1 The EIC Accelerator Project

The EIC Accelerator Program: An Overview

The EIC (European Innovation Council) Accelerator program is designed to support innovative startups and SMEs (Small and Medium-sized Enterprises) in Europe by providing financial assistance to scale their groundbreaking projects. The program aims to foster the development of DeepTech innovations and other transformative technologies that can significantly impact various sectors, such as renewable energy, health, and digital solutions.

Funding Structure

The EIC Accelerator utilizes a blended finance approach, combining grants and equity investments to support innovative companies. The grant component offers funding up to €2.5 million, aimed at covering the costs associated with research and development, prototyping, and market introduction.

In addition to the grant, the program provides equity funding, which can reach up to €15 million until 2024. Starting in 2025, this amount will decrease to a maximum of €10 million. This equity investment allows startups to attract additional private sector funding, thereby facilitating significant growth and expansion opportunities.

Purpose and Role in the Ecosystem

The EIC Accelerator plays a crucial role in the European DeepTech and startup ecosystem by addressing two primary challenges: financing and scaling. It helps companies by offering not just capital but also strategic support, networking opportunities, and access to expertise. This multifaceted approach enables startups to attract private investment, which is essential for scaling their operations and bringing innovative products to market.

FLASC B.V. and the FLASC HPES Project

FLASC B.V., a company based in the Netherlands, is a recent winner of the EIC Accelerator funding. Their project, known as FLASC HPES (Floating Liquid Energy Storage and Conversion System), represents a breakthrough in renewable energy storage technology specifically designed for offshore applications.

Project Description

The FLASC HPES project aims to develop a novel Renewable Energy Storage System that can be deployed in offshore environments. This technology is particularly relevant in the context of the increasing reliance on renewable energy sources, such as wind and solar, which often face challenges related to energy storage and stability in supply. The FLASC HPES system utilizes a unique approach that involves liquid energy storage, allowing for the efficient conversion and storage of energy in offshore conditions.

Technology Basics and Background

The FLASC HPES technology is rooted in advanced engineering principles that address the limitations of traditional energy storage solutions. Conventional systems, such as batteries, often struggle with issues related to energy density, lifespan, and environmental impact. In contrast, FLASC's approach leverages a floating platform that can harness energy from offshore wind farms and convert it into a storable liquid form.

This method not only enhances energy storage capacity but also ensures that energy can be dispatched to the grid when demand peaks, thereby stabilizing supply. The system's design is optimized for harsh marine environments, ensuring durability and reliability.

The FLASC HPES project is positioned to address the urgent need for efficient energy storage solutions in offshore applications, thereby contributing to the broader transition towards sustainable energy systems. By securing funding through the EIC Accelerator, FLASC B.V. is poised to scale its operations significantly, facilitating the deployment of this innovative technology in various markets.

Conclusion

The EIC Accelerator program serves as a vital catalyst for innovation within the European startup ecosystem. By supporting companies like FLASC B.V. with financial resources and strategic guidance, it enables the development of transformative technologies that can address pressing global challenges, particularly in the renewable energy sector. The successful implementation of projects like FLASC HPES will not only advance technological progress but also contribute to achieving sustainability goals across Europe and beyond. For more information, the company can be found at offshoreenergystorage.com.

2 The Funding Rounds

# FLASC B.V.: EIC Accelerator Winner and Offshore Energy Storage Pioneer

FLASC B.V., a Maltese-Dutch startup specializing in offshore energy storage solutions, secured a prestigious grant from the European Innovation Council (EIC) Accelerator program following the November 8, 2023 cut-off. The company has developed a proprietary Hydro-Pneumatic Energy Storage (HPES) technology specifically designed for offshore applications, suitable for both bottom-fixed and floating installations.

EIC Accelerator Funding

FLASC B.V. was among 42 companies selected in a highly competitive process that saw 1,083 full proposals submitted, with only 242 companies reaching the interview stage. The results were officially announced on February 28, 2024. The combined funding allocation for all selected companies in this round totaled €285 million.

The EIC Accelerator program offers different funding options including grant-only, equity-only, and blended finance (combining grants and equity investments). While the specific funding type received by FLASC isn't explicitly stated in the search results, 62% of the selected companies from this funding round received blended finance, which combines grants of up to €2.5 million with equity investments through the EIC Fund.

