1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator is a key funding initiative under the European Innovation Council (EIC), aimed at supporting high-risk, innovative startups and SMEs (Small and Medium-sized Enterprises) that aim to develop and scale disruptive technologies and solutions. It focuses on deep-tech innovations that can contribute to Europe’s economic growth and competitiveness while addressing societal challenges.

Key Features of the EIC Accelerator Program

• The EIC Accelerator offers a mix of grants and equity investments.
• Grants: Up to €2.5 million can be awarded as a non-repayable grant to fund the development and scaling of innovations.
• Equity: The program provides an additional investment of up to €15 million until the end of 2024, which will decrease to €10 million from 2025 onwards. This equity investment is aimed at helping companies secure the necessary funds to scale their operations and market entry.

• The application process consists of multiple stages, including a preliminary pitch, a Step 2 proposal for detailed project evaluation, and a Step 3 interview where final selections are made.
• The EIC Accelerator encourages applicants to demonstrate not only the technological feasibility but also the market potential of their innovations.

The program is tailored for innovative startups and SMEs that are engaged in developing breakthrough technologies, particularly in sectors such as health, energy, and digital.

Purpose in the European DeepTech and Startup Ecosystem

The EIC Accelerator plays a crucial role in enhancing Europe’s deep-tech ecosystem by:

• Providing financial backing to startups that might struggle to secure funding from traditional sources due to their high-risk nature.
• Encouraging innovation that addresses key societal challenges, aligning with the European Union’s strategic goals.
• Supporting the transition to a greener economy through funding projects that focus on sustainability and energy efficiency.

Role in Scaling Companies and Securing Private Funding

The EIC Accelerator is instrumental in helping companies scale their innovations by: - Offering not only funding but also business coaching, networking opportunities, and access to a wide range of resources.

• Acting as a seal of approval for startups, enhancing their credibility and attractiveness to private investors.
• Facilitating connections with potential partners and investors, thereby increasing the chances of securing additional funding from the private sector.

Summary of AQUABATTERY BV and Project AquaBattery

Company Name: AQUABATTERY BV
Project Acronym: AquaBattery
Description: AquaBattery is a 100% sustainable and infinitely scalable electrical energy storage system.

Funding Type: Grant first
Country: Netherlands
Website: AQUABATTERY BV
Cut-off Date: October 6, 2021

Project Details: AquaBattery

AquaBattery aims to revolutionize energy storage with a solution that is both environmentally friendly and highly scalable. The technology harnesses the principles of sustainable energy storage, aligning perfectly with global trends towards clean energy.

Technology Basics and Background

• AquaBattery employs a unique technology that uses water as its primary medium for energy storage. This method is intrinsically sustainable, utilizing abundant natural resources.
• The system is designed to store energy generated from renewable sources like solar and wind, making it a perfect fit for the increasing demand for renewable energy solutions.

• One of the standout features of AquaBattery is its scalability. As energy demands grow, the system can be expanded without significant technological upgrades, allowing for flexible energy management and storage solutions.
• This scalability is particularly beneficial for both small installations and large grid-scale applications, ensuring that the technology can adapt to various energy needs.

• With a rising global focus on reducing carbon footprints and transitioning to renewable energy, AquaBattery positions itself as a key player in the energy storage market.
• The ability to provide reliable energy storage solutions can significantly enhance the efficiency of renewable energy systems, thus contributing to a more sustainable energy future.

Conclusion

The EIC Accelerator is a vital program for fostering innovation and scaling groundbreaking technologies like AquaBattery. By providing both financial support and strategic resources, it empowers startups to make significant contributions to the European DeepTech ecosystem and beyond, particularly in the area of sustainable energy solutions. AQUABATTERY BV’s AquaBattery project exemplifies how innovative approaches can address pressing energy challenges while paving the way for a greener future.

2 The Funding Rounds

Since receiving the EIC Accelerator funding on October 6, 2021, AQUABATTERY BV, a Dutch climate tech startup specializing in long-duration energy storage solutions, has secured additional funding and formed strategic partnerships to advance its innovative technology.

