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Kasi Technologies AB

Kasi Technologies AB Secures EIC Accelerator Funding for Dual Hybrid Systems in Vehicle Electrification

SwedenEIC Accelerator2021

Table of Contents

  1. The EIC Accelerator Project
  2. The Funding Rounds
  3. The Press Releases
  4. The Technology Advancements
  5. The Partnerships and Customers
  6. The Hiring and Company Growth
  7. The Media Features and Publications

1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program is a key initiative under the European Innovation Council (EIC), designed to support small and medium-sized enterprises (SMEs) and startups in bringing innovative products, services, or processes to market. The program specifically targets DeepTech and other high-risk innovations that have the potential to drive significant advancements in various sectors.

Key Features of the EIC Accelerator

1. Funding Structure:
  • The EIC Accelerator offers two main funding types: grants and equity.
  • Grants: Companies can receive up to €2.5 million in grant funding. This non-repayable funding is primarily aimed at covering the costs associated with the development of innovative projects, including research, development, and testing.
  • Equity: In addition to grants, the program provides equity funding of up to €15 million until 2024. Starting from 2025, the equity funding limit is set at €10 million. This funding is provided in exchange for equity in the company and is intended to help scale operations and improve financial stability.
2. Application Process:
  • The application process is split into three steps: a short application (Step 1), a full proposal (Step 2), and an interview (Step 3). Companies must demonstrate the innovative nature of their project, its market potential, and the team's capability to execute the project.
    • 3. Support Services:
  • Beyond financial support, the EIC Accelerator also provides mentoring, coaching, and networking opportunities to help companies navigate challenges and connect with potential partners and investors.

    • Purpose of the EIC Accelerator

    The EIC Accelerator aims to enhance the European startup ecosystem, particularly for DeepTech ventures that often face challenges in securing funding due to their high-risk nature. By providing both grants and equity funding, the program facilitates:

    • Innovation: Encouraging the development of cutting-edge technologies and solutions.
    • Market Entry: Helping startups to commercialize their innovations effectively.
    • Sustainability: Promoting projects that contribute to environmental sustainability and address societal challenges.

    Role in Scaling Companies and Securing Funding

    The EIC Accelerator plays a crucial role in helping companies scale by:

    1. Reducing Financial Barriers: By providing initial funding, the EIC helps mitigate financial risks, allowing companies to focus on product development and market validation.
    2. Leveraging Private Investment: The EIC funding often acts as a catalyst for attracting additional private investment. Companies with EIC support can demonstrate credibility, making them more appealing to private investors.
    3. Facilitating Growth: The program's support services help companies refine their business models, develop effective go-to-market strategies, and establish partnerships that are essential for scaling.

    EIC Accelerator Winner: Kasi Technologies AB

    Company Name: Kasi Technologies AB
    Project Acronym: NESS (New Electrified Supercharging System)
    Project Description: NESS Dual Hybrid Systems' cost-effective CO2 solutions to increased vehicle electrification and efficiency.
    Funding Type: Grant first
    Website: kasi-tech.com
    Country: Sweden
    Date of EIC Accelerator Cut-off: June 16, 2021

    Project Overview: NESS

    Kasi Technologies AB's project, NESS, focuses on developing dual hybrid systems that provide innovative and cost-effective solutions to the growing demand for vehicle electrification. The project's primary aim is to enhance vehicle efficiency while reducing CO2 emissions, aligning with global sustainability goals and the European Union's climate commitments.

    Technology Basics and Background

    The NESS system integrates advanced hybrid technologies that combine electric and traditional power sources to optimize energy efficiency in vehicles. Key aspects of this technology include:

    1. Dual Hybrid Systems: By utilizing both electric and combustion engine technologies, NESS aims to provide a seamless transition between power sources, allowing vehicles to operate more efficiently under varying conditions.
    2. Cost-Effectiveness: The technology is designed to minimize production and operational costs, making electrification more accessible for manufacturers and consumers alike.
    3. Environmental Impact: The NESS system contributes to the reduction of greenhouse gas emissions by improving fuel efficiency and utilizing cleaner energy sources.

    Conclusion

    The EIC Accelerator program serves as a vital framework to bolster the European DeepTech and startup ecosystem. By supporting innovative projects like Kasi Technologies AB's NESS, the program not only drives technological advancement but also plays a pivotal role in achieving sustainability goals and enhancing economic growth across Europe.

    2 The Funding Rounds

    Since receiving the EIC Accelerator funding on June 16, 2021, Kasi Technologies AB, a Swedish company specializing in electric vehicle conversion products, has not publicly disclosed any additional funding rounds. Their latest known funding event is the EIC Accelerator grant received in June 2021.

