1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups in developing and scaling innovative technologies. The program aims to foster the growth of European DeepTech and startup ecosystems by providing financial support and facilitating access to private investment. By offering both grants and equity investments, the EIC Accelerator enables companies to bridge the gap between research and commercialization, enhancing their potential to impact the market.
Funding Structure
The EIC Accelerator employs a blended finance approach, combining grants and equity funding.
Purpose of the EIC Accelerator
The EIC Accelerator serves several key purposes within the European innovation landscape:
- Support for DeepTech: By focusing on high-risk, high-reward technologies, the program aims to advance sectors such as renewable energy, biotechnology, and advanced manufacturing. This focus is critical for Europe’s transition to a more sustainable economy.
- Encouraging Private Investment: The program’s structure encourages private investors to engage with high-potential startups. By providing initial funding and validating innovative ideas, the EIC Accelerator makes it easier for companies to secure additional financing.
- Strengthening the Ecosystem: By nurturing SMEs and fostering innovation, the EIC Accelerator contributes to job creation, economic growth, and maintaining Europe’s competitive edge in global markets.
Case Study: ENERPOLY AB and the EUROZIP Project
Company Overview
ENERPOLY AB, based in Sweden, is a dynamic player in the energy storage sector. The company focuses on developing advanced battery technologies, specifically zinc-ion batteries, which offer a sustainable alternative to traditional lithium-ion batteries.
Project Overview: EUROZIP
The EUROZIP project, which stands for the European Zinc-Ion Plant, aims to establish a state-of-the-art facility for the production of zinc-ion batteries. This initiative is pivotal for enhancing energy storage solutions in various applications, including renewable energy integration and electric mobility.
Technology Background
Zinc-ion battery technology represents a promising alternative to conventional lithium-ion batteries. The key characteristics of zinc-ion batteries include:
- Safety: Zinc is non-toxic and abundant, reducing environmental concerns associated with battery production and disposal.
- Cost-Effectiveness: The use of zinc and the simpler manufacturing processes involved can lead to lower production costs compared to lithium-ion batteries.
- Performance: Zinc-ion batteries can provide high energy density and long cycle life, making them suitable for applications that require reliable energy storage solutions.
The EUROZIP project seeks to scale up the production of these batteries, addressing the growing demand for sustainable energy storage systems. By leveraging the funding from the EIC Accelerator, ENERPOLY AB aims to enhance its manufacturing capabilities, invest in research and development, and ultimately contribute to the energy transition in Europe.
Conclusion
The EIC Accelerator program plays a crucial role in supporting innovative companies like ENERPOLY AB through its unique funding structure, facilitating growth, and enhancing the European startup ecosystem. The EUROZIP project exemplifies the potential of advanced battery technologies in addressing modern energy challenges, underscoring the importance of blended finance in fostering innovation and sustainability in Europe.
2 The Funding Rounds
Financing Raised by Enerpoly AB Since EIC Accelerator Funding
Enerpoly AB, a Stockholm-based zinc-ion battery innovator from Sweden, has been actively raising capital and securing grants since its successful application to the EIC Accelerator on March 22, 2023. Below is a detailed account of Enerpoly’s funding history, investor information, funding rounds timing and amounts, company valuation estimates, and any known exit events.
Funding Rounds and Amounts
Total Funding Raised:
As of July 2024, Enerpoly has raised nearly $17 million across equity investments and grants.
Major Funding Rounds:
- December 2022 – Seed Round
- Amount: $1.5 million
- Type: Seed Equity Round
- Investors:
- Fredrik Sidhagen (CEO of RCO Group)
- Johan Nord (former CCO at Trustly)
- Bankers Eirik Winter, Malin Engman, André Rhodin
- Several angels from previous rounds reinvested as well.
- September 2020 – Grant
- Amount: €1.63 million (~$1.9 million)
- Source: European Innovation Council Horizon 2020 "Green Deal" grant
- December 2023 – Demonstration Grant
- Amount: SEK88.5M ($8.4 million / ~€8M)
- Source/Funder: Swedish Energy Agency
- This three-year grant supports the world’s first zinc-ion battery megafactory demonstration in Sweden.
Additional Grants:
Summary Table: Key Funding Events
| Date | Type | Amount | Source/Investors |
|---|---|---|---|
| Dec 2022 | Seed Equity Round | $1.5M | Angels & Notable Swedish/US Investors |
| Sep 2020 | EC Grant | €1.63M (~$1.9M) | European Innovation Council ("Green Deal") |
| Dec 2023 | Demonstration Grant | SEK88.5M ($8.4M) | Swedish Energy Agency |
</em>Three-year project for megafactory demonstration
Investor Information
Enerpoly’s investors include both individuals and institutions with backgrounds in finance and industry:
- Fredrik Sidhagen (RCO Group CEO), Johan Nord (ex-Trustly CCO), bankers Eirik Winter, Malin Engman, André Rhodin participated in the seed round.