Funding Rounds:

Seed Investment Round (€6 million): On April 22, 2024, AQUABATTERY announced the successful closing of a €6 million seed investment round. This round was led by EIT InnoEnergy and supported by InnovationQuarter, Invest-NL, Init Power, and a group of business angels. The funds are intended to accelerate the development of AQUABATTERY's first standardized battery module and to expand the team with top-tier talent. (aquabattery.com)

Investor Information:

• EIT InnoEnergy: A leading European innovation engine driving sustainable energy solutions through investment, education, and support for startups and scale-ups. (aquabattery.com)
• InnovationQuarter: A regional development agency in the Netherlands focused on stimulating innovation, entrepreneurship, and investment in the province of South Holland. (aquabattery.com)
• Invest-NL: The Dutch National Promotional Institute, committed to financing and facilitating projects that enhance the financial viability of sustainable and innovative ventures within the Netherlands. (aquabattery.com)
• Init Power: An investor participating in the seed funding round, contributing to AQUABATTERY's growth and development. (aquabattery.com)

Strategic Partnerships:

Statkraft Partnership: In December 2023, AQUABATTERY announced a partnership with Statkraft, a leading Norwegian renewable energy company, to develop and test AQUABATTERY's long-duration energy storage technology in Delft, the Netherlands. This collaboration aims to validate the scalability and commercial viability of AQUABATTERY's flow battery system. (aquabattery.com)

Company Valuations:

Specific valuations for AQUABATTERY during funding rounds or exit events are not publicly disclosed. The €6 million seed investment round in April 2024 indicates strong investor confidence in the company's technology and market potential.

In summary, since October 2021, AQUABATTERY BV has secured a €6 million seed investment and formed a strategic partnership with Statkraft to advance its long-duration energy storage solutions.

3 The Press Releases

Since receiving the EIC Accelerator funding on October 6, 2021, AQUABATTERY BV, a Dutch climate tech startup specializing in long-duration energy storage solutions, has made several significant announcements:

1. Opening of New Office and Manufacturing Facility (May 19, 2023): AQUABATTERY inaugurated a new office, research and development, and manufacturing facility in Alphen aan den Rijn. This expansion aims to support the company's product development and commercialization plans, with a goal to produce 10 large-scale systems totaling 5 MWh by 2025. (aquabattery.com)

2. Securing €6 Million Seed Investment (April 22, 2024): The company successfully closed a €6 million seed investment round, led by EIT InnoEnergy and supported by InnovationQuarter, Invest-NL, Init Power, and a group of business angels. The funds are intended to accelerate the development of AQUABATTERY's standardized battery modules and to expand the team with top-tier talent. (aquabattery.com)

3. Partnership with Statkraft Announced at COP28 (December 5, 2023): AQUABATTERY partnered with Norwegian renewables company Statkraft to develop a long-duration energy storage solution using saltwater-based flow batteries. The collaboration aims to test the technology in Delft, Netherlands, with a pilot project lasting six to twelve months. (aquabattery.com)

4. Collaboration with Deltares for Pilot Installation (December 6, 2023): The company announced a partnership with Deltares, a leading knowledge institute, to install a pilot battery at the Deltares campus in Delft in 2024. This initiative seeks to validate the scalability and commercial viability of AQUABATTERY's technology. (aquabattery.com)

5. Winning the 'Innovative Energy Solution 2023' Award (November 9, 2023): AQUABATTERY received the 'Innovative Energy Solution 2023' award at Vakbeurs Energie, a national fair for the energy sector, recognizing the company's innovative approach to energy storage. (aquabattery.com)

6. Partnership with VERBUND for Pilot System (November 27, 2024): AQUABATTERY collaborated with VERBUND, Austria's leading energy company, to launch a pilot system of its redox flow battery at the Deltares campus in Delft. The project aims to further develop the technology and advance its market readiness. (verbund.com)

7. Strategic Partnership with PureWaterGroup and REDstack (Date Not Specified): AQUABATTERY formed a strategic partnership with PureWaterGroup and REDstack to optimize, modularize, and scale up its energy storage technology. This collaboration focuses on establishing a supply chain for a quality and cost-effective power module. (wateralliance.nl)

These developments highlight AQUABATTERY's commitment to advancing sustainable energy storage solutions and its proactive approach to forming strategic partnerships to enhance its technological capabilities and market presence.

