1 The EIC Accelerator Project

EIC Accelerator Program: An Overview

The European Innovation Council (EIC) Accelerator program is a pivotal funding initiative aimed at supporting innovative small and medium-sized enterprises (SMEs) and startups within Europe. The program is designed to foster the development of high-impact innovations, particularly in the DeepTech sector, which encompasses advanced technologies that often require significant research and development.

Funding Structure

The EIC Accelerator provides a combination of grant funding and equity investment to eligible companies. The grant component can reach up to €2.5 million, which is intended to cover development costs such as prototyping, testing, and market entry activities. The equity investment aspect has undergone modifications since its inception; until 2024, companies may receive up to €15 million in equity funding, which subsequently decreased to a maximum of €10 million starting in 2025. This dual funding approach is designed to provide startups with the financial resources necessary to scale their operations and achieve commercial viability.

Purpose in the European DeepTech Ecosystem

The EIC Accelerator serves as a vital catalyst for innovation within the European DeepTech and startup ecosystem. By providing financial support and resources, the program aims to bridge the gap between early-stage development and market entry. The initiative is particularly focused on helping companies leverage private sector investments by demonstrating their potential for growth and scalability. Through its comprehensive support structure, the EIC Accelerator enables startups to attract further funding from private investors, thereby enhancing their sustainability and impact in the market.

Role in Scaling Companies

The EIC Accelerator plays a crucial role in helping companies scale by offering not only financial backing but also mentorship and networking opportunities. By connecting entrepreneurs with industry experts, potential partners, and investors, the program facilitates knowledge sharing and resource access that are essential for growth. This holistic approach ensures that companies can navigate the complexities of scaling operations while maintaining their innovative edge.

Case Study: Cellfion AB and the CNF Membrane Project

Cellfion AB, a Swedish company, is a recent winner of the EIC Accelerator grant for its innovative project titled CNF Membrane. The project focuses on the development and manufacturing of forest-based membranes aimed at improving the efficiency of electrochemical energy devices.

Project Overview

The CNF Membrane project seeks to create sustainable membranes from cellulose nanofibers (CNF), derived from forest resources. This innovative approach not only addresses the growing demand for efficient energy storage solutions but also aligns with sustainability goals by utilizing renewable materials. The project is set to revolutionize the electrochemical energy sector by enhancing the performance, durability, and environmental footprint of energy devices.

Technology Background

Cellulose nanofibers are known for their unique properties, including high surface area, mechanical strength, and excellent conductivity. These characteristics make them ideal candidates for use in membranes within electrochemical systems, such as batteries and fuel cells. The CNF membranes developed by Cellfion are expected to outperform traditional membranes by offering improved ionic conductivity and reduced resistance, thereby increasing the overall efficiency of energy devices.

The technology leverages advanced manufacturing processes to ensure scalability and cost-effectiveness. By focusing on forest-based materials, Cellfion aligns its operations with circular economy principles, promoting the use of renewable resources while minimizing waste. The membranes are designed to meet the stringent performance criteria required by modern electrochemical devices, addressing challenges related to energy density, charge cycles, and environmental sustainability.

Conclusion

The EIC Accelerator program stands as a cornerstone of financial and strategic support for innovative startups in Europe. By providing a structured funding mechanism that combines grants and equity investments, the program empowers companies like Cellfion AB to push the boundaries of technology and innovate in the DeepTech space. The CNF Membrane project exemplifies the transformative potential of sustainable materials in energy applications, showcasing how innovative solutions can emerge from dedicated support within the European ecosystem.

2 The Funding Rounds

# Cellfion AB: Funding Journey and Financial Development

Cellfion AB, a Swedish cleantech company founded in 2021, has secured significant funding to advance its innovative cellulose-based membrane technology. The company specializes in developing sustainable, PFAS-free membrane solutions for the energy sector, particularly for hydrogen production, battery applications, and ion-separation technologies.

EIC Accelerator Funding

In February 2024, Cellfion was awarded €2.5 million (approximately $2.7 million) from the European Innovation Council (EIC) Accelerator program. This funding came as part of the November 8, 2023 cut-off date results, which were officially published on February 28, 2024. Cellfion was one of just 42 companies selected from 1,083 applicants, representing a highly competitive success rate of only 3.9% for companies that made it through both Step 2 and Step 3 of the evaluation process.