Previous Funding

Prior to the EIC Accelerator grant, FLASC B.V. had secured other notable funding:

UK Government Grant (2022): FLASC, in partnership with Subsea 7, was awarded £471,760 from the UK government's Department for Business, Energy and Industrial Strategy (BEIS) as part of the Longer Duration Energy Storage (LODES) Competition. This funding was aimed at developing an innovative offshore energy storage system called the PowerBundle concept, which combines FLASC's Hydro-Pneumatic Energy Storage technology with Subsea 7's subsea pipeline bundle technology.

Current Projects

As of February 20, 2025, FLASC has started building a grid-connected pilot plant supported by the EIC Accelerator funding. This project will validate key performance aspects of their technology, though specific details about the investment amount for this pilot are not provided in the search results.

Business Partnerships

FLASC has established a significant partnership with Subsea 7, a global leader in the delivery of offshore projects and services for the energy industry. Together, they are developing the PowerBundle concept, an innovative offshore energy storage solution that leverages both companies' technologies.

Company Background

FLASC is described as a Maltese-Dutch startup, indicating its origins or operations span both Malta and the Netherlands. The company specializes in offshore energy storage solutions, with its flagship technology being the Hydro-Pneumatic Energy Storage (HPES) system designed specifically for offshore applications.

The company's technology addresses the growing need for energy storage systems that support the transition to renewable energy, particularly wind-generated power. Their solutions aim to provide secure, flexible, and reliable electrical power supply in offshore environments.

Industry Context

FLASC operates in the rapidly evolving offshore renewable energy sector, where energy storage is becoming increasingly critical as wind power generation grows. Their technology helps address the intermittent nature of renewable energy sources by providing storage capabilities that can help balance supply and demand.

Sources: - FLASC selected for prestigious grant under the EIC Accelerator

3 The Press Releases

FLASC B.V. Overview

FLASC B.V., based in the Netherlands, has been making significant strides in the field of offshore energy storage since receiving the EIC Accelerator funding in November 2023. The company is pioneering the development of a Hydro-Pneumatic Energy Storage (HPES) system, tailored specifically for offshore applications. This technology is designed to address the temporal mismatch between intermittent renewable energy production and fluctuating consumer demand, particularly in large offshore wind farms.

Technology Advancements

FLASC's HPES system utilizes a patented dual-chamber design, combining pressurized seawater with compressed air to create an efficient energy storage device. This technology leverages the ocean as a natural heatsink, achieving high thermodynamic efficiencies and making it a competitive alternative to traditional battery systems. The system is particularly suitable for offshore environments where conventional battery technologies face challenges due to their short lifespan, safety issues, and environmental concerns.

Partnerships

FLASC has established a collaboration agreement with Subsea 7, a global leader in offshore projects. This partnership combines FLASC's innovative HPES technology with Subsea 7's expertise in subsea solutions, aiming to accelerate the commercialization of offshore energy storage. The collaboration targets various applications, from conventional grid-connected wind farms to decarbonization initiatives in the offshore oil and gas sector.

Additionally, FLASC has worked collaboratively with Siemens Energy to evaluate business cases for co-located offshore energy storage across UK offshore wind farms. This study highlights the potential of HPES to improve power quality, enhance profitability, and support grid flexibility by addressing the variability of wind power generation.

Team Updates

Recent updates include the hiring of Omar Malet Luquin as an Electrical Power & Control Consultant and Luke Aquilina as a Mechanical Engineer Consultant. These additions strengthen FLASC's team in areas critical to the development and implementation of their energy storage solutions.

Press Releases and Updates

FLASC has been actively publishing updates and press releases on their website, offshoreenergystorage.com. Recent announcements include the start of construction on a grid-connected pilot plant at Plant One Rotterdam, supported by EIC Accelerator funding. This pilot project is a significant step towards market entry, aiming to validate performance data and ensure grid compliance.

Patents

FLASC's HPES technology is patented, featuring a unique dual-chamber design that enables high efficiency even in relatively shallow waters. This innovation sets their solution apart from other subsea energy storage concepts that typically require much deeper waters to operate effectively.

