1 The EIC Accelerator Project

EIC Accelerator Program Overview

The European Innovation Council (EIC) Accelerator is a pivotal component of the European Union's Horizon Europe program, designed to support small and medium-sized enterprises (SMEs), start-ups, and scale-ups with high-risk, high-potential innovations. The program focuses on driving breakthrough technologies and game-changing innovations that have the potential to create new markets or disrupt existing ones.

Funding Details

• Amount: Up to €2.5 million.
• Purpose: To cover the costs related to innovation activities such as prototyping, testing, and validation in real-world conditions, and to support market entry and scaling up efforts.

• Amount: Up to €15 million until 2024 and up to €10 million starting in 2025.
• Purpose: To support scale-up and commercialization efforts, this equity investment is managed through the EIC Fund and is designed to bridge the gap between late-stage development and market launch.

Purpose of the EIC Accelerator

The EIC Accelerator plays a crucial role in the European DeepTech and startup ecosystem by:

• Supporting High-Risk Innovations: It provides funding to high-risk projects that traditional investors may shy away from, thus enabling the development of transformative technologies.
• Fostering DeepTech Growth: By targeting DeepTech innovations, the program aims to solidify Europe's position as a leader in fields like AI, robotics, quantum computing, and biotechnology.
• Enhancing Market Competitiveness: By supporting disruptive innovations, the program encourages competitive markets and helps European companies become global leaders.

Role in Scaling and Funding

The EIC Accelerator not only provides direct financial support but also helps companies attract private sector investment by:

• Increasing Visibility: Winning the EIC Accelerator is a hallmark of excellence, often attracting attention from private investors and partners.
• De-risking Investments: By providing initial funding, the EIC reduces the risk for private investors, making it easier for companies to secure additional funds.
• Offering Strategic Guidance: Companies benefit from tailored coaching, mentorship, and networking opportunities to refine their business strategies and scale effectively.

Dynelectro and the HiFiMet Project

Company Overview

Dynelectro, based in Denmark, is a pioneering company focused on developing innovative solutions in the field of renewable energy. As a winner of the EIC Accelerator, Dynelectro is at the forefront of creating sustainable technologies with its groundbreaking project, HiFiMet.

Project HiFiMet

Project Description: HiFiMet stands for "High-efficiency 1 MW Dynamic Electrolyser Unit for cost-efficient production of PtX-based green methanol."

• Objective: To develop a high-efficiency electrolyser unit capable of producing green methanol, a sustainable alternative to fossil fuels, at a competitive cost.
• Technology: The dynamic electrolyser unit is designed to convert renewable electricity into hydrogen, which is then combined with carbon dioxide to produce green methanol. This process, known as Power-to-X (PtX), is crucial for reducing carbon emissions and advancing the use of renewable energy sources.

Technology Background

• Electrolysis Basics: This process involves using electricity to split water into hydrogen and oxygen. In the HiFiMet project, the hydrogen generated is a key component in producing green methanol.
• Dynamic Electrolyser Unit: Unlike traditional electrolysers, the dynamic unit can adapt to variable renewable energy inputs, optimizing efficiency and reducing costs.
• Green Methanol Production: By using renewable energy and captured carbon dioxide, the production of methanol is sustainable and environmentally friendly, providing a viable alternative to traditional methanol derived from fossil fuels.

Dynelectro's HiFiMet project exemplifies innovation in the clean energy sector, offering a scalable solution to produce green methanol efficiently and cost-effectively, thereby contributing to the global transition to sustainable energy sources.

2 The Funding Rounds

Since receiving EIC Accelerator funding on June 21, 2023, Dynelectro, a Danish company specializing in sustainable energy solutions, has secured additional funding to advance its green hydrogen technology.

Funding Rounds:

July 2024: Dynelectro closed an €11 million investment round to develop its 1-MW Dynamic Electrolyser Unit (DEU) technology. (eu-startups.com)

Timing and Amount:

July 2024: €11 million investment round. (eu-startups.com)

Investor Information:

The €11 million investment round was led by several prominent investors:

• Export & Import Fund of Denmark (EIFO)
• Yara Growth Ventures
• Vsquared Ventures
• PSV DeepTech
• The Footprint Firm
• European Investment Bank (EIB)

(eu-startups.com)

Additional Funding Information:

In addition to the €11 million investment, Dynelectro received €9 million in grants from the European Innovation Council and the Danish Energy Technology Development and Demonstration Program (EUDP), along with other regional programs. These funds are intended to support the development of DEUs from 150-kW prototypes to fully modular 1-MW commercial-scale units. (eu-startups.com)

Company Valuations:

Specific company valuations for Dynelectro during these funding rounds or any exit events have not been publicly disclosed.

