1 The EIC Accelerator Project

The EIC Accelerator program is a key component of the European Innovation Council (EIC), designed to support small and medium-sized enterprises (SMEs) and startups engaged in innovative and high-risk projects, particularly in the realm of DeepTech. This program aims to catalyze the growth of breakthrough innovations and help European companies scale their operations. The EIC Accelerator provides substantial funding opportunities, including grants and equity investments, and plays a pivotal role in fostering innovation and enhancing the competitiveness of European startups.

Funding Structure of the EIC Accelerator

The EIC Accelerator offers a dual funding structure, which includes:

Purpose and Impact of the EIC Accelerator

The primary purpose of the EIC Accelerator is to support the development of groundbreaking technologies and solutions that address societal and environmental challenges. By providing financial resources and strategic support, the program helps companies bridge the gap between initial innovation and market entry. The EIC Accelerator enhances the European DeepTech and startup ecosystem by:

• Promoting Innovation: By funding high-risk, high-reward projects, the program encourages companies to pursue innovative solutions that may otherwise struggle to secure private investment.
• Facilitating Scale-Up: The equity funding component enables businesses to scale operations, ultimately leading to job creation and economic growth.
• Encouraging Collaboration: The program fosters partnerships between startups, research institutions, and larger corporations, facilitating knowledge transfer and technological advancements.

Role in Securing Private Funding

The EIC Accelerator also plays a crucial role in helping companies attract additional funding from private investors. The grant and equity funding serve as validation of the project’s potential, making it more appealing to venture capitalists and other private funding sources. By demonstrating the support of the EIC, companies can leverage this credibility to negotiate favorable terms with private investors, enhancing their chances of securing the necessary capital for growth.

Case Study: GREENOV-ITES and the SEALENCE Project

Company Overview: GREENOV-ITES, based in France, is an innovative company focused on developing technologies aimed at minimizing environmental impacts associated with marine renewable energy (MRE) installations.

Project Overview: The SEALENCE project, which stands for "Sub Sea Quieter," is a disruptive initiative aimed at creating a low-cost and highly efficient noise mitigation system. This technology is designed to significantly reduce installation noise and turbidity, mitigating adverse effects on underwater ecosystems during marine renewable energy projects.

Technology Background: The SEALENCE technology addresses a critical environmental concern associated with MRE installations, particularly the noise generated during the setup of underwater turbines and other equipment. Excessive noise can disrupt marine life, including fish and other aquatic organisms, leading to ecological imbalances.

The SEALENCE system employs innovative materials and engineering solutions to absorb and dampen sound waves produced during installation processes. By implementing advanced design principles, the technology ensures that noise levels remain within acceptable limits, thereby protecting sensitive marine ecosystems. The system's efficiency not only reduces environmental impact but also lowers the operational costs associated with compliance and mitigation strategies.

Conclusion

The EIC Accelerator program serves as a vital resource for innovative companies like GREENOV-ITES, enabling them to develop and scale their groundbreaking technologies. Through substantial funding and strategic support, the program empowers startups to navigate the challenges of bringing their innovations to market, ultimately contributing to a more sustainable and competitive European economy. The SEALENCE project exemplifies the impact of the EIC Accelerator in promoting responsible technological advancement within the marine renewable energy sector.

2 The Funding Rounds

# GREENOV-ITES: French Maritime CleanTech Innovator

GREENOV-ITES is a French cleantech company focused on developing innovative maritime technologies to protect the marine environment. Established as a mission-driven SAS (Simplified Joint-Stock Company) with JEI (Jeune Entreprise Innovante - Young Innovative Company) status, the company is headquartered in Vannes, France.

