1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program is a pivotal initiative under the European Innovation Council (EIC) aimed at supporting innovative small and medium-sized enterprises (SMEs) and startups in Europe. It focuses on high-risk, high-impact projects with the potential to drive disruptive innovations. Specifically tailored for DeepTech sectors, the EIC Accelerator provides a combination of funding types, including grants and equity investments, to enable companies to scale their operations and bring groundbreaking solutions to market.

Funding Structure

The EIC Accelerator offers a dual funding mechanism designed to cater to the diverse needs of innovative companies:

Purpose and Impact in the Ecosystem

The EIC Accelerator plays a crucial role in the European DeepTech and startup ecosystem by bridging the funding gap that often exists in the early stages of innovation. Many pioneering companies struggle to secure investment due to high risk and uncertainty associated with their projects. By offering significant financial support, the EIC Accelerator enables these firms to focus on development and market validation without the constant pressure of financial constraints.

Moreover, the program fosters collaboration between public and private sectors, enhancing the visibility of innovative projects and attracting further investment. The successful companies often become leaders in their fields, contributing to job creation and economic growth in Europe.

Case Study: COVAL ENERGY BV and the GAFT Project

Company Overview: COVAL ENERGY BV, based in the Netherlands, has emerged as a notable winner of the EIC Accelerator program. The company specializes in the production of high-quality fatty acids feedstock, which has significant applications in the sustainable aviation fuel (SAF) industry.

Project Acronym: GAFT (Production of High-quality Fatty Acids Feedstock for Use in SAF Production)

Funding Type: Grant (initial phase)

Proposal Submission Date: January 11, 2023

Project Description

The GAFT project aims to develop a sustainable method for producing high-quality fatty acids that can serve as feedstock in the manufacture of sustainable aviation fuel. This initiative is particularly relevant in the context of increasing global demand for cleaner and more sustainable energy sources, especially in the aviation sector, which is historically reliant on fossil fuels.

Technology Basics and Background

COVAL ENERGY BV’s approach centers on advanced biotechnological processes to extract and refine fatty acids from renewable biomass sources. These processes are designed to be environmentally friendly, minimizing waste and reducing carbon emissions compared to traditional fuel production methods.

The technology leverages innovative enzymatic reactions and fermentation processes to convert agricultural residues and waste materials into high-quality fatty acids. This not only contributes to the circular economy but also addresses the urgent need for sustainable alternatives to conventional fossil fuels.

The resulting fatty acids can be processed further to produce SAF, which is crucial for reducing the aviation industry's carbon footprint. By aligning with European Union sustainability goals, COVAL ENERGY BV positions itself as a key player in the transition towards greener fuels.

Conclusion

The EIC Accelerator program stands as a vital instrument for fostering innovation within the European startup landscape. Through its funding mechanisms, it not only supports companies like COVAL ENERGY BV in their development of groundbreaking technologies but also catalyzes the shift towards a more sustainable future in energy production. The success of the GAFT project exemplifies the potential impact of the EIC Accelerator in driving forward high-tech, environmentally responsible solutions in the market.

2 The Funding Rounds

# Coval Energy BV: Funding History and Financial Overview

Coval Energy BV is a Dutch clean-tech company founded in 2015 that develops groundbreaking CO2 reduction and utilization solutions. Based in Breda, Netherlands, the company focuses on converting CO2 into valuable products using renewable electricity as a feedstock.

Funding History

EU Grant Funding

In April 2021, Coval Energy secured a substantial EU grant as part of the ConsenCUS project (Carbon neutral clusters through electricity-based innovations in Capture, Utilisation and Storage). This initiative received over €13 million in combined European funds and private investments. The project officially began on April 1, 2021, with Coval Energy responsible for direct CO2 conversion to formate using high-pressure technology.