4 The Technology Advancements

AQUABATTERY BV, a Dutch climate tech startup specializing in long-duration energy storage (LDES) solutions, has made significant technological advancements since receiving EIC Accelerator funding on October 6, 2021.

Technology Advancements:

• Pilot Projects: In December 2023, AQUABATTERY announced a collaboration with Deltares, a leading Dutch knowledge institute, to install a pilot battery at the Deltares campus in Delft in 2024. This partnership aims to validate the scalability of AQUABATTERY's saltwater-based flow battery technology and its business case for solar-plus-battery storage. (aquabattery.com)
• Partnerships: In December 2023, AQUABATTERY partnered with Norwegian renewables company Statkraft to develop and test a pilot of their saltwater-based flow battery technology in Delft, The Netherlands. This collaboration seeks to investigate the scalability and commercial viability of AQUABATTERY's technology. (aquabattery.com)
• Awards and Recognition: In May 2023, AQUABATTERY was awarded the 'Battery Innovation Award' at the World Energy Storage 2023 Exhibition and Forum in Rotterdam, recognizing their technical excellence and innovation in battery development. (aquabattery.com)

Technology Scaling and Market Demonstration:

AQUABATTERY has progressed from the development phase to scaling their technology through strategic partnerships and pilot projects. The collaboration with Deltares and the partnership with Statkraft are pivotal steps in demonstrating the technology's viability in real-world applications. The pilot installations are expected to provide valuable data on the performance and scalability of AQUABATTERY's saltwater-based flow batteries.

Patents, Scientific Studies, and Publications:

As of the latest available information, there are no specific details regarding new patents, scientific studies, clinical trials, or whitepapers filed by AQUABATTERY since October 2021. The company's focus appears to be on technological development, scaling, and market demonstration through partnerships and pilot projects.

In summary, AQUABATTERY BV has made substantial progress in advancing its saltwater-based flow battery technology, moving from development to scaling and market demonstration through strategic partnerships and pilot projects.

5 The Partnerships and Customers

Since receiving the EIC Accelerator funding on October 6, 2021, AQUABATTERY BV, a Dutch climate tech startup specializing in long-duration energy storage (LDES) solutions, has established several significant partnerships and secured new customers.

New Partners:

New Customers:

Specific customer names have not been publicly disclosed in the available sources.

Nature and Purpose of New Relationships:

• Statkraft AS: The partnership focuses on developing and testing AQUABATTERY's flow battery technology, aiming to enhance long-term electricity storage solutions using saltwater-based flow batteries. (renewablesnow.com)
• Deltares: The collaboration involves installing a pilot battery at the Deltares campus to validate the scalability of AQUABATTERY's technology and its application in solar-plus-battery storage systems. (aquabattery.com)

Market Positioning:

These partnerships position AQUABATTERY as a key player in the renewable energy storage sector, particularly in long-duration energy storage solutions. Collaborating with established entities like Statkraft and Deltares enhances AQUABATTERY's credibility and visibility in the market, potentially leading to increased adoption of its technology.

Technology Advancements and Scaling:

• Statkraft AS: The partnership provides AQUABATTERY with access to Statkraft's expertise in energy storage, including hydropower, short-duration battery storage, and hydrogen, facilitating the scaling and commercialization of AQUABATTERY's technology. (renewablesnow.com)
• Deltares: The pilot project at Deltares' campus offers a real-world setting to test and validate AQUABATTERY's technology, aiding in refining the product and demonstrating its viability for large-scale applications. (aquabattery.com)

These collaborations are instrumental in advancing AQUABATTERY's technology and scaling its operations, contributing to the company's growth and the broader adoption of sustainable energy storage solutions.

6 The Hiring and Company Growth

Since receiving the EIC Accelerator funding on October 6, 2021, AQUABATTERY BV, a Dutch climate tech company specializing in long-duration energy storage solutions, has demonstrated significant growth and expansion.