The company received this funding under the "Grant First" category, which was awarded to 29% of the successful applicants in that funding round. This grant is enabling Cellfion to allocate resources toward developing production capabilities and operations focused on bringing their cellulose-based membrane solutions to market.

Previous Funding Rounds

Prior to the EIC Accelerator grant, Cellfion had secured the following funding:

Seed Round (2022): Cellfion closed a seed investment round of 14 million SEK (approximately $1.4 million) on its first anniversary. This round included participation from several investors:

• Almi Invest Green Tech
• Voima Ventures
• Klimatet Invest
• LiU Invest
• KTH Holding

Pre-Seed Investment: Before the seed round, Cellfion received a pre-seed investment from KTH Holding AB, though the specific amount was not disclosed.

Swedish Energy Agency Grant (2022): Cellfion, in partnership with Rivus Batteries, received a 6 million SEK (approximately $600,000) grant from the Swedish Energy Agency to develop Sweden's first all-organic Redox Flow Battery.

Total Funding and Valuation

According to available data, Cellfion has raised approximately $1.2 million prior to the EIC Accelerator grant. With the addition of the €2.5 million EIC funding, the company's total raised capital is now over $3.7 million.

No specific company valuation figures are publicly available for Cellfion AB at this time.

Investor Information

Cellfion has attracted a diverse group of investors, primarily focused on green technology and sustainable innovations:

• Almi Invest Green Tech: A Swedish venture capital firm focusing on green technology investments
• Voima Ventures: A Nordic venture capital firm specializing in science-based startups
• Klimatet Invest: An investment firm focused on climate technologies
• LiU Invest: The investment arm of Linköping University
• KTH Holding: The holding company of the Royal Institute of Technology in Sweden
• EIC Accelerator: European Innovation Council's funding program for innovative startups
• Swedish Energy Agency: Government agency supporting energy research and development

Company Development

Founded in 2021 and based in Stockholm, Cellfion emerged from 10 years of research conducted at KTH Royal Institute of Sweden, Linköping University, and RISE. The company is led by CEO Liam Hardey, who was nominated for Forbes 30 under 30 in 2022.

Cellfion is pioneering the development of cellulose nanofiber (CNF) ion-selective membranes made from wood-derived cellulose. Their technology aims to provide sustainable alternatives to current membrane solutions that often contain toxic PFAS chemicals. The company is targeting applications in the renewable energy storage market, particularly in hydrogen production, battery systems, and ion-separation technologies.

There have been no reported exit events such as IPOs, buyouts, or acquisitions for Cellfion as of May 2025. The company is still in its growth phase, using its secured funding to scale operations and bring its first products to market.

Sources: - Cellfion is awarded €2.5 Million funding from the European Innovation Council

• EIC Accelerator 8 November Cut-Off
• Cellfion company information, funding & investors | New York State
• Cellfion - Products, Competitors, Financials, Employees
• Cellfion closes seed round - KTH Holding AB

3 The Press Releases

Overview of Cellfion AB

Cellfion AB, a Swedish company, has made significant strides in the development and manufacturing of forest-based membranes for electrochemical energy devices. This innovation aligns with the European Union's focus on sustainable technologies, particularly in the fields of hydrogen, battery, and ion-separation sectors.

EIC Accelerator Funding

Cellfion AB was among the winners of the EIC Accelerator funding for the November 8, 2023, cut-off. The company received €2.5 million to support its pioneering work in industrializing ion-exchange and ion-selective cellulose membranes. This grant is crucial for advancing the production and operations of Cellfion, enabling the company to introduce cellulose-based membrane solutions to the market.

Technology Advancements

Cellfion's technology combines high-quality functionalized nanomaterials with electrochemistry to develop innovative membranes. These membranes are PFAS-free, aligning with the EU's commitment to reducing harmful substances in industrial processes. The focus on cellulose-based solutions underscores Cellfion's contribution to sustainable energy and environmental technology.

Press Releases and Updates

While specific press releases or blog posts from Cellfion AB's website are not detailed in the available information, the company's achievement in securing EIC Accelerator funding highlights its commitment to innovation and sustainability. Cellfion's updates typically emphasize its advancements in membrane technology and participation in EU-funded initiatives.

Company Profile

Cellfion AB is headquartered in Sweden and operates in the electrochemical energy sector. The company's work is centered around developing sustainable and efficient membrane solutions, which are essential for various energy storage and generation applications.