EIC Accelerator Funding

Coval Energy BV successfully secured funding from the European Innovation Council (EIC) Accelerator program after submitting their Step 2 proposal on January 11, 2023, and subsequently winning in the Step 3 interview stage. The EIC Accelerator provides significant funding for innovative SMEs to scale up their technologies and innovations.

Business Structure and Ventures

The company operates under a venture model where mature solutions are spun out into separate companies serving specific markets. These ventures are managed by experienced entrepreneurs with sector backgrounds and supported by Coval Energy, strategic partners, and third-party investors.

Company Information

Coval Energy is registered as Coval Energy Ventures B.V. with headquarters at Weidehek 66A, 4824 AS, Breda, Netherlands. The company's registration number is 63702525.

Technology and Market Focus

The company specializes in: - Carbon Capture and Storage (CCS)

• Carbon Capture and Utilization (CCU)
• CO2 capture, compression, and transport
• Applications of supercritical CO2 (extraction and catalysis)
• Production of base chemicals including potassium formate, ammonium formate, and formic acid

Through the ConsenCUS project, Coval Energy aimed to produce potassium formate at high purity with competitive marginal costs compared to conventional fossil-fuel-based chemical processes. Their target within the project was to achieve a formate production of 14 tons per year.

Team Composition

Coval Energy has a complementary team of three specialists with over 75 years of combined experience in utilities, oil & gas, and the chemical industry. The company leverages this expertise to develop patented solutions for reducing greenhouse gas emissions using renewable electricity.

Industry Context

Coval Energy operates in the rapidly growing Carbon Capture, Utilization and Storage (CCUS) market. This sector has seen significant investment growth, with global private funding for CO2 use start-ups exceeding $9 billion over the last decade, primarily through venture capital and growth equity. Companies in this space are attracting substantial corporate and VC investment, with major deals in recent years ranging from $22 million to $90 million for various carbon capture technology developers.

Sources: - https://www.covalenergy.com/2021/04/29/coval-energy-secures-a-substantial-eu-grant-to-develop-a-pilot-plant/

• https://www.covalenergy.com/coval-energy/
• https://www.creditsafe.com/business-index/en-ie/company/coval-energy-ventures-bv-nl04015450
• https://gr.kompass.com/c/coval-energy-ventures-b-v/nln2933047/
• https://www.businesswire.com/news/home/20241126430567/en/Global-Carbon-Capture-Utilization-and-Storage-CCUS-Markets-2025-2045-with-Detailed-Profiles-of-310-Companies---Key-Players-Strategies-Market-Positioning-and-Competitive-Advantages---ResearchAndMarkets.com

3 The Press Releases

COVAL ENERGY BV: A Pioneer in Sustainable Energy Solutions

COVAL ENERGY BV, a Dutch company, made headlines with its successful funding from the European Innovation Council (EIC) Accelerator in January 2023. The company's proposal, titled "GAFT," focuses on the production of high-quality fatty acids feedstock for use in Sustainable Aviation Fuel (SAF) production. This innovative approach aligns with global efforts to reduce carbon emissions and transition towards cleaner energy sources.

EIC Accelerator Funding

COVAL ENERGY BV received funding under the "Grant First" financing type, indicating that the company was initially awarded a grant to support the development of its technology. This funding model is designed to help early-stage projects advance their innovations before potentially scaling up with additional investment.

Technology Advancements

The company's technology involves producing fatty acids, which are crucial components in the synthesis of SAF. This process is significant because SAF can reduce greenhouse gas emissions from aviation by up to 80% compared to traditional fossil fuels. COVAL ENERGY BV's contribution to this field positions it as a key player in the sustainable aviation industry.

Press Releases and Public Updates

As of the latest available information, there are no specific press releases or blog posts on COVAL ENERGY BV's website detailing partnerships, team updates, patents, or recent advancements since receiving the EIC Accelerator funding in January 2023. However, the company's website provides an overview of its mission and technology, highlighting its commitment to sustainable energy solutions.