Search Summary:

To gather this information, I searched for Dynelectro's funding activities since June 21, 2023, focusing on investment rounds, investor details, and company valuations. The search revealed the €11 million investment round in July 2024 and the €9 million in grants but did not uncover any publicly available company valuations.

3 The Press Releases

Since receiving EIC Accelerator funding on June 21, 2023, Dynelectro has published several press releases detailing significant developments:

1. Appointment of New CEO (October 1, 2023): Dynelectro announced the appointment of Sune Lilbæk as CEO. With over 20 years of experience in driving growth at SMEs through strategic business development of technical B2B solutions, Lilbæk brings a solid technical and commercial foundation to the company. His background includes planning and executing organizational changes, doubling EBIT within a three-year period, and facilitating global OEM sales. This leadership change aims to bolster Dynelectro's growth and strategic direction. (dynelectro.com)

2. Investment from Yara Growth Ventures (March 8, 2024): Yara Growth Ventures invested in Dynelectro to support the development of technologies that enhance solid oxide electrolysis (SOE). Dynelectro's approach increases the lifetime of SOE systems from typically 2 to 10 years and allows integration with intermittent renewable electricity. This investment aligns with Yara's ambition to decarbonize fertilizer production and enable the hydrogen economy. (dynelectro.dk)

3. €2.5 Million Grant from Horizon EIC Accelerator (March 20, 2024): Dynelectro secured a €2.5 million grant from the Horizon EIC Accelerator to support the demonstration of a 1-MW Dynamic Electrolyser Unit. This funding is intended to advance the development and deployment of their high-efficiency electrolysis technology. (dynelectro.dk)

4. €11 Million Funding for 1-MW Dynamic Electrolyser Unit (July 11, 2024): Dynelectro raised €11 million to develop and deploy a 1-MW Solid Oxide Electrolyser (SOE) unit in Denmark. This funding, complemented by €9 million in grants from the European Innovation Council (EIC) and the Danish Energy Technology Development and Demonstration Program (EUDP), will be used to scale up from 150-kW prototypes to commercial-scale 1-MW units. The technology focuses on next-generation SOE, offering unparalleled system performance and longevity, and aims to decarbonize hard-to-abate sectors by efficiently producing hydrogen and utilizing industrial waste heat. (dynelectro.com)

5. €2.4 Million Investment from Innovation Fund Denmark (September 16, 2024): In the ROAD2X – Robust & Dynamic Electrolysis – research project, Dynelectro, along with four partners, received a €2.4 million investment from Innovation Fund Denmark. The project aims to mature a new method for operating high-temperature electrolysis, potentially increasing the lifetime of electrolysis plants five-fold, reaching over 10 years. The method, called AC:DC operation, addresses challenges with impurities and temperature fluctuations. (dynelectro.com)

6. Strategic Partnership with SolydEra (November 19, 2024): Dynelectro formalized a strategic partnership with SolydEra for the delivery of a 1-MW Solid Oxide Electrolyser. This collaboration aims to leverage both companies' expertise to advance the deployment of high-efficiency electrolysis technology. (dynelectro.dk)

7. Revolutionizing Hydrogen Production (November 26, 2024): Dynelectro announced advancements in hydrogen production, emphasizing their commitment to developing innovative solutions for sustainable energy. Details of these advancements were highlighted in their press release. (dynelectro.dk)

These press releases, available on Dynelectro's official website, highlight the company's progress in partnerships, technological advancements, team updates, and funding achievements since receiving EIC Accelerator funding.

4 The Technology Advancements

Since receiving EIC Accelerator funding on June 21, 2023, Dynelectro has made significant strides in advancing its green hydrogen technology.

Technology Advancements:

Dynelectro has developed a next-generation solid-oxide electrolysis (SOE) system, known as the Dynamic Electrolyser Unit (DEU). This system is notable for its exceptional performance and longevity, addressing previous challenges in SOE technology. A key innovation is their AC:DC technology, which extends the lifespan of SOE cells from approximately two years to ten years, thereby reducing costs and enhancing efficiency. (innovationnewsnetwork.com)

Scaling and Development Phase:

The company has successfully transitioned from 150-kW prototypes to fully modular 1-MW commercial-scale units. This scaling effort is supported by an €11 million investment round, complemented by €9 million in grants from the European Innovation Council and the Danish Energy Technology Development and Demonstration Program (EUDP). These funds are facilitating the development and deployment of their 1-MW DEU technology. (innovationnewsnetwork.com)

Market Demonstration:

Dynelectro plans to install its first 1-MW DEU at European Energy’s renewable energy facility in Denmark during the first half of 2025. This installation aims to demonstrate the practical applications and benefits of their advanced energy solution, marking a significant step forward in the green energy transition. (innovationnewsnetwork.com)

Patents and Publications:

As of now, there is no publicly available information indicating that Dynelectro has filed new patents, published scientific studies, clinical trials, or whitepapers since receiving the EIC Accelerator funding.

