crisis EIT InnoEnergy is deploying:
- Rescue measures for 108 of our 300+ ventures, the ones needing immediate and short term support. Those measures are already under deployment. All of them are working in sustainable energy innovation, and key contributors to the Green Deal which is at the core of the European recovery plans.
- Support measures for students to cope, for example, with lock-downs across different countries; and to universities to implement upgraded digital learning capabilities so that the new intake of students in September 2020 can attend the first semester online should travel restrictions still be in place beyond the summer.
See below for more information on the actions we have undertaken to support our stakeholders:
Students
Many of our current and prospective students are experiencing uncertainty and fear related to isolation, ability to access supplies, visa problems and remote learning. To help address these concerns, we have:
- Put in place a network of support for our current students so that you have someone in your region which you can call
- Developed a Q&A form, which will answer many of your questions
- Secured an online autumn 2020 semester for all our programmes in case students are unable to travel to their study destinations on time (learn more)
- Installed state-of-the-art hybrid learning technologies at some of our partner universities for EIT InnoEnergy students to experience the classroom setting remotely (learn more)
- Consistently worked with our partner universities to reduce the travel required by students to complete a part of their programme. In cases where it is absolutely necessary, students who travel are provided with COVID-19 tests and measures are set in place to ensure a learning experience that meets the regulations set by local authorities
If you have or are considering to apply for the 2021 intake, and have concerns about this, also look at the Q&A or please contact: innoenergy@studyenquiry.com
phone: +443331500488 WhatsApp: +447780781892
Companies
As a small and medium sized enterprise you will have many concerns about what the current situation means for your business. For that reason the InnoEnergy team is:
- Contacting all our portfolio of companies to assess the immediate impact of this crisis on your revenues, ability to deliver previous commitments and your capital resilience
- Supporting our portfolio of companies to challenge the current business models and prepare a) a short term plan that gives answers to immediate needs, including reduction of burn rate and b) to get access to capital in the short-medium term
- Helping you access support measures in different countries including labour, liquidity and subsidies
If you have concerns about any of these topics, please phone or mail your personal Asset Owner Supporter.
If you have any other general enquiries you can also contact EIT InnoEnergy at info@innoenergy.com
Partners
InnoEnergy is committed to working closely with partners to navigate through this time of uncertainty. Some of the topics we are working closely with you on include:
- Supporting universities to set up remote learning, also taking into consideration exams and degrees and providing the necessary licenses to our students (Learn more: Webinar “Future-proof online assessments and exams”)
- Working with all partners to understand the predictability of InnoEnergy prefinancing and 2019 costs settlements, as well as underspending of current baseline
We are proactively reaching out to you, but in the instance that you wish to get in contact with us, please reach out to your InnoEnergy contact or email info@innoenergy.com
Investors
EIT InnoEnergy is working with investors and our VC community to:
- Assess the different investment scenarios
- Share good practices that strengthen the position of our existing portfolios and allow new investments to take place
If you have concerns about any of these topics, please phone our Portfolio Management team or mail pm@innoenergy.com
European Union
Working closely with the European Union and the EIT, we are looking to identify:
- The next monetary stimulus packages
- How we can fast track funding from the EIT
- A two year crisis plan to address the current circumstances and enable Europe to fast track funding and support
If you wish to discuss such matters, please contact:
Guillaume Gillet, Director European Affairs Business Unit: guillaume.gillet@innoenergy.com
Shareholders
As an integral stakeholder in our organisation, we will be reaching out to our Shareholders to discuss the impact of this crisis. However, we can say for certain:
- Due to our strong growth, we have had confirmation that the value of our assets will not be revisited during the current situation
- The landing of our company in 2019 demonstrates our strength and stands us in good steed for the future
For all shareholder matters, please contact Diego Pavia, CEO, EIT InnoEnergy.
EIT Community Response
The European Institute of Innovation and Technology – Europe’s largest innovation ecosystem set up to drive innovation across Europe – have put in place a number of activities and solutions. For example:
- It has mobilised a crisis mechanism to quickly respond to the significant challenges affecting the EIT Community
- Prepared the early release of EUR 100 million for ailing innovators as a crisis response measure
For more information, visit the EIT website here.
EU Research and Innovation Response
The European Commission has been at the forefront of supporting research and innovation and coordinating European and global research efforts. These actions address:
- Epidemiology
- Preparedness and response to outbreaks
- The development of diagnostics, treatments and vaccines
- Infrastructures and resources that enable this research
For more information on the European Commission’s reponse, visit the website here.
