EIT InnoEnergy, the world’s largest sustainable energy engine headquartered in Europe, has today announced cleantech capital Boston, MA as the launchpad for its expansion into another primary market, the US. The new office will help entrepreneurs develop their innovations and reduce time to market by providing direct access to 500+ industrial partners in EIT InnoEnergy’s ecosystem.
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 will further dismantle barriers to innovation spurring a wave of new sustainable energy technologies in areas such as offshore wind, storage, and e-mobility.
Supporting the launch, EIT InnoEnergy has signed a partnership with Greentown Labs, the largest cleantech start-up incubator in North America. EIT InnoEnergy and Greentown Labs are both active members of the Incubatenergy Network, a consortium of US clean energy-focused incubators that have supported more than 500 companies.
EIT InnoEnergy’s involvement with the Network, coupled with organic growth in its start-up portfolio, led the accelerator to consider a greater presence in the U.S. to further accelerate innovation. EIT InnoEnergy’s new office is led by former Greentown Labs founding team member Mark Vasu, who has been appointed as US Operations Manager while EIT InnoEnergy’s Innovation Director Elena Bou has joined Greentown Labs’ Advisory Board.
Welcoming the partnership Elena Bou, Innovation Director and Executive Board member, EIT InnoEnergy, said: “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.
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.
“Over the last 10 years we have created a trusted innovation ecosystem in sustainable energy with more than 500 industrial partners, 55 specialized investors and more than 450 ventures and innovative companies. In addition to the Greentown Labs partnership, specialised US VCs including Breakthrough Energy Ventures, TDK Ventures, City Light and Arctern Ventures have already joined our VC Community as more and more US investors recognise Europe’s leadership in fighting climate change. It is a win-to-win situation and a boost to amplify the impact of sustainable energy innovations all around the globe.
“I am also thrilled to have Mark join us to spearhead the expansion and benefit from his insight in strengthening the region’s cleantech ecosystem by leading business development, partnerships, and international networking for Greentown Labs.”
Mark Vasu, US Operations Manager, EIT InnoEnergy, said: “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.
“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.”
Welcoming the news, Peter Rothstein, President, Northeast Clean Energy Council, said: “EIT InnoEnergy could not have chosen a better place than Boston, the hub of the Northeast clean energy economy, to begin its expansion into the US. NECEC looks forward to partnering with EIT InnoEnergy and connecting our hundreds of member companies, entrepreneurs, investors, and market leaders to accelerate clean energy solutions and leverage strengths of ecosystems on both sides of the Atlantic.”
EIT InnoEnergy chose Boston, MA, because it is a hotbed for sustainable energy innovation and entrepreneurialism. The city has an active start-up community as well as a vibrant local network of research universities, institutions, and investors. Boston also benefits from supportive public policy at local and state level.
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.