In summary, Dynelectro has made notable progress in advancing and scaling its green hydrogen technology, with plans for imminent market demonstration. However, there is no current evidence of new patents or publications post-funding.

5 The Partnerships and Customers

Since receiving EIC Accelerator funding on June 21, 2023, Dynelectro has established significant partnerships and secured new customers, enhancing its position in the green energy sector.

New Partnerships:

SolydEra: In November 2024, Dynelectro formalized a strategic partnership with SolydEra, transitioning from a Memorandum of Understanding to a formal collaboration agreement. (h2-tech.com)

Nature and Purpose of the Relationships:

SolydEra Partnership: This collaboration aims to deliver a 1-MW solid oxide electrolyzer by September 2025. SolydEra will provide advanced solid oxide stack technology, while Dynelectro contributes its industrial expertise. The partnership focuses on producing green hydrogen and ammonia, supporting the transition to a low-carbon economy. (h2-tech.com)

Market Positioning:

SolydEra Partnership: By combining SolydEra's advanced electrolysis technologies with Dynelectro's industrial applications expertise, this partnership positions Dynelectro as a key player in delivering efficient and scalable solutions for green hydrogen and ammonia production. (h2-tech.com)

Technology Advancements and Scaling:

SolydEra Partnership: The collaboration is set to deliver a 1-MW dynamic electrolyzer unit capable of producing up to 30 kg/hr of hydrogen. This unit will be installed at European Energy's renewable energy facility in Denmark, demonstrating the practical applications and benefits of this advanced energy solution. (h2-tech.com)

These strategic relationships underscore Dynelectro's commitment to advancing green energy technologies and scaling operations to meet the growing demand for sustainable energy solutions.

6 The Hiring and Company Growth

Since receiving EIC Accelerator funding on June 21, 2023, Dynelectro has experienced significant growth and development.

Current Headcount and Team Size: As of June 2023, Dynelectro employed six individuals. (eifo.dk) While specific current headcount figures are not publicly available, the company's substantial funding and strategic partnerships suggest an expansion of the team to support increased operations and project development.

Hiring Status: There is no publicly available information indicating that Dynelectro is currently hiring.

Growth and Key Positions: In October 2023, Dynelectro appointed Sune Lilbæk as Chief Executive Officer. (dynelectro.com) Additionally, Mads Nielsen joined as Head of Engineering in September 2023. These strategic hires bring extensive experience in business development, sales, and engineering, positioning Dynelectro to scale its operations and advance its solid-oxide electrolysis technology.

Impact of New Team Members: The addition of seasoned professionals like Lilbæk and Nielsen is expected to drive Dynelectro's transition from a grant-focused startup to a profitable commercial entity. Their expertise will be instrumental in scaling the company's Dynamic Electrolyser Units to 1 MW and achieving a commercial launch by 2025. (eifo.dk)

Management Changes: The appointment of Sune Lilbæk as CEO in October 2023 marks a significant change in Dynelectro's management structure. This strategic move aligns with the company's growth objectives and its focus on commercializing its innovative energy solutions.

In summary, Dynelectro has made strategic hires and secured substantial funding since June 2023, positioning itself for significant growth and the successful commercialization of its green hydrogen technology.

7 The Media Features and Publications

Since receiving EIC Accelerator funding on June 21, 2023, Dynelectro has garnered attention across various media platforms and participated in several industry events. Below is a comprehensive overview of their media features and event involvements:

Media Features:

Podcasts and Interviews:

Specific podcasts or interviews featuring Dynelectro's team since June 21, 2023, are not readily available in the provided sources.

Conferences and Fair Participations:

Detailed information regarding Dynelectro's participation in conferences, fairs, presentations, or other events since June 21, 2023, is not specified in the available sources.

Event Involvements:

While specific events are not listed, Dynelectro's collaboration with European Energy for the deployment of their 1-MW DEU at a renewable energy facility in Denmark, scheduled for the first half of 2025, indicates active involvement in industry projects. (hydrogenwire.com)

For the most current and detailed information on Dynelectro's media features and event participations, it is recommended to visit their official website or contact the company directly.