Sources

4 The Technology Advancements

FLASC B.V.: Post-EIC Accelerator Progress and Technological Advancements

FLASC B.V., a Dutch-Maltese start-up specializing in offshore energy storage, has made significant strides since securing EIC Accelerator funding in November 2023. The company focuses on hydro-pneumatic energy storage (HPES) systems designed to stabilize offshore renewable energy output. Below are key updates on their progress:

Current Capabilities

FLASC’s HPES technology uses a dual-chamber, hydro-pneumatic liquid piston to store energy by compressing air with seawater. This system achieves over 95% thermodynamic efficiency and is tailored for co-location with offshore wind farms[^4^][^10^]. Its modular design integrates standard hydraulic components, ensuring compatibility with existing offshore infrastructure[^6^][^8^].

Post-Funding Advancements

1. Grid-Connected Pilot Plant: In February 2025, FLASC began constructing a grid-connected pilot plant at Plant One Rotterdam BV (operational until 2026). This project aims to validate performance metrics and grid compliance ahead of commercialization.

2. Market Readiness: The company has engaged in feasibility studies and Memoranda of Understanding (MoUs) for deployments across five regions, targeting over 1 GWh of installed capacity by 2030.

3. Collaborations: FLASC continues partnerships with Subsea7 for subsea pipeline integration and DNV for technical certification.

Technology Improvements

Efficiency Optimization: Leveraging the ocean as a natural heatsink, FLASC maintains high thermal efficiency (>95%) while reducing reliance on active cooling systems.
Scalability: Their system supports short- to medium-term storage (hours to days), addressing intermittency in offshore wind energy.

Demonstrators and Pilots

The Rotterdam pilot plant will test grid synchronization and operational reliability under real-world conditions.
Earlier prototypes in Malta (2017–2019) demonstrated 98% availability during 400+ charge-discharge cycles using solar PV inputs.

Intellectual Property and Publications

While recent patents are not explicitly detailed, FLASC’s website emphasizes its patented dual-chamber design as central to its efficiency claims. Peer-reviewed results from Malta prototype trials were published in the Journal of Energy Storage prior to EIC funding; no new studies are cited post-2023 beyond ongoing pilot data collection .

Sources:

FLASC Official Website News Section Pilot Announcement Technology Page EU Islands Profile Hydrogen Central Interview

5 The Partnerships and Customers

FLASC B.V. Partnerships and Market Positioning Post-EIC Accelerator Funding FLASC B.V., a Dutch innovator in offshore energy storage, has strategically aligned with industry leaders and consortiums to advance its hydro-pneumatic energy storage (HPES) technology since securing EIC Accelerator funding. Below is a breakdown of key relationships and their impact:

Strategic Collaborations

Subsea 7: A long-term partner providing expertise in offshore subsea engineering to accelerate FLASC’s deployment of utility-scale HPES systems. This collaboration enhances technical validation and commercialization pathways for offshore wind integration.
OESTER Consortium: FLASC joins 15 partners, including RWE, Vattenfall, Battolyser Systems, Ocean Grazer, TNO (project coordinator), and NewGround Law. The project aims to hybridize short-, medium-, and long-term offshore storage technologies to stabilize renewable grids.

Customer Engagement & Pilot Projects

Plant One Grid-Connected Pilot: FLASC is developing a grid-linked pilot plant at Plant One (announced February 2025) to validate scalability ahead of market entry. While specific customers are unnamed here, the pilot targets utility providers seeking stable renewable power integration.
Malta Collaboration: Partnered with the University of Malta on green hydrogen production using floating offshore systems, indicating early adoption by research-driven energy hubs.

Market Positioning & Technology Advancements

1. Multi-Technology Integration: Through OESTER, FLASC’s medium-term compressed air storage complements Verlume’s batteries (short-term) and Battolyser’s electrolyzers (long-term), positioning it as a modular solution provider.

2. Cost Efficiency: By leveraging marine environments as natural heatsinks and avoiding lithium-ion degradation cycles, FLASC reduces ownership costs by 40–50% compared to batteries while enabling safe decommissioning.

3. Cross-Sector Applications: Expanding into green hydrogen production support , CO₂ liquefaction for carbon capture , LNG processing , and desalination diversifies revenue streams beyond wind farms.