Current Team Size and Hiring Status:

As of May 2023, AQUABATTERY employed 13 individuals and planned to recruit seven new employees across various technical and commercial roles in the coming year. (aquabattery.com) By November 2023, the team had grown to 16 employees. (datanyze.com) In April 2024, the company secured a €6 million seed investment round, indicating continued growth and financial stability. (pitchbook.com) In June 2024, AQUABATTERY advertised a position for a People Specialist, reflecting ongoing expansion and the need for dedicated human resources support. (jobs.workinrotterdamthehague.org)

Key Positions and Strategic Partnerships:

AQUABATTERY has recently focused on expanding its technical and commercial teams. The advertised role for a Business Development Manager highlights the company's emphasis on scaling operations and enhancing market presence. (talents.yesdelft.com) Additionally, the partnership with Statkraft, announced in December 2023, underscores AQUABATTERY's commitment to advancing long-duration energy storage technologies. (aquabattery.com)

Impact of New Team Members and Partnerships:

The recruitment of new team members and strategic partnerships are pivotal for AQUABATTERY's growth trajectory. The Business Development Manager will play a crucial role in driving market expansion and fostering client relationships, essential for scaling operations. The collaboration with Statkraft provides access to extensive industry expertise and resources, facilitating the development and deployment of AQUABATTERY's innovative energy storage solutions. (aquabattery.com)

Management and Founding Team Developments:

There are no publicly available reports indicating major changes in AQUABATTERY's management or founding team since the EIC Accelerator funding. The company's leadership, including CEO and co-founder Jiajun Cen, COO and co-founder Emil Goosen, and CTO Armin Michel, remains consistent, ensuring continuity in strategic direction and company culture. (aquabattery.com)

In summary, AQUABATTERY BV has experienced substantial growth since receiving the EIC Accelerator funding, marked by an expanding team, strategic hires, and significant partnerships that collectively position the company for continued success in the energy storage sector.

7 The Media Features and Publications

Since receiving EIC Accelerator funding on October 6, 2021, AQUABATTERY BV, a Dutch climate tech startup specializing in long-duration energy storage solutions, has been featured in various media outlets and has participated in several industry events. Below is a summary of their media features, publications, podcasts, interviews, conferences, and event involvements during this period:

Media Features and Publications:

• Innovative Energy Solution Award 2023: On October 10, 2023, AQUABATTERY won the 'Innovative Energy Solution 2023' award at Vakbeurs Energie, a national fair for the energy sector. (aquabattery.com)
• Battery Innovation Award 2023: On May 9, 2023, AQUABATTERY was awarded the 'Battery Innovation Award' at the World Energy Storage 2023 Exhibition and Forum in Rotterdam. (aquabattery.com)
• €6 Million Seed Investment: On April 22, 2024, AQUABATTERY secured €6 million in seed funding led by EIT InnoEnergy, with contributions from InnovationQuarter, Invest-NL, Init Power, and a group of business angels. (eit.europa.eu)
• Grant from National Growth Fund: On June 30, 2023, AQUABATTERY received financing from the National Growth Fund, aiming to invest €20 billion between 2021 and 2025 into projects with high potential for structural and durable economic growth in the Netherlands. (aquabattery.com)

Podcasts and Interviews:

Specific details about podcasts or interviews featuring AQUABATTERY's team since October 6, 2021, are not readily available in the provided sources.

Conferences and Fair Participation:

• Vakbeurs Energie 2023: AQUABATTERY participated in the Vakbeurs Energie in Den Bosch on October 10, 2023, where they received the 'Innovative Energy Solution 2023' award. (aquabattery.com)
• World Energy Storage 2023 Exhibition and Forum: On May 9, 2023, AQUABATTERY attended this event in Rotterdam, where they were awarded the 'Battery Innovation Award.' (aquabattery.com)
• COP28 in Dubai: In December 2023, AQUABATTERY announced a partnership with Statkraft during COP28 in Dubai to develop long-term electricity storage solutions. (aquabattery.com)

Event Involvement:

• Energy Storage NL’s Annual Energy Storage Day: On October 10, 2023, AQUABATTERY presented its innovation during this event, engaging with stakeholders in the energy storage domain. (aquabattery.com)
• Collaboration with Deltares: In December 2023, AQUABATTERY announced a collaboration with Deltares to install a pilot battery at the Deltares campus in Delft in 2024. (aquabattery.com)

Please note that while AQUABATTERY has been active in various industry events and has received significant media coverage, specific details about podcasts, interviews, and other event participations since October 6, 2021, are not fully detailed in the available sources.