1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator, part of the European Innovation Council, aims to support small and medium-sized enterprises (SMEs) and startups with high-risk, high-potential innovations in the deep tech sector. This program provides funding through a blended finance model, offering both grants and equity investments. The primary goal is to foster innovation, support the commercialization of cutting-edge technologies, and facilitate the scaling of startups within the European ecosystem.

Funding Structure

The EIC Accelerator funding consists of two main components: grants and equity.

Purpose in the DeepTech Ecosystem

The EIC Accelerator plays a pivotal role in the European DeepTech and startup ecosystem by addressing the funding gaps that often hinder the growth of innovative companies. By providing substantial financial support, the program encourages the development of groundbreaking technologies and solutions that have the potential to transform industries. The EIC Accelerator also connects startups with investors, facilitating access to additional funding sources and enhancing their visibility in the market.

Role in Scaling and Private Sector Funding

The EIC Accelerator assists companies in scaling their operations by providing not only financial resources but also strategic guidance and networking opportunities. Through the program, startups can refine their business models, enhance their market strategies, and access potential partnerships with established companies. This comprehensive support fosters an environment conducive to innovation, enabling startups to attract private sector funding more effectively.

EIC Accelerator Winner: BLIXT TECH AB

Project Overview: X-Verter

BLIXT TECH AB, a Swedish company, is recognized for its innovative project, X-Verter®, which focuses on developing a cell-level controlled battery system that enables software-defined power management. This project was submitted on March 13, 2024, during the Step 2 proposal phase and subsequently achieved success in the Step 3 interview.

Technology Basics and Background

The X-Verter technology represents a significant advancement in battery systems, particularly in the context of electric vehicles (EVs) and renewable energy storage. Traditional battery systems often rely on bulk-level management, which can lead to inefficiencies and suboptimal performance. In contrast, X-Verter introduces a novel approach by implementing cell-level control, allowing for precise monitoring and management of each individual cell within the battery pack.

This technology leverages sophisticated software algorithms to optimize the charge and discharge cycles of battery cells, enhancing their lifespan and overall efficiency. By enabling software-defined power management, X-Verter aims to address several critical challenges faced by current battery systems, including energy density, thermal management, and charge-discharge rates.

Moreover, the scalability of X-Verter technology positions it as a versatile solution applicable across various sectors, including automotive, grid storage, and portable electronics. The innovation not only promises to improve performance but also to contribute to the broader goals of sustainability and energy efficiency.

In summary, the EIC Accelerator, through its blended finance model, plays a crucial role in nurturing and scaling innovative projects like BLIXT TECH AB's X-Verter. By providing significant funding and support, the program empowers startups to transform their groundbreaking ideas into market-ready solutions, thereby advancing the European deep tech landscape.

2 The Funding Rounds

BLIXT TECH AB: Financing and Funding Events Since EIC Accelerator Award (March 2024)

Overview

BLIXT TECH AB, a Swedish innovator in software-defined power systems, has experienced significant funding developments since submitting its successful Step 2 proposal for the EIC Accelerator on March 13, 2024. The company’s focus on solid-state circuit breaker technology and advanced energy management systems has attracted notable investor interest alongside European Innovation Council (EIC) backing.

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Recent Financing Raised

In March 2024, BLIXT closed a €5 million seed funding round. This round was co-led by Union Square Ventures (USV) and Energy Revolution Ventures (ERV), two prominent investment firms with expertise in climate tech and energy innovation.

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Funding Rounds: Timing, Amounts & Investors

Date	Round Type	Amount Raised	Lead Investors	Other Notable Investors
Mar 2024	Seed	€5 million	Union Square Ventures (USV), ERV	BayWa r.e. Energy Ventures, Third Derivative
Oct 2018	Seed	€2 million	BayWa r.e. Energy Ventures	Angel investors

• The March 2024 seed round marked a substantial milestone for BLIXT’s growth following its EIC Accelerator award.
• Prior to this, the company raised over €2 million in an earlier seed/angel round led by BayWa r.e. Energy Ventures in October 2018.

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Investor Information

• Union Square Ventures (USV): US-based venture capital firm known for investing in high-growth technology companies with global impact.
• Energy Revolution Ventures (ERV): Specializes in early-stage investments within the energy transition sector.
• BayWa r.e. Energy Ventures: Venture arm of BayWa r.e., focusing on renewable energy innovations; participated as lead investor in the initial rounds.
• Third Derivative: A global climate tech accelerator that also invested alongside other backers.