Sources: - Unveiling the Latest EIC Accelerator Results: A Comprehensive Analysis

• EIC Accelerator 8 November Cut-Off
• Learn about the EIC Accelerator - Latest news from Cellfion

4 The Technology Advancements

Cellfion AB: Current Capabilities and Advancements

Cellfion AB, a Swedish company, has been at the forefront of developing sustainable membrane solutions, particularly focusing on PFAS-free, cellulose-based ion-selective membranes for applications in hydrogen, battery, and ion-separation technologies. Since receiving the EIC Accelerator funding in late 2023, the company has made significant advancements in its technology and market presence.

Current Capabilities

• PFAS-Free Membranes: Cellfion specializes in creating cellulose-based membranes derived from wood, providing a sustainable alternative to traditional PFAS-based membranes. These membranes are adaptable for various electrochemical applications, including fuel cells, electrolysers, and large-scale battery technologies.
• Industrial Validation: The company has successfully partnered with key players to validate its products across critical sectors such as electrodialysis, non-vanadium flow batteries, and humidification systems, demonstrating their industrial viability.
• Production Advancements: Cellfion has progressed in roll-to-roll production, generating new proprietary knowledge and enhancing its production capabilities.

Advancements Post-EIC Funding

• Facility Expansion: Following the funding, Cellfion relocated to a new 800m² facility in Stockholm, which enables organizational growth, R&D capabilities, and the establishment of its first production demonstration plant.
• Collaborations and Partnerships: The company is involved in multiple R&D collaborations, including projects with Umeå University and Lund University, focused on advanced membrane development for energy storage and filtration technologies.
• Market Development: Cellfion is actively working on commercially validating its products and is engaged with major clients in sectors such as hydrogen, battery storage, and liquid treatment.

Technology Improvements and Demonstrations

• Technology Enhancement: The company continues to improve its membrane technology, adapting it for diverse applications while maintaining performance comparable to commercial fossil-based membranes.
• Demonstration and Pilots: Cellfion is moving towards scaling up production and delivering on customer-driven projects, with its future demonstrator line being a key step towards large-scale manufacturing.

Patents and Scientific Studies

There is no specific information available on new patents filed by Cellfion since receiving the EIC Accelerator funding. However, the company's commitment to advancing sustainable materials and its participation in projects like the PROMISERS consortium indicate ongoing innovation and research in PFAS-free materials.

Sources

• Cellfion - Next generation, Cellulose-based and PFAS-free ...
• Application Development - Latest news from Cellfion
• Sweden's Cellfion developing PFAS-free membranes for energy storage
• Cellfion announces its participation in the PROMISERS project
• Cellfion - HANNOVER MESSE Exhibitor 2025
• Cellfion is awarded €2.5 Million funding from the European Innovation Council
• New Facilities and Future Growth
• Cellfion - Reselo

5 The Partnerships and Customers

Cellfion AB: Partnerships, Customers, and Market Positioning

Cellfion AB, a Swedish startup specializing in PFAS-free, cellulose-based membranes, has made significant strides in partnerships and market positioning since winning the EIC Accelerator funding in November 2023.

Partnerships

• Rivus Batteries: Cellfion collaborates with Rivus, a Swedish organic flow battery specialist, to develop non-PFAS membranes and metal-free electrolyte materials for large-scale energy storage systems.
• Redox.me: Alongside Rivus, Cellfion has formed a partnership with Redox.me as part of the Digital Cellulose Center, aiming to advance sustainable energy storage solutions, particularly in flow batteries.
• Umeå University: Cellfion is engaged in a collaboration with Umeå University to test its cellulose-based ion-selective membranes in industrial environments, enhancing sustainable energy solutions.
• Lund University: The company works with Lund University to validate electrodialysis membranes within industry-relevant systems.
• AFRY: Cellfion has a strategic partnership with AFRY, a world-leading engineering company, to accelerate production development and pioneer cutting-edge manufacturing capabilities for PFAS-free membranes.

Customers

While specific customer names are not detailed, Cellfion is focused on delivering products to sectors such as hydrogen, battery storage, and liquid treatment. The company's technology is designed to meet the demand from various industries transitioning to sustainable solutions.

New Partners and Customers

Recent partnerships include the Digital Cellulose Center collaboration with Rivus and Redox.me. There is no specific mention of new customers; however, Cellfion's expansion plans involve working closely with industry partners and suppliers to validate product performance, indicating a growing customer base.