Sources Used in Researching This Answer:

6 The Hiring and Company Growth

FLASC B.V. Team Growth and Operational Scaling Post-EIC Accelerator Funding FLASC B.V., a Netherlands-based innovator in hydro-pneumatic energy storage for offshore renewables, has maintained a specialized core team focused on commercializing its patented technology. While exact headcount figures are not publicly disclosed, the company’s leadership structure includes Daniel Buhagiar (Co-Founder/CEO), who spearheads commercialization efforts, alongside technical leads like Andrew Borg (Simulation Engineer) and Elena Kyzyngasheva (Business Developer).

Key Team Developments

Technical Expertise: Recent hires include electro-technical engineers such as Adrian-Ionut Singuran, whose R&D experience supports offshore deployment and business-case modeling. Andrew Borg’s PhD research at the University of Malta directly contributes to FLASC’s digital twin development and machine learning-driven system optimization.
Business Development: Elena Kyzyngasheva leverages dual MSc degrees in physics and innovation management to secure early-stage project opportunities, aligning with FLASC’s expansion into grid-connected wind farms and offshore hydrogen production.

Strategic Hiring Impact

New team members bolster FLASC’s ability to address critical challenges:

Technology Commercialization: Numerical modeling experts enhance system efficiency validation, crucial for securing DNV-GL certifications and client trust.
Market Penetration: Business development roles focus on partnerships, such as the Subsea 7 collaboration for offshore HPES solutions in oil/gas decarbonization projects.

No major management changes have been reported since its 2020 spin-off from the University of Malta. The founding team remains intact, prioritizing scalability through established offshore supply chains and modular design principles.

Sources

7 The Media Features and Publications

FLASC B.V.: Media Coverage, Publications, and Event Participation Maltese-Dutch company FLASC B.V., a 2023 EIC Accelerator winner, has gained visibility through media features, technical presentations, and event participation related to its hydro-pneumatic energy storage technology (FLASC HPES). Below is a detailed overview of their public engagements and coverage:

Media Features & Publications

Windpower NL Article: Highlighted FLASC’s EIC Accelerator selection for its offshore energy storage solution, emphasizing its role in stabilizing renewable energy supply.
Offshore Magazine: Reported on FLASC’s UK government grant collaboration with Subsea 7 to develop the PowerBundle system under the Longer Duration Energy Storage Competition.
Technology Presentation: A non-confidential document outlines FLASC’s offshore storage technology for wind farms, including partnerships with developers and feasibility statements from DNV.

Podcasts & Interviews

SUT+ Webinar (April 2022): CEO Daniel Buhagiar presented FLASC’s technology at a Society for Underwater Technology event. The session covered system design, market potential, and collaborations with Subsea 7.

Conferences & Presentations

EIC Accelerator Recognition: As part of the November 2023 cohort (results published February 2024), FLASC gained exposure through EU-wide announcements targeting deep-tech innovations.
Technical Showcases: Publicly shared materials detail FLASC’s participation in industry dialogues about integrating storage solutions into offshore wind projects.

Event Involvement

While specific conferences beyond the SUT+ webinar are not explicitly listed in available records:

The company likely engages in renewable energy forums given its collaborations with Subsea 7 and alignment with EU clean-energy initiatives.

Sources Used:

FLASP selected for prestigious grant under the EIC Accelerator [Article]
Subsea 7, FLASP secure UK funding [Article]
SUT+ Webinar on Hydro-Pneumatic Energy Storage [Video]

| Additional sources | Format | Focus | |----------------------|----------|---------| |EIC Accelerator Results Document|PDF|Official EU results summary| |FLASP Technology Presentation PDF|PDF|Technical overview of HPES system|

Full URL shortened due to length; see source list below.

Source URLs:

1. https:

//windpowernl.com/2024/03/08/flasc-selected-for-prestigious-grant-under-the-eic-accelerator/

2. https:

//www.youtube.com/watch?v=isMpMfja_0U

3. https:

//www.offshore-mag.com/home/article/14270046/subsea-7-flasc-secure-funding-for-offshore-energy-storage-technology

4. https:

//eic.ec.europa.eu/system/files/2024-02/EIC%20Accelerator-Nov%208%202023%20Cut%20Off.pdf

5. https:

//rasph.com/unveiling-the-latest-eic -accelerator-results-a-comprehensive-analysis-november -8th -2023-cut-off-february -2024-release/

6. https :

(partial URL)

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