Company Overview

GREENOV-ITES specializes in multiple maritime environmental protection technologies:

• Noise Mitigation: Their flagship product, the Subsea Quieter®, reduces underwater noise from coastal and offshore construction projects, including wind turbine installations
• Marine Life Protection: Technologies to reduce collisions between vessels and cetaceans, including a collaborative risk-sharing application and acoustic warning systems (AWACS)
• Innovation Lab Projects:
• Inspection of submerged structures and prevention of biofouling
• Acoustic metamaterials to reduce noise from human activities at sea
• Prevention of animal captures during port dredging
• 3D printing with port sediments to create artificial reef blocks
• Reduction of intense airborne noise with an aerial version of the SubSea Quieter®

The company is led by Damien DEMOOR and operates from 10 Rue Docteur Joseph Audic in Vannes, France.

EIC Accelerator Funding

GREENOV-ITES submitted its Step 2 proposal to the EIC Accelerator on June 15, 2022, and was subsequently successful in the Step 3 interview phase. While the search results don't specifically mention GREENOV-ITES among the funded companies, the EIC Accelerator typically offers:

• Grants of up to €2.5 million
• Equity investments ranging from €500,000 to €10 million through the EIC Fund

The EIC Accelerator is designed to support innovative startups and SMEs with breakthrough technologies. The funding can come in three forms:

• Blended finance (combining grants and equity)
• Grant-only funding
• Equity-only funding

Funding Information

The specific details about GREENOV-ITES's funding rounds, exact amounts raised, and investor information are not explicitly mentioned in the search results. However, as an EIC Accelerator winner, the company would have received significant financial support to develop its maritime cleantech solutions.

The EIC Fund, which is the EIC's dedicated investment arm and Europe's largest deep-tech investor, typically attracts additional investors and can increase the overall investment to more than three times the EIC's original amount.

Market Context

GREENOV-ITES operates in the growing green technology market, which was valued at $17.1 billion in 2023 and is projected to reach $112.4 billion by 2032, growing at a CAGR of 24%. This indicates significant growth potential for companies like GREENOV-ITES that develop environmental protection technologies.

No specific information about company valuation, exit events like IPOs or acquisitions, or additional funding rounds beyond the EIC Accelerator is available in the search results.

Sources: - CCI Business - GREENOV-ITES

• EIC Accelerator – 71 companies selected in the most competitive funding round so far
• Data corner: defining the usual suspects for EIC Accelerator funding
• Green Technology Market Predicted to Achieve USD 112.4 Billion Valuation by 2032

3 The Press Releases

GREENOV-ITES: EIC Accelerator Winner

GREENOV-ITES, a French company, emerged as a winner in the European Innovation Council (EIC) Accelerator's June 2022 cut-off. This achievement marked a significant milestone for the company, which focuses on developing and promoting maritime CleanTech solutions aimed at protecting the marine environment.

Background and Technology

GREENOV-ITES is part of the broader GREENOV initiative, which seeks to provide disruptive solutions to users and manufacturers in the maritime sector. The company's primary innovation is the Sub Sea Quieter system, designed to reduce underwater noise emitted during maritime works. This technology is available in two versions: the SSQ "Pile Driving" for offshore wind and MRE pile-driving operations, and the SSQ "Blue Shield" for coastal and harbor works. Both systems utilize an innovative membrane patented twice as a result of five years of research and development by Naval Group.

EIC Accelerator Funding

As part of the EIC Accelerator program, GREENOV-ITES received funding alongside other selected companies from a pool of over 986 proposals submitted in June 2022. The company was one of 75 successful applicants, reflecting the highly competitive nature of the program. The EIC Accelerator offers a combination of grants and equity investments, with blended finance being the most requested type, accounting for 65% of the applications.

Company Updates and Partnerships

Since receiving the EIC funding, there have been no specific updates on new partnerships or technology advancements from GREENOV-ITES available in the public domain. However, the company's ongoing focus on maritime CleanTech and noise mitigation suggests continued development and commercialization efforts.

Social Media and Press Releases

GREENOV-ITES does not appear to have issued recent press releases on their website or social media accounts, including LinkedIn, regarding new developments or partnerships since the EIC funding announcement. Their LinkedIn presence highlights their role in the maritime CleanTech sector, but lacks specific details on recent updates or collaborations.

