1 The EIC Accelerator Project

EIC Accelerator Program: An Overview

The EIC Accelerator program is a pivotal initiative under the European Innovation Council (EIC) aimed at supporting small and medium-sized enterprises (SMEs) and startups with high-risk innovations and disruptive technologies. Designed to foster deep tech and innovative solutions, the program provides a combination of grant funding and equity investment, enabling businesses to accelerate their growth, scale operations, and bring groundbreaking products to market.

Funding Structure

The EIC Accelerator offers a unique funding structure that combines grant financing and equity investment, known as blended finance.

The combination of these funding types allows businesses to pursue their innovative projects without the immediate pressure of repayment, while also facilitating growth through additional investment.

Purpose in the European DeepTech and Startup Ecosystem

The EIC Accelerator plays a crucial role in the European innovation landscape, particularly within the deep tech and startup ecosystems. Its primary objectives include:

• Fostering Innovation: The program targets high-impact innovations that have the potential to change markets and improve societal challenges.
• Facilitating Market Entry: By providing financial support, the EIC Accelerator helps businesses navigate the complexities of market entry and scaling.
• Encouraging Private Investment: The program's equity component is designed to attract private sector investments by demonstrating the viability of innovative projects, thus amplifying the support received.

Through these efforts, the EIC Accelerator aims to strengthen Europe’s competitive position in the global innovation arena and encourage a robust entrepreneurial culture.

Role in Scaling Companies and Securing Funding

The EIC Accelerator serves as a catalyst for growth and funding. By offering significant financial resources, it enables companies to focus on developing their technologies and scaling their operations rather than solely seeking investment. This support not only enhances the credibility of the firms within the investor community but also encourages collaboration and partnerships across various sectors.

Case Study: Octave and the iBEMS-SeLiBat Project

Company Overview: Octave, a Belgian startup, emerged as a winner of the EIC Accelerator program with its innovative project, iBEMS-SeLiBat. The company specializes in energy solutions, with a focus on sustainable and efficient energy management.

Project Description: The iBEMS-SeLiBat project stands for Integrated Battery and Energy Management System for Second-Life Battery energy storage. This initiative aims to develop a comprehensive system that utilizes second-life batteries, which are batteries that have been retired from their initial use but still possess significant energy storage capacity.

Technology Basics and Background: The core technology behind iBEMS-SeLiBat revolves around the integration of advanced battery management systems with energy management tools. This dual approach allows for the effective management of energy storage systems that utilize second-life batteries, which are often more sustainable and cost-effective than new batteries.

• Second-Life Batteries: These batteries often come from electric vehicles or other applications, where they have reached a point of reduced efficiency for their initial purpose but can still serve effectively in energy storage systems. By repurposing these batteries, Octave not only contributes to sustainability but also addresses the growing demand for energy storage solutions in renewable energy applications.
• Energy Management System: The integrated system not only manages the energy flow from the storage but also optimizes the usage of renewable energy sources, thereby enhancing energy efficiency. The management system employs sophisticated algorithms to predict energy needs, manage load shifting, and ensure that energy is utilized in the most efficient manner possible.

In summary, Octave’s iBEMS-SeLiBat project exemplifies the transformative potential of the EIC Accelerator program. By focusing on sustainable practices and innovative technology, the project aims to significantly contribute to the energy sector, demonstrating how the EIC Accelerator can propel high-impact innovations toward successful market implementation. Through its blended finance model, Octave is positioned to secure the necessary funds to scale its operations and make substantial contributions to Europe’s energy landscape.

2 The Funding Rounds

Octave (Belgium) – Financing and Funding Overview Since EIC Accelerator Award

Company: Octave
Country: Belgium
Website: octave.energy
EIC Accelerator Award Submission Date: March 23, 2022

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Financing Raised & Funding Rounds

Octave, a Belgian company specializing in circular battery energy storage solutions, has actively pursued capital to accelerate its technology rollout since winning the competitive EIC Accelerator funding.

• Seed Funding Round:
• Timing: Announced after the EIC Accelerator award; specific announcement date not provided but confirmed post-2022.
• Amount Raised: €2 million
• Purpose of Funding: The capital is earmarked for advancing research and development (R&D) and supporting commercial deployment of their flagship product—Octave’s Cabinet, a medium-sized battery system with a storage capacity of 100 kWh. This product builds upon earlier prototypes and features patent-pending cloud-based battery management technology.

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Investor Information

The €2 million seed round was co-led by several private and institutional investors:

• SPDG Ventures (the family office of the Périer-D’Ieteren family)
• U2P, an investment group led by Ismaël Ben-Al-Lal
• EIC Fund, as part of the European Innovation Council’s blended finance support
• Innoviris, Brussels’ regional innovation agency
• Additional contributions from:
• SimpliCity (impact fund focusing on urban tech)
• imec.istart fund (startup accelerator linked to digital innovation)

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Details Related to Funding Rounds

• The combination of public funds (notably from the EIC Fund and Innoviris) with strong private sector backing underlines investor confidence in both Octave's business model and its technological proposition.
• The funding round targets scaling up manufacturing capabilities and accelerating market entry across Europe, focusing on sustainable energy management for SMEs, real estate portfolios, industrial sites with renewable generation, as well as integration with EV charging infrastructure.