    According to PitchBook, Kasi Technologies is a privately held company with two investors: Plug and Play Tech Center and the European Innovation Council Fund. (pitchbook.com) The company is generating revenue and has a valuation of SEK 1.6 billion as of February 2022. (marketscreener.com)

    As of now, there is no publicly available information regarding any subsequent funding rounds, investor details, or company valuations beyond the EIC Accelerator funding in June 2021.

    3 The Press Releases

    Kasi Technologies AB, headquartered in Smedjebacken, Sweden, received funding from the European Innovation Council (EIC) Accelerator on June 16, 2021. Since then, the company has been actively involved in various initiatives and developments.

    Press Releases and Public Announcements:

    As of April 17, 2025, there are no publicly available press releases from Kasi Technologies AB detailing their activities post-EIC Accelerator funding. The company's official website, kasi-tech.com, does not feature a news or press release section, which may account for the absence of publicly accessible announcements.

    Partnerships and Collaborations:

    While specific details about partnerships or collaborations since the EIC Accelerator funding are not publicly disclosed, Kasi Technologies AB has been associated with notable investors:

    • Plug and Play Tech Center: An accelerator/incubator that has invested in Kasi Technologies.
    • European Innovation Council Fund: A venture capital firm that holds a minority stake in the company.

    These associations suggest a network of support and potential collaboration opportunities, although specific partnership details are not publicly available. (pitchbook.com)

    Technology Advancements and Patents:

    Kasi Technologies AB has a history of innovation in the automotive sector, with a focus on supercharging systems. The company holds several patents related to supercharging technology, including:

    • US Patent 9,797,300 B2: "Supercharging system and method for operating a supercharging system."
    • EP Patent 2,978,949 B1: "Supercharging system and method for operating a supercharging system."

    These patents reflect the company's commitment to advancing automotive technology. (pitchbook.com)

    Team Updates:

    Specific updates regarding team expansions or leadership changes since the EIC Accelerator funding are not publicly disclosed. The company's official website does not provide detailed information about its team members or organizational changes.

    Conclusion:

    While Kasi Technologies AB has been active in technological innovation and has established connections with key investors, detailed public information about their activities, partnerships, and team developments since receiving the EIC Accelerator funding is limited. For more comprehensive insights, direct engagement with the company or access to their internal communications would be necessary.

    4 The Technology Advancements

    Kasi Technologies AB, founded in 2007 and headquartered in Smedjebacken, Sweden, specializes in vehicle electrification. Their flagship product, the New Electrified Supercharging System (NESS), is designed to convert existing combustion engine vehicles into electric hybrids, aiming to reduce CO₂ emissions and fuel consumption. (kasitech.eu)

    Advancements Since EIC Accelerator Funding:

    In June 2022, Kasi Technologies received a €2 million grant from the European Innovation Council and SMEs Executive Agency (EISMEA) to advance NESS to market readiness. This funding also included an option for a €6 million equity investment from the European Innovation Fund. (kasitech.eu)

    Since receiving the grant, Kasi Technologies has been focused on scaling up NESS for broader market deployment. The company emphasizes the importance of retrofitting existing vehicles to hybrid electric systems as a cost-effective and scalable solution to meet climate targets, given the slow pace of new electric vehicle adoption. (kasitech.eu)

    Technological Improvements and New Features:

    Kasi Technologies has developed NESS as a plug-and-play solution that is 100% retrofittable, offering fuel and emission savings of 13-18% at a production cost 70% lower than competing solutions. NESS supports all current OEM product functions, including start/stop, brake and waste heat energy recovery, mechanical and electrical supercharging, and turbocharging. (greentechvillage.eu)

    Market Demonstrations and Pilots:

    While specific details about market demonstrations or pilot programs are not publicly disclosed, the company has been actively seeking partnerships with fleet owners and existing workshops to facilitate the retrofitting of vehicles with NESS. Their long-term goal is to see NESS installed in vehicles both at the production stage and as a retrofit service. (kasitech.eu)

    Patents and Publications:

    Kasi Technologies holds a portfolio of 27 patents related to their technology. However, there is no publicly available information indicating that they have filed new patents, published scientific studies, clinical trials, or whitepapers since the EIC Accelerator funding in June 2021. (discovery.patsnap.com)

    In summary, since receiving the EIC Accelerator funding, Kasi Technologies AB has been focused on advancing and scaling their NESS technology, aiming to provide a cost-effective solution for retrofitting existing vehicles to hybrid electric systems. While specific details about market demonstrations and new publications are limited, the company continues to seek partnerships to deploy NESS in the automotive market.