Conclusion

GREENOV-ITES' success in the EIC Accelerator underscores its potential to contribute significantly to the maritime environment through innovative noise mitigation solutions. Despite the lack of recent updates, the company remains poised to continue its work in reducing the environmental impact of maritime operations.

Sources

• EIC Accelerator winners and statistics June 2022
• GREENOV - ITES innovative Maritime CleanTech

4 The Technology Advancements

Overview of GREENOV-ITES

GREENOV-ITES is a French company focused on innovative CleanTech solutions. Although specific details about GREENOV-ITES receiving EIC Accelerator funding are not directly available, the broader context of Greenov's activities provides insight into their technological advancements and initiatives.

Capabilities and Advancements

The Greenov initiative, associated with the Hélioparc incubator, supports startups offering greentech solutions, aiming to reduce human impacts on ecosystems. A notable project is the SubSea Quieter, an underwater noise reduction system, which has seen significant development. This system is designed to mitigate environmental impacts, particularly during coastal works.

Since June 2022, there have been advancements in projects like the SubSea Quieter, which underwent tests in Saint Nazaire in February 2024. These tests involved deployment, inflation/deflation of panels, noise mitigation performance assessment, and turbidity containment.

Technology Improvements and Demonstrations

While specific details about GREENOV-ITES' technology improvements are scarce, Greenov's SubSea Quieter system has demonstrated its capabilities through successful deployments and tests in Saint Nazaire. This indicates a focus on practical demonstrations, potentially paving the way for market introduction.

However, there is no explicit information on whether GREENOV-ITES has filed new patents, published scientific studies, or conducted clinical trials since June 2022.

Market Presence and Future Developments

The company's involvement in workshops like the OCEANS 2025, focusing on ship/whale collisions, suggests ongoing engagement with environmental challenges. This indicates a proactive approach to addressing ecological issues through innovative technologies.

Conclusion

GREENOV-ITES, as part of the broader Greenov initiative, continues to advance in the realm of CleanTech, particularly with underwater noise reduction systems. While specific details on new patents or studies are not available, their technological demonstrations and participation in environmental workshops underscore their commitment to innovation in this field.

Sources

• Greenov's Home
• SEADETECT Project
• Greenov Receives Funding
• Launch of Greenov
• SubSea Quieter

5 The Partnerships and Customers

GREENOV-ITES: Maritime CleanTech Innovations

GREENOV-ITES, a French company, has been making significant strides in maritime CleanTech innovations since receiving the EIC Accelerator funding. Founded in 2021 by Damien Demoor, the company focuses on reducing underwater noise pollution and promoting blue growth to protect marine ecosystems.

Partnerships and Customers

Partners:

• Naval Group: Although not a current partner, GREENOV-ITES leveraged Naval Group's expertise in developing the SubSea Quieter system, which was the result of five years of R&D by Naval Group.
• Bouygues Travaux Publics Régions France: Acts as a general contractor providing pilot sites for testing GREENOV-ITES solutions.
• Quiet-Oceans: Another key player in underwater noise mitigation, though not explicitly listed as a partner of GREENOV-ITES, is part of broader industry collaborations.
• Green Marine Europe: GREENOV has partnered with Green Marine Europe to align with their environmental excellence goals in the maritime sector.

Customers:

The company targets a broad range of customers in the maritime industry, including offshore wind farms and coastal construction projects. However, specific customer names are not publicly disclosed.

New Partners and Customers

As of the latest information, GREENOV-ITES has not announced new partners or customers beyond its existing collaborations. However, by joining networks like Green Marine Europe, they may expand their reach and engage with additional stakeholders in the maritime sector.

Nature of New Relationships and Purpose

New relationships, such as the partnership with Green Marine Europe, are designed to foster collaborative innovation and position GREENOV-ITES as a leader in maritime CleanTech. These alliances aim to accelerate the development and deployment of ecosystem-friendly technologies across the maritime sector.