- Earlier angel investors also participated or reinvested.
- Institutional support includes direct grants from major EU initiatives such as Horizon Europe/EIC Accelerator ("Green Deal" focus).
Company Valuation Estimates
Dealroom.co estimates placed Enerpoly's enterprise value at approximately $6–9 million as of December 2022. No recent public data is available about updated valuations following their significant new grants or further equity fundraising after that date.
Exit Events: IPOs or Acquisitions
There are no public records indicating an IPO filing or acquisition/buyout event involving Enerpoly AB up to May 2025.
Conclusion
Since its successful application to the EIC Accelerator program on March 22nd of 2023—and subsequent selection for blended finance—Enerpoly has continued growing its financing base via both private investment rounds (notably its $1.5m seed round closed just before this date) and substantial non-dilutive government support (€8+ million demonstration grant; previous €1.63m commercialization grant). Its latest disclosed enterprise valuation was between $6–9m at end-of-2022 but is likely higher now given new capital inflows; however there have been no exit events reported so far.
Sources:
- Enerpoly Secures $8.4 Million Demonstration Grant for World's First Zinc-Ion Battery Megafactory
- Prominent Swedes invest in zinc-ion batteries that solve energy storage problems
- European Commission finances commercialization of zinc-ion rechargeable batteries
- Battery Startup Enerpoly Taps Ex-Northvolt Staff — Transport Topics
- Enerpol company profile & financials — Dealroom.co
3 The Press Releases
Enerpoly AB Overview
Enerpoly AB, based in Sweden, has made significant strides in the energy storage sector, particularly in zinc-ion battery technology. This Stockholm-based company has been at the forefront of sustainable energy solutions since its inception in 2018. Enerpoly's innovative approach focuses on developing safe, sustainable, and affordable zinc-ion batteries using abundant materials like zinc and manganese.
Technology Advancements
Enerpoly's zinc-ion batteries are designed to overcome supply chain issues and price volatility by utilizing easily obtained and recyclable materials. These batteries are non-flammable and non-explosive, making them suitable for critical infrastructure and densely populated urban areas. The company aims to demonstrate that zinc-ion batteries can be mass-produced affordably and profitably at scale, thus reshaping the stationary energy storage industry.
Funding and Partnerships
Enerpoly has secured several grants to advance its technology and scale up production. Notably, it received a $8.4 million demonstration grant from the Swedish Energy Agency to support the establishment of its zinc-ion battery manufacturing plant, known as the Enerpoly Production Innovation Center (EPIC). This facility will have an annual production capacity of 100 MWh and is expected to be operational within the next three years. Additionally, Enerpoly was awarded a €1.63 million grant from the European Innovation Council (EIC) under the Horizon 2020 "Green Deal" program to scale up its lab-developed zinc-ion batteries for commercial use.
Enerpoly has also participated in the Eurostars-3 project, collaborating with EET to develop an energy storage device for European households, securing up to €870,000 in grants. Furthermore, Enerpoly was selected for Cohort #6 of the RESPOND Accelerator by the BMW Foundation, focusing on sustainable innovation and leadership in the energy transition.
Team Updates
The company is led by Eloisa de Castro (CEO), with Dr. Mylad Chamoun serving as CTO and Dr. Samer Nameer as CSO. Enerpoly has raised approximately €12.6 million to date to support its operations and expansion plans.
Press Releases and Updates
Enerpoly regularly updates its website with news and press releases. Recent announcements highlight its advancements in zinc-ion battery technology, funding achievements, and strategic partnerships. For instance, the company has detailed its plans to establish EPIC, its first-of-its-kind manufacturing plant for zinc-ion batteries, and its participation in various European innovation programs.
Sources
- Enerpoly Secures $8.4 Million Demonstration Grant for World's First Zinc-Ion Battery Manufacturing Plant
- European Commission finances commercialization of zinc-ion batteries
- Enerpoly secures €1.63M “Green Deal” grant with Horizon 2020 for commercialization
- Enerpoly and EET receive EU grants to deliver renewable energy to European households
4 The Technology Advancements
Enerpoly AB: Recent Developments and Advancements
Enerpoly AB, a Swedish deep tech company specializing in zinc-ion battery technology, has made significant strides since its involvement with the EIC Accelerator funding. While the specific funding details for 2023 are not mentioned in the available sources, Enerpoly's advancements in technology, production, and market demonstration are noteworthy.