Nature and Purpose of New Relationships

These relationships are centered around advancing sustainable membrane technologies for energy storage and hydrogen applications. The partnerships aim to leverage Cellfion's innovative cellulose-based membranes to create scalable and environmentally friendly solutions, aligning with the EU's push for PFAS-free alternatives.

Market Positioning

Cellfion's partnerships position the company as a leader in sustainable membrane solutions, particularly in the energy sector. The collaborations enable Cellfion to refine its manufacturing processes and validate product performance, preparing for large-scale production and commercial success.

Technology Advancements and Scaling

The partnerships facilitate technology advancements by integrating Cellfion's membranes into diverse applications, such as flow batteries and industrial electrolysis. The funding from the EIC and other sources allows Cellfion to scale its production, demonstrating its technology for future upscaling and meeting customer demands.

Sources

• Cellfion
• Sweden's Cellfion developing PFAS-free membranes for energy storage
• New industrial partners within flow batteries
• Cellfion's Yearly Recap 2023
• Reflecting on a Milestone Year for Cellfion
• Strategic Partnership with AFRY
• Exciting New Collaboration with Umeå University

6 The Hiring and Company Growth

Cellfion AB's Growth Trajectory Post-EIC Accelerator Funding Cellfion AB, a Swedish innovator in PFAS-free cellulose-based membranes for energy applications, has demonstrated significant growth since securing a €2.5 million EIC Accelerator grant in 2024. The company’s workforce expanded from 11 to 18 employees in 2024, driven by strategic hires across technical and operational roles.

Team Expansion and Key Hires

• Current Headcount: ~18 employees (as of December 2024), with plans to onboard 4 master’s students and an intern from the National University of Singapore (NUS) in early 2025.
• Recent Roles Added: Senior Process Engineer, Finance Assistant, Polymer Scientist, Product Owner, Lab Technician, Graphic Design Intern, and Business Developer (including consultant Magnus Titus).
• Hiring Status: Actively expanding its team to support technology development and commercialization efforts.

Strategic Impact of New Hires

The recruitment of specialists like Magnus Titus—a business developer with over 30 years of cross-industry experience—strengthens Cellfion’s ability to forge global partnerships. Technical roles such as Polymer Scientist and Senior Process Engineer directly enhance R&D capabilities for scaling cellulose membrane production.

Scaling Operations

With a SEK 30 million capital injection in Q1 2024 alongside EIC funding, Cellfion is advancing toward large-scale manufacturing through collaborations like the AFRY partnership for factory engineering. The team growth supports application engineering samples and initial production runs for hydrogen, battery storage, and liquid treatment sectors.

Management Continuity

Founders Liam Hardey (CEO) and Johan Erlandsson (Head of Research) remain central to leadership. No major changes in the founding team have been reported post-EIC funding, though advisory roles like Magnus Titus augment business development strategies.

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Sources

• Cellfion - Next generation membranes
• Reflecting on a Milestone Year for Cellfion
• Welcome Magnus Titus
• Start-up bio-based companies

7 The Media Features and Publications

Cellfion AB: Media Features and Public Engagement Since EIC Accelerator Funding

Media Coverage & Publications

• ESS News (2025): Detailed Cellfion’s development of PFAS-free membranes for non-vanadium flow batteries and hydrogen applications, emphasizing partnerships with Rivus Batteries and academic institutions.
• Rasph.com (2024): Highlighted Cellfion’s €2.5 million EIC Accelerator grant for scaling cellulose-based membrane production.
• Cellfion’s Website: Published press releases on collaborations, funding milestones, and participation in events like Hydrogen Tech Expo Europe (October 2024).

Podcasts & Interviews
No publicly available podcasts or interviews featuring Cellfion’s team were identified in the provided sources. However, the company regularly shares updates through its official channels.

Conferences & Fairs

• Hannover Messe 2025: Exhibiting PFAS-free membranes in Hall 13 (Stand E70/1), focusing on electrochemical energy applications.
• Hydrogen Tech Expo Europe (October 2024): Presented advancements in hydrogen-compatible membranes and sustainability initiatives.

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Sources

ESS News: Sweden's Cellfion developing PFAS-free membranes for energy storage Rasph.com: Latest EIC Accelerator Results Cellfion.se Resources Page HANNOVER MESSE Exhibitor Profile Cellfion's EIC Announcement