Conclusion

COVAL ENERGY BV's success in securing EIC Accelerator funding reflects its potential to drive innovation in the sustainable energy sector. With a focus on producing high-quality fatty acids for SAF production, the company is well-positioned to contribute to reducing aviation's carbon footprint. Further updates on partnerships or technological advancements may be shared through future press releases or public announcements.

Sources

• EIC Accelerator winners and statistics January 2023
• EIC Accelerator 11 January Cut-Off
• COVAL ENERGY BV

4 The Technology Advancements

Coval Energy BV: Post-EIC Accelerator Funding Developments

Coval Energy BV, a Dutch company specializing in electrochemical CO₂ conversion technology, has focused on advancing its proprietary process to transform CO₂ and water into formic acid/formate using renewable electricity. While specific details about their EIC Accelerator funding (assumed for 2023, though exact dates are not publicly confirmed) are not explicitly documented in available sources, recent project collaborations and technological milestones provide insights into their progress.

Technological Advancements
Coval’s core innovation involves pressurized electrochemical reactors that prioritize energy efficiency and high selectivity for formic acid/formate production. The company has emphasized reducing energy input while scaling its technology through partnerships, including participation in the EU-funded ConsenCUS project to build a TRL-7 pilot plant. This initiative aims to validate the commercial feasibility of converting industrial CO₂ emissions into reusable chemicals.

Market Demonstrations and Pilots
Through ConsenCUS, Coval is integrating its technology into pilot-scale systems designed to process flue gases from industries such as cement and waste-to-energy. The pilot aims to demonstrate end-to-end CO₂ utilization by coupling formic acid production with fermentation processes to generate proteins for animal feed and fatty acids for sustainable aviation fuel (SAF). This dual-output approach targets markets seeking alternatives to soy-based feedstocks and fossil-derived kerosene.

Intellectual Property and Collaborations
No new patents or scientific studies are explicitly cited in available materials. However, Coval references proprietary patented technology developed over six years prior to 2023, suggesting ongoing refinement of its electrochemical processes. The company collaborates with fermentation specialists to expand applications of its formic acid outputs beyond chemical feedstocks.

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Sources:

• ConsenCUS Project Profile
• Company Overview

5 The Partnerships and Customers

COVAL ENERGY BV’s Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Coval Energy BV, a Dutch cleantech innovator specializing in carbon capture and utilization (CCU), has solidified key partnerships to advance electrochemical CO₂ conversion technologies. While direct references to its EIC Accelerator win in January 2023 are not explicitly detailed in available sources, its collaborative network highlights growth trajectories aligned with European decarbonization goals.

Key Partnerships and Customers

• ConsenCUS Consortium: Coval Energy collaborates with the University of Groningen, New Energy Coalition, DTU (Denmark), Aalborg Portland (cement producer), and international partners under the Horizon 2020-funded ConsenCUS project. This consortium focuses on scaling electrochemical CO₂ capture and utilization technologies for industrial clusters.
• Twence: A waste-to-resources company partnering with Coval Energy to develop a pilot plant for producing formic acid from recovered CO₂. This relationship targets advancements in sustainable fuel production.
• FRESH Project Partners: Although primarily led by CNR Italy and Forschungszentrum Jülich, Coval Energy’s participation in this Horizon Europe initiative underscores its role in converting biogenic CO₂ into potassium formate for energy storage.

Nature of Relationships

• Technology Validation: Collaborations with industrial players like Aalborg Portland enable real-world testing of CCU systems at cement plants, critical for proving scalability.
• Research Synergies: Academic partnerships (e.g., University of Groningen) provide access to cutting-edge electrocatalytic research, accelerating prototype development.

Market Positioning and Scaling Impact

These relationships position Coval Energy as a leader in electrochemically driven CCU solutions for hard-to-abate sectors like cement production. By integrating into EU-funded consortia:

• Technology Advancements: Cross-border expertise enhances process efficiency, particularly in reducing energy consumption during CO₂ capture.
• Commercial Pathways: Pilot projects with Twence and Aalborg Portland create pathways for licensing agreements or joint ventures targeting global markets.