Current Capabilities
Enerpoly is currently at the forefront of zinc-ion battery innovation, leveraging patented technologies to develop and produce scalable stationary energy storage solutions. The company's focus on safe, sustainable, and reliable battery cells and packs positions it as a leader in the European energy storage sector.
Advancements and Technology Improvements
In recent months, Enerpoly has opened the world's first zinc-ion battery megafactory in Stockholm, Sweden. This facility, known as the Enerpoly Production Innovation Center (EPIC), covers 6,500m² and is expected to reach an annual production capacity of 100 MWh by 2026. Production is set to begin in 2025, marking a significant step in commercializing zinc-ion batteries for the stationary energy storage market.
The acquisition of state-of-the-art dry electrode manufacturing equipment in July 2024 has further enhanced Enerpoly's production capabilities, allowing for increased efficiency, reduced costs, and minimized waste. This technology also enables Enerpoly to utilize locally sourced materials, ensuring a more sustainable supply chain.
Market Demonstration and Pilots
Enerpoly's megafactory will facilitate large-scale pilots targeting commercial, industrial, and utility applications. The company is engaged with several utilities and battery system integrators for deployments across Europe and globally. This collaboration is crucial for demonstrating the market readiness of Enerpoly's zinc-ion battery solutions.
New Patents and Scientific Studies
There is no recent information available specifically about new patents filed or scientific studies published by Enerpoly since the EIC Accelerator funding. However, the company's advancements in technology and production processes suggest ongoing innovation and development.
Sources
- Enerpoly Opens World's First Zinc-Ion Battery Megafactory
- Enerpoly | Leading with Zinc-ion Battery Technology
- News - Enerpoly
- Rockwell Automation Collaborates with Enerpoly on Dry Electrode
- Enerpoly Acquires Full Cell Production and Pack Assembly Lines
- Enerpoly Opens World's First Zinc-Ion Battery Megafactory
- European Commission finances commercialization of zinc-ion
5 The Partnerships and Customers
Enerpoly AB's Strategic Partnerships and Market Positioning Post-2023 Funding Since securing significant grants and investments in 2023, including an $8.4 million Swedish Energy Agency grant and a 6.8 million SEK ($600k USD) Vinnova grant, Enerpoly AB has deepened collaborations to advance its zinc-ion battery technology and scale production.Key Partnerships
- EET (Energy Storage Partner): Collaborated on a €1.74M Eurostars-3 project (February 2023), co-developing residential energy storage devices for European households. This initiative aims to deploy scalable, safe batteries in homes, leveraging Enerpoly’s non-flammable zinc-ion technology.
- Polarium: A named collaborator in pilot projects for commercializing zinc-ion batteries, particularly in Sweden and globally. These pilots focus on validating the technology’s reliability for grid-scale renewable energy storage.
- Research Institute of Sweden (RISE): Worked closely with Senior Researcher Anwar Ahniyaz to optimize manufacturing processes and strengthen Sweden’s cleantech ecosystem.
Market Positioning through New Relationships
The partnerships with EET and Polarium position Enerpoly as a leader in affordable residential and industrial energy storage, targeting gaps left by lithium-ion batteries—particularly safety concerns and supply-chain instability. By focusing on zinc-based chemistry, which uses abundant materials like manganese, Enerpoly mitigates reliance on conflict minerals while reducing costs.Technology Advancements & Scaling Efforts
The Swedish Energy Agency grant supports:- Automated manufacturing systems to achieve 100 MWh annual capacity at EPIC (Enerpoly Production Innovation Center). Dry electrode equipment acquired in July 2024 enhances production efficiency while minimizing waste.
- European value-chain development, including material sourcing from local suppliers to reduce carbon emissions associated with logistics. This aligns with EU climate neutrality goals by enabling higher renewable energy adoption through reliable storage solutions.
Post-funding milestones include launching the world’s first zinc-ion battery megafactory (EPIC) near Stockholm in September 2024, which will produce market-ready systems for utilities by 2025–2026.
Sources
6 The Hiring and Company Growth
Enerpoly AB: Team Growth and Expansion
Enerpoly AB, a Swedish company specializing in zinc-ion battery technology, has experienced significant growth and expansion since receiving EIC Accelerator funding in March 2023. The company's focus on sustainable energy storage solutions aligns with its mission to revolutionize the battery industry.
Current Headcount and Team Size
As of 2020, Enerpoly's team size was around 10 employees. Since then, there has been notable expansion, including key hires from Northvolt, such as Annika Werneman and Emelie Tillegård, who have joined as Head of Production and Head of Industrialization, respectively. However, the current exact headcount is not specified in available sources.