Representatives from both USV and ERV joined BLIXT's board post-investment—Nick Grossman from USV and Peter Robson from ERV—providing strategic direction alongside financial support.

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EIC Accelerator Funding Details

BLIXT TECH AB was among the select group of deep-tech startups awarded blended finance through the first EIC Accelerator cut-off of March 2024. While individual grant/equity figures per company are not disclosed publicly by EIC sources at this time, typical packages include combinations of grant financing up to €2.5 million plus optional equity investments up to €15 million via the EIC Fund. Most recipients receive their grant portion within three months post-selection; equity negotiations may extend further depending on company needs.

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Company Valuation & Exit Events

No public disclosures have been made regarding specific post-money valuations resulting from recent funding rounds or any secondary transactions involving shares since March 13, 2024.

As of May 2025:

• There have been no reports or announcements indicating an IPO filing or listing process for BLIXT TECH AB.
• No acquisition activity or buyout offers involving major industry players have been reported.

BLIXT remains privately held with ongoing growth efforts fueled by recent capital injections.

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Summary Table

Event	Date	Details
Seed Round	Mar 20, 2024	€5M raised; co-led by USV & ERV
Previous Seed/Angel	Oct/2018	Over €2M raised; led by BayWa r.e. Energy Ventures
EIC Accelerator Award	Jul/15/2024 (results published) Blended finance package awarded

*The specific date when results were published is July 15th but selection followed submission/interview after March 13th cutoff.

No exit events such as IPOs or acquisitions occurred during this period.

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Sources

• BLIXT secures €5M seed funding round co-led by USV and ERV
• Blixt Tech AB secured €2 million in seed capital - Nordic9
• Blixt to raise €5M in a seed funding round - Nordic9
• EIC Accelerator – News: July 15th Results

3 The Press Releases

BLIXT TECH AB, a Swedish company, emerged as a winner in the March 2024 EIC Accelerator program. The company was recognized for its innovative X-Verter technology, which represents a cell-level controlled battery system. This technology enables software-defined power management, marking a significant advancement in battery efficiency and control.

Technology Advancements

BLIXT TECH AB's technology focuses on optimizing battery performance through software-defined control at the cell level. This approach can enhance the efficiency, reliability, and lifespan of batteries, potentially benefiting various industries such as electric vehicles, renewable energy systems, and consumer electronics.

EIC Accelerator Funding

The EIC Accelerator program provided BLIXT TECH AB with a strategic funding opportunity that combines grants and equity investments. This support is crucial for scaling up innovative technologies, particularly in the deep-tech sector, where high initial investment costs are common.

Partnerships and Team Updates

While specific partnerships or team updates related to BLIXT TECH AB are not detailed in the available data, the company's involvement in the EIC Accelerator suggests potential future collaborations and investments from European innovation networks.

Press Releases and Social Media

Currently, there is no publicly available information on press releases specifically from BLIXT TECH AB regarding the EIC Accelerator funding. However, companies often use such announcements to highlight their achievements and future plans on their websites and social media platforms.

Website and Social Media Presence

The company's website, blixt.tech, would typically be the first point of contact for official announcements and updates. However, specific details on press releases or blog posts related to the EIC funding are not available.

Sources: - EIC Accelerator: Statistics and Results from the March 2024 call

• EIC Accelerator March 2024 Results: A Detailed Analysis of Funding Distribution and Success Rates
• EIC Accelerator Winners in March 2024 Round

4 The Technology Advancements

Current Capabilities and Advancements of BLIXT TECH AB

BLIXT TECH AB, a Swedish company founded in 2018, specializes in advanced electrical energy management solutions. It offers solid-state circuit breakers and power converters, which enable real-time software configuration for controlling both current and voltage. These solutions are designed to provide efficient, safe, and future-proof infrastructure for AC and DC systems.

Current Capabilities

• Solid-State Circuit Breakers: BLIXT's circuit breakers utilize power electronics to replace traditional mechanical switches with transistors, allowing them to operate like computers. This technology enables faster fault response, real-time monitoring, predictive maintenance, and remote control.
• Next-Generation Battery Systems: The company's X-Verter technology integrates power electronics to achieve real-time cell-level control in battery energy storage systems, improving efficiency and extending the battery's useful life.

Advancements Since Receiving EIC Accelerator Funding (March 13, 2024)

Since receiving the EIC Accelerator funding, BLIXT TECH AB has continued to focus on redefining electrical infrastructure. There is no specific information available on new features or improvements directly linked to the funding. However, the company has emphasized its commitment to making energy programmable and has discussed the potential of its solid-state circuit breakers to transform energy usage without relying on utilities.