Market Positioning and Technology Advancements

The partnerships and funding from the EIC Accelerator will help GREENOV-ITES advance its technology, particularly the SubSea Quieter system, by facilitating real-world testing and commercialization. The company aims to become a leading provider of noise mitigation solutions globally, especially in the €350 million/year underwater noise reduction market. This positioning will enable GREENOV-ITES to scale its operations and expand internationally, targeting markets in Europe, North America, and Asia.

Scaling and Technology Advancements

The relationships and funding will support GREENOV-ITES in several ways:

• Technology Advancement: Continued R&D and testing of the SubSea Quieter system will improve its effectiveness and efficiency, making it a more attractive solution for reducing underwater noise pollution.
• Scaling: The partnerships and funding will facilitate expansion into new markets, allowing GREENOV-ITES to increase its customer base and implement its solutions on a larger scale.

Sources

• Greenov's Home
• About Greenov
• GREENOV-ITES | The 100 solutions
• GREENOV-ITES - EuroQuity
• Partners - Agescic
• Greenov becomes partner
• GREENOV - ITES innovative Maritime CleanTech
• The SubSea Quieter - A noise reduction system

6 The Hiring and Company Growth

Based on available information about Greenov (France), specific details regarding hiring activity, current team size, and headcount remain undisclosed in public sources. However, analysis of their project pipeline and public announcements provides insights into scaling activities:

Growth Drivers:
Greenov is actively expanding its CleanTech solutions for marine ecosystem protection, notably through projects like LIFE AGESCIC (noise/turbidity reduction systems) and I-NOV SEALENCE (offshore wind turbine impact mitigation). These initiatives suggest increasing technical staffing needs in engineering, acoustics, and marine biology.

Hiring Indicators:
A CIFRE doctoral position with ENSTA Bretagne/IFREMER was created to study the mechanical resilience of their SubSea Quieter® membrane, indicating specialized academic collaborations often paired with early-career hires. The planned 2025 market launch of the SSQ® Pile Driving Jacket implies potential operational/commercial hiring ahead of commercialization.

Scaling Factors:

• Project Demos: Full-scale testing in offshore wind farms necessitates field teams and data analysts.
• Partnerships: Collaborations with research institutions (ENSTA Bretagne) and environmental agencies reflect a growing network requiring project management roles.

No leadership changes or founding team updates were identified. Public data does not specify exact team growth metrics post-EIC Accelerator funding.

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Sources

• Greenov's Home - Greenov
• Projects - Greenov

7 The Media Features and Publications

Overview of GREENOV-ITES

GREENOV-ITES is a French company founded in 2021 with a mission to innovate for ecological and social transition, contributing to human progress for all. It specializes in maritime CleanTech, focusing on reducing human impacts on marine ecosystems. The company developed a noise mitigation system, the SubSea Quieter, to reduce underwater noise pollution from maritime works.

Media Features and Publications

GREENOV-ITES has been featured in various publications for its innovative solutions:

• WEAMEC: Highlighted GREENOV-ITES' role in developing and promoting maritime CleanTech to protect the marine environment.
• EuroQuity: Profiled as a company involved in Blue Growth and maritime CleanTech, emphasizing its mission to innovate for ecological transition.
• The Arch: Featured as one of the 100 solutions, showcasing its work on underwater noise pollution reduction using the SubSea Quieter.

Podcasts and Interviews

While specific details about podcasts or interviews are not readily available, the company's founders and team members are likely involved in industry discussions and interviews given their active role in clean technology innovation.

Conference and Fair Visits

GREENOV-ITES is positioned to participate in events related to CleanTech and maritime innovation. Although specific conference visits are not documented in the available sources, the company's involvement in the EIC Accelerator program and its focus on collaborative innovation network formation suggest active participation in industry events.

Involvement in Events

GREENOV-ITES' involvement in events is primarily driven by its mission to develop and promote CleanTech solutions. The company was selected by the Europe Innovation Council's Accelerator program, which supports innovative projects like those developed by GREENOV-ITES. This recognition highlights the company's potential for participation in and contribution to events focused on maritime innovation and sustainability.

Sources

About Greenov GREENOV-ITES Company Profile GREENOV - ITES innovative Maritime CleanTech GREENOV-ITES