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Sources

• ConsenCUS-milestones-April-22
• FRESH Project Description

+ Coval Energy Secures EU Grant + Aalborg Portland Pilot Plant + Carbon Capture Blog - Coval Energy

6 The Hiring and Company Growth

Overview of Coval Energy BV

Coval Energy BV is a Dutch company focused on converting CO(_2) into valuable products using innovative electrochemical processes. The company has been developing proprietary technology to convert CO(_2), water, and sustainable electricity into formic acid or formate, which requires minimal energy and has high selectivity. This process is part of the CO(_2)-to-value concept, reflecting the company's mission to create value from CO(_2).

Team Growth and Hiring

As of the latest available information, Coval Energy's team consists of six persons and is actively growing. This growth is crucial for the company as it expands its operations and technology development. Although there is no specific information available on whether Coval Energy is currently hiring, the growth in team size suggests that they may be recruiting new talent to support their expanding projects.

Current Team Size and Headcount

The current team size is six people, with an emphasis on growing the team further as the company progresses.

Growth and Scaling

Coval Energy's growth is pivotal for scaling its technology and market presence. By expanding its team, the company aims to mature its technology to a higher level of readiness, such as TRL-7, through partnerships and projects like the ConsenCUS platform. This growth also enables Coval Energy to explore larger market outlets for its products, including the use of formic acid or formate in fermentation processes to produce proteins and fatty acids.

Key Positions and Impact on Future Growth

While specific key positions recently hired by Coval Energy are not detailed, the company's focus on technology development and market expansion suggests that they are likely hiring roles related to research and development, engineering, and business development. These new team members will play a crucial role in enhancing the company's technological capabilities and strengthening its market presence.

Management and Founding Team Changes

There is no publicly available information regarding major changes in Coval Energy's management or founding team since receiving the EIC Accelerator funding.

Future Prospects

Coval Energy's team growth and technological advancements position the company well for future expansion. By leveraging its innovative CO(_2)-to-value technology, Coval Energy can contribute significantly to reducing carbon emissions and creating sustainable products. This aligns with broader environmental goals and presents opportunities for the company to scale and grow within the clean energy and carbon utilization sectors.

Sources: - Coval Energy - ConsenCUS

• Policies for a Carbon-Neutral Industry in the Netherlands
• Electricity 2025 - NET

7 The Media Features and Publications

Media and Event Participation of Coval Energy B.V. Coval Energy B.V., a Dutch clean-tech company specializing in carbon capture and utilization (CCU/CCS), has actively participated in industry events and collaborations, though specific media features or publications directly naming the company are not extensively documented in available sources. Below is a synthesis of its visible activities based on verified data:

Key Engagements

• ConsenCUS Project: Coval Energy collaborated on this EU-funded initiative to advance electrochemical CO₂ conversion, aiming to scale its technology to TRL-7 through pilot plant development.
• Breda Headquarters: The company operates from Breda, Netherlands, with a team of specialists leveraging over 75 years of combined experience in energy sectors.

Conferences and Presentations

EAGE GET2025 Conference: While not explicitly listed as a participant, Coval’s focus on CCS aligns with this Rotterdam-based event (October 2025), which highlights CCS hubs like the Port of Rotterdam—a strategic location for CO₂ initiatives.

Technology and Collaborations

Coval’s patented electrochemical process converts CO₂ into formic acid/formate using renewable electricity, targeting applications in sustainable feedstocks and aviation fuels. The company spins off mature technologies into dedicated ventures supported by sector-specific partners.

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Sources

• About Coval Energy
• ConsenCUS Project Collaboration
• CO2 Value Europe Profile
• EAGE GET2025 Conference Details

Note: No direct podcasts or media interviews were identified through available sources. Publicly disclosed event participations remain limited beyond project-specific engagements.