Demonstrations and Pilots

While specific demonstrations or pilots conducted since the funding are not detailed, BLIXT TECH AB has highlighted its role in redefining the energy stack and its potential impact on industries such as maritime.

Patent Filings and Scientific Publications

There is no recent information on new patents filed or scientific studies published specifically since the funding. However, BLIXT TECH AB holds 44 patent applications as of previous reports.

Market Presence and Partnerships

BLIXT TECH AB has partnered with significant companies like Havells India Ltd., which underscores its commitment to leveraging cutting-edge technology in the electrical industry. This partnership aims to make a significant impact on both the Indian and global electrical sectors.

Conclusion

BLIXT TECH AB continues to innovate in the field of electrical energy management, focusing on programmable solutions for a more efficient and flexible energy infrastructure. While specific advancements directly tied to the recent EIC Accelerator funding are not detailed, the company remains a key player in advancing solid-state circuit breaker technology and its applications.

Sources

• Blixt Tech
• Uncategorised Archives - Blixt Tech
• Blixt Tech - Products, Competitors, Financials, Employees
• Blixt's strategy is well-aligned with our thesis
• About us - Blixt Tech
• Blixt Tech AB - Cision News

5 The Partnerships and Customers

Blixt Tech AB: Partnerships and Advancements

Blixt Tech AB, a Swedish company, has been making significant strides in the electrical industry since its inception in 2018. Following its success in securing the EIC Accelerator funding in March 2024, the company has continued to expand its partnerships and customer base.

Partnerships and Customers

• Infineon Technologies AG: Blixt Tech AB has strengthened its collaboration with Infineon to co-develop solid-state circuit breakers (SSCBs), which are designed to provide superior electrical safety and real-time circuit level metering. This partnership aims to disrupt the USD 38 billion market for circuit breakers by offering faster, safer, and smarter alternatives.
• Sanmina Örnsköldsvik: Blixt partnered with Sanmina Örnsköldsvik in March 2025 to revolutionize machine monitoring and energy efficiency. This collaboration focuses on helping manufacturers maximize uptime and reduce energy consumption.
• Havells: Blixt has also entered into a strategic partnership with Havells, indicating a growing interest from various industries in its innovative electrical solutions.

New Partners and Customers

As of the latest updates, specific new partners or customers beyond those mentioned are not detailed. However, the company's ongoing efforts to expand its reach in the electrical infrastructure and energy management sectors suggest potential future collaborations.

Nature and Purpose of Relationships

Blixt Tech AB's partnerships are primarily focused on leveraging cutting-edge technology to enhance electrical infrastructure. The collaborations aim to:

• Revolutionize Electrical Safety: By developing SSCBs, Blixt seeks to address the challenges posed by the increasing use of renewable energy sources and grid stress.
• Improve Energy Efficiency: Through partnerships like that with Sanmina Örnsköldsvik, Blixt aims to optimize energy usage in manufacturing environments.
• Advance Software-Controlled Electricity: The company's mission is to bring programmability to electricity, enabling more efficient and adaptive power management systems.

Positioning in the Market

These relationships position Blixt Tech AB as a leader in the electrical infrastructure innovation space. By partnering with major technology players like Infineon, Blixt enhances its credibility and access to advanced technology, which is crucial for scaling its operations and products.

Technology Advancements and Scaling

The partnerships will significantly aid Blixt Tech AB in several ways: - Access to Leading Technology: Collaborations with companies like Infineon provide access to state-of-the-art components and expertise, accelerating the development of SSCBs and other innovations.

• Market Expansion: Strategic partnerships help Blixt expand its customer base and increase its market presence, particularly in regions where its partners have strong networks.
• Innovation in Energy Management: By working with companies like Sanmina Örnsköldsvik, Blixt can integrate its solutions into broader energy efficiency initiatives, enhancing its offerings and market relevance.

Sources

• Blixt Tech
• Blixt Tech AB - Cision News
• Blog-n-roll - Blixt Tech
• BLIXT Secures €5 Million Funding to Revolutionize Electrical Infrastructure
• Press release: Partner Collaboration with Infineon
• About us - Blixt Tech

6 The Hiring and Company Growth

Blixt Tech AB: Growth and Team Development

Blixt Tech AB, a Swedish company, has been making significant strides in the electric technology sector since its founding in 2018. With its innovative approach to circuit breakers and power systems, Blixt is positioned to play a critical role in the future of energy management.