Hiring and Team Growth
Enerpoly has been actively hiring to scale up its operations. The company has acquired new production lines and machinery, particularly from the defunct Nilar AB, which has enabled them to integrate new production capabilities and hire staff experienced in manufacturing processes. This strategic hiring helps Enerpoly achieve its goal of scaling zinc-ion battery production efficiently.
Recent Key Hires
Recent key hires include: - Annika Werneman: Head of Production, bringing extensive experience from Northvolt.
- Emelie Tillegård: Head of Industrialization, with experience from Northvolt and Ericsson.
- Daniel Eklund: Purchasing Manager, formerly of KP Energy and ABB.
These hires are crucial for Enerpoly's expansion plans, as they bring expertise in large-scale battery production and industrialization, which are essential for scaling zinc-ion battery manufacturing.
Impact on Company Growth
The new team members play a pivotal role in helping Enerpoly scale and grow. Their expertise in production and industrialization enables the company to efficiently develop and produce zinc-ion batteries, leveraging abundant and cost-effective materials like zinc and manganese. This growth supports Enerpoly's ambition to become a leading player in the European energy storage sector by facilitating the development of sustainable, market-ready battery solutions.
Changes in Management or Founding Team
Eloisa de Castro is noted as the CEO of Enerpoly, indicating a leadership role in guiding the company's strategic expansion and innovation efforts. There are no specific mentions of major changes in the founding team since receiving the EIC Accelerator funding in March 2023.
Current Hiring Status
While specific job openings are not detailed in available sources, Enerpoly's active expansion and recent hiring activities suggest that the company is likely seeking additional talent to support its ambitious growth plans.
Growth Since Funding
Since securing EIC Accelerator funding, Enerpoly has made significant strides. The company has opened the world's first zinc-ion battery megafactory, expanded its production capabilities, and secured additional funding to support its strategic plans. These developments position Enerpoly as a leading innovator in Europe's energy storage sector, with a focus on sustainable and affordable zinc-ion battery technologies.
Conclusion
Enerpoly's team growth and expansion are integral to its mission to innovate and scale sustainable energy storage solutions. The company's strategic hiring and investments in production infrastructure underscore its commitment to becoming a major player in the global transition to clean energy.
Sources: - About Us - Enerpoly
- Enerpoly Opens World's First Zinc-Ion Battery Megafactory
- Enerpoly
- Notable Millionaires Invest in Swedish Zinc-Ion Batteries
- Battery Startup Enerpoly Taps Ex-Northvolt Staff
- Zinc-ion Battery Innovator Enerpoly Acquires Full Cell Production
- Enerpoly Opens Zinc-Ion Battery Factory in Sweden
7 The Media Features and Publications
ENERPOLY AB: A Swedish Innovator in Zinc-Ion Batteries
Since receiving funding from the European Innovation Council (EIC) Accelerator in March 2023, ENERPOLY AB, a Swedish company specializing in zinc-ion battery technology, has been actively involved in various media features, publications, interviews, and industry events.
Media Features and Publications
- EIC Accelerator Winners and Statistics: ENERPOLY AB was featured among the winners of the EIC Accelerator, highlighting their innovative approach to deep-tech energy solutions.
- Demonstration Grant: The company secured an $8.4 million demonstration grant, showcasing its commitment to sustainable innovation.
- EIC Green Deal Grant: ENERPOLY received a €1.63 million grant from the European Innovation Council under the Horizon 2020 "Green Deal" program to scale up their zinc-ion battery technology for the stationary energy storage market.
- Seed Funding and Investor Interest: ENERPOLY successfully raised $1.5 million in a seed round from prominent investors, emphasizing the potential of zinc-ion batteries for energy storage.
Interviews and Podcasts
Conference and Fair Visits
While specific details about Enerpoly's conference visits and participations are not readily available, the company's involvement in industry events aligns with its focus on advancing zinc-ion battery solutions for the rapidly growing global energy storage market.
Involvement in Events
Company Developments
Conclusion
Since receiving the EIC Accelerator funding, ENERPOLY AB has continued to innovate and expand its presence in the energy storage sector through strategic partnerships, funding opportunities, and industry engagement. The company's focus on affordable and sustainable zinc-ion battery technology positions it as a key player in the transition to renewable energy sources.
Sources:
- EIC Accelerator winners and statistics March 2023
- Enerpoly Secures $8.4 Million Demonstration Grant for World's First Megafactory Zinc-Ion Batteries
- European Commission finances commercialization of zinc-ion batteries
- Enerpoly secures €1.63M “Green Deal” grant with Horizon 2020 for commercialization
- Prominent Swedes invest in zinc-ion batteries that solve energy storage problems
- News - Enerpoly
- Battery Startup Enerpoly Taps Ex-Northvolt Staff
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