    5 The Partnerships and Customers

    Since receiving the EIC Accelerator funding on June 16, 2021, Kasi Technologies AB has expanded its partnerships and customer base, notably in Canada.

    New Partnerships:

  • USA Industries, LLC: On October 13, 2023, Kasi Technologies became the official distributor for USA Industries' industrial products in Canada. This partnership allows Kasi to offer a broader range of high-quality industrial equipment, including hydrotesting products and heat exchanger tools, enhancing their product portfolio and service offerings. (kasi.ca)

    • New Customers:

  • American Welding Society (AWS) Alberta Section: Kasi Technologies has been a Gold Sponsor for the AWS Alberta Section for over a decade, reflecting a long-standing commitment to supporting the welding community in Canada. This sponsorship enables Kasi to engage with a network of professionals and organizations in the welding industry, fostering relationships and potential business opportunities. (kasi.ca)

    • Nature and Purpose of Relationships:

    • USA Industries, LLC: The partnership aims to provide Canadian customers with access to USA Industries' specialized industrial products, such as hydrotesting equipment and heat exchanger tools. By becoming an authorized distributor, Kasi Technologies can offer a more comprehensive suite of products, meeting a wider range of industrial needs.
    • AWS Alberta Section: As a Gold Sponsor, Kasi Technologies supports AWS Alberta's mission to advance the science, technology, and application of welding. This relationship involves investing in education, training, and promoting innovation within the welding industry, aligning with Kasi's commitment to industry advancement.

    Market Positioning:

    • USA Industries, LLC: By distributing USA Industries' products, Kasi Technologies strengthens its position in the Canadian industrial equipment market, offering a more diverse product range and enhancing its reputation as a comprehensive solutions provider.
    • AWS Alberta Section: The sponsorship elevates Kasi Technologies' profile within the welding community, positioning the company as a key supporter of industry education and innovation, which can lead to increased brand recognition and trust among industry professionals.

    Technology Advancements and Scaling:

    • USA Industries, LLC: Access to advanced industrial products allows Kasi Technologies to incorporate cutting-edge technologies into their offerings, improving service quality and operational efficiency.
    • AWS Alberta Section: Engagement with AWS Alberta provides Kasi Technologies with insights into the latest welding technologies and practices, fostering innovation and enabling the company to scale its operations by adopting new techniques and standards.

    These partnerships and sponsorships demonstrate Kasi Technologies AB's strategic efforts to enhance its market presence, diversify its product offerings, and support technological advancements within the industrial sector.

    6 The Hiring and Company Growth

    Kasi Technologies AB, based in Sweden, received EIC Accelerator funding on June 16, 2021, for their NESS Dual Hybrid Systems project, which focuses on cost-effective CO₂ solutions to enhance vehicle electrification and efficiency. (rasph.com)

    Current Team Size and Hiring Status:

    Specific details about Kasi Technologies AB's current headcount and whether they are actively hiring are not publicly available. The company's official website, kasi-tech.com, does not provide this information.

    Growth and Recent Hires:

    There is no publicly accessible information detailing the company's growth metrics or recent key hires. The absence of such data makes it challenging to assess how they have scaled and the impact of new team members on their future growth.

    Management Changes:

    Information regarding any major changes in management or the founding team of Kasi Technologies AB is not available in the public domain.

    For the most accurate and up-to-date information, it is recommended to contact Kasi Technologies AB directly through their official website or professional networking platforms.

    7 The Media Features and Publications

    Since receiving the EIC Accelerator funding on June 16, 2021, Kasi Technologies AB from Sweden has been featured in various media outlets. Below is a summary of their media presence, publications mentioning the company, podcasts or interviews involving their team, conference and fair participations, and event involvements:

    Media Features:

  • On October 1, 2024, Swedish Tech News highlighted Kasi Technologies among other notable companies in the Swedish tech sector. (swedishtechnews.com)

    • Publications Mentioning Kasi Technologies AB:

  • Swedish Tech News featured Kasi Technologies in their October 1, 2024, article. (swedishtechnews.com)

    • Podcasts or Interviews:

  • As of the available information, there are no specific podcasts or interviews featuring the team from Kasi Technologies AB since June 16, 2021.

    • Conference and Fair Participations:

  • There is no publicly available information regarding Kasi Technologies AB's participation in conferences or fairs since June 16, 2021.

    • Event Involvements:

  • No details are available about Kasi Technologies AB's involvement in events since June 16, 2021.

    • For the most accurate and up-to-date information, it is recommended to visit Kasi Technologies AB's official website at kasi-tech.com or contact them directly.

    EIC Accelerator Winner - 2021