Current Team Size and Headcount

While the exact current headcount is not specified, Blixt Tech AB's team includes key figures such as Charlotta Holmquist as President, Trued Holmquist as CEO, and Jens Peter Schroer as CTO. The company also lists several directors, developers, and other roles, indicating a diverse and growing team.

Hiring and Team Growth

Blixt is actively involved in expanding its team. The company encourages individuals to join them, particularly those passionate about technology and a clean energy future. However, specific details about recent hires or open positions are not publicly outlined.

Growth and Scaling

Since its inception, Blixt has secured significant funding, including €2 million in seed capital in 2018, which helped establish its innovative products like the solid-state miniature circuit breaker. This technology enables faster and more efficient power management, contributing to Blixt's growth and its ability to scale. The partnership with ABB through SynerLeap further supports Blixt's global expansion and innovation efforts.

New Team Members and Future Impact

New team members at Blixt contribute to its mission of transforming electricity management through digital and software-controlled devices. This expertise helps the company develop more efficient and dynamic power systems, crucial for integrating renewable energy sources into the grid. By enhancing grid resilience and flexibility, Blixt positions itself for significant growth in the clean energy sector.

Management and Founding Team Changes

Blixt's founding team includes seasoned entrepreneurs like the Holmquists and Jens Peter Schroer, ensuring stability in leadership. There are no reported major changes in the founding or management team since its inception.

Future Prospects

Blixt Tech AB's focus on solid-state circuit breakers and innovative power management systems positions the company for significant growth in the energy sector. With its commitment to clean energy and partnerships like SynerLeap, Blixt is poised to play a pivotal role in shaping the future of electrical infrastructure.

Sources: - Blixt Tech

• About us - Blixt Tech
• Blixt Tech AB secured €2 million in seed capital
• Charlotta Holmquist discusses Blixt's vision for the Electrical Evolution
• Teaming up with ABB
• Blixt - Infineon Technologies

7 The Media Features and Publications

Overview of Blixt Tech AB

Blixt Tech AB, based in Sweden, is a pioneering company that has been making significant strides in the field of digital circuit breakers. Founded in 2018, the company aims to revolutionize electricity management by introducing software-controlled circuit breakers, enhancing grid-edge intelligence and aligning with the shift towards sustainable, all-electric technologies.

Media Features

Blixt Tech AB has featured prominently in various media outlets for its innovative approach to circuit breakers. Notably, NS Media Group highlighted Blixt's development of a digital alternative to traditional circuit breakers, which promises higher standards of control and monitoring in electricity management. Additionally, Blixt has been covered in news related to its partnerships and participation in international projects.

Publications and Content

Publications have noted Blixt's solid-state circuit breaker technology as a game-changer for multiple industries, including power distribution, renewable energy, and electric vehicles. The technology offers real-time monitoring, remote energy management, and faster tripping speeds compared to traditional mechanical circuit breakers.

Podcasts and Interviews

Charlotta Holmquist, President and Co-Founder of Blixt, has participated in several podcasts. One notable episode is from the "DER Task Force Podcast," where she discussed the benefits and implications of solid-state power electronics. Another podcast, "The Entrepreneur Mindset," features Charlotta Holmquist, highlighting her innovative journey and entrepreneurial spirit.

Conferences and Fair Visits

Blixt Tech AB has presented its breakthrough solid-state circuit breaker technology at significant events like ARPA-E in Denver, USA. The company is also involved in the Horizon Europe's ALL-DC-SHIPS project, aiming to pave the way for low-emission vessels.

Involvement in Events

Blixt's involvement in energy-related projects and partnerships signifies its active role in shaping the future of electricity management. The collaboration with Havells India to introduce Solid State Circuit Breaker technology in the Indian market is a testament to its commitment to innovation and global impact.

Sources:

• About us - Blixt Tech
• Read the latest article about BLIXT in NS Media Group here
• Blixt Tech AB - Cision News
• BLXT TECH AB Joins Horizon Europe's ALL-DC-SHIPS Project to ...
• Blixt Tech AB | News - Smart City Sweden
• DER TASK FORCE PODCAST - Blixt Tech
• Havells India partners with Swedish tech startup Blixt Tech AB
• Uncategorised Archives - Page 4 of 7 - Blixt - Blixt Tech
• Podcast: The Entrepreneur Mindset - Blixt Tech