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Company Valuations

No explicit public information is available regarding Octave's current or historical company valuations since receiving EIC Accelerator funding.

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Exit Events: IPOs or Acquisitions

There are no reported exit events—such as initial public offerings (IPOs), buyouts, or acquisitions—for Octave since it received its EIC Accelerator award. The company remains privately held.

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Summary Table: Key Financing Milestones Since March 2022

Date	Round Type	Amount Raised	Notable Investors	Purpose
Post-March '22	Seed	€2M	SPDG Ventures; U2P; EIC Fund; Innoviris; SimpliCity; imec.istart	Accelerate R&D & commercialization

No subsequent rounds or exits have been publicly disclosed.

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Sources

• Brussels company awarded in most competitive EIC Accelerator funding programme
• Octave closed its seed funding round

3 The Press Releases

Octave Energy's Milestones Post-EIC Accelerator Funding Since securing EIC Accelerator funding in March 2022, Octave Energy has focused on advancing second-life battery technology and expanding its partnerships. The Belgium-based company specializes in repurposing electric vehicle batteries for energy storage, supporting renewable integration and circular economy goals.

Key Developments

• Circular Battery Deployment: Octave connected a second-life battery system to Eneco Solar’s large-scale solar farm, demonstrating practical applications for reused EV batteries in grid stabilization.
• Seed Funding Closure: The company completed its seed funding round, though specific financial details were not disclosed.
• Team Expansion: Described as a “real family” of engineers, IT specialists, and marketers, Octave emphasizes collaborative innovation and has attracted partnerships with industry players like Bebat and Enersol.

While no recent press releases directly mention patents or proprietary technology specifics, their work with Saft (monitoring batteries via IoT solutions) highlights cross-industry collaborations. Public updates on their website emphasize sustainability narratives rather than technical breakthroughs post-2022.

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Sources

• Octave featured in Energy Storage News
• Stories & Blog - Octave Energy
• How Saft Uses Octave to Remotely Monitor its Batteries
• Octave Accelerates Industrial IoT Implementation
• Octave Company Profile | Qurator.com
• Octive - Job offers Brussels - Meet My Job

4 The Technology Advancements

Octave Energy’s Post-EIC Accelerator Progress Since receiving EIC Accelerator funding in March 2022, Octave Energy has advanced its mission of repurposing electric vehicle (EV) batteries into scalable energy storage solutions. While the search results do not explicitly confirm EIC funding details for Octave Energy, they highlight significant developments:

• Market Deployment & Customer Growth: As of early 2024, Octave has onboarded 10 clients actively trading battery-stored energy on Belgium’s imbalance market, representing over 4.5 MWh of aggregated storage capacity (25% of its fleet). This enables grid balancing and renewable integration for SMEs and industrial sites.
• Technology Improvements:
• The company introduced a double-bay cabinet design, doubling energy storage capacity per unit compared to earlier models.
• Collaboration with Yuso enables real-time market-responsive battery control, leveraging a certified controller to charge/discharge based on price fluctuations.
• Participation in the R-E-FLEX project (supported by Belgium’s Energy Transition Fund) involves deploying modular EV charging stations with integrated renewable generation and battery storage.
• Demonstrators & Pilots: Beyond R-E-FLEX, Octave’s systems are operational at sites like the Pelkmans-Vervoort poultry farm, combining solar panels with battery storage to reduce costs and earn grid-balancing revenue.
• Patents & Publications: No new patents or whitepapers are mentioned in available sources. However, Octave emphasizes its proprietary Battery Management System (BMS) and circular manufacturing process using recycled EV modules.

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Sources

• Exciting News! We've hit a major milestone
• Stories & Blog

— Smart Energy Takes Flight at Pelkmans-Vervoort | Octave Supported by the Energy Transition Fund | How Octave Achieves High Compression Ratio | Yuso Certified Partner Spotlight

5 The Partnerships and Customers

Octave Energy: Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Since securing EIC Accelerator funding in March 2022, Octave (Belgium) has accelerated its partnerships and customer engagements in the energy storage sector, focusing on grid-balancing applications and circular battery solutions.

Key Partnerships

• Yuso: A cornerstone collaboration enabling imbalance market participation through YUSO Certified Controllers. This partnership allows Octave’s batteries to autonomously trade on Belgium’s volatile imbalance market, with Yuso providing price forecasting algorithms.
• Industrial Clients: At least 10 customers now use Octave’s systems for grid services, including a waste-to-energy power plant optimizing its imbalance position and AED Group reducing its ecological footprint via renewable energy optimization.

New Developments (2024)

• Customer Milestone: Over 10 clients actively trade using Octave’s second-life batteries, representing 4.5 MWh of deployed capacity—25% of their total fleet.
• Technology Integration: The YUSO Certified Controller ensures immediate market eligibility post-installation, leveraging Octave’s BMS for real-time response to price fluctuations.

Market Positioning and Scaling Impact

The Yuso partnership positions Octave as a leader in automated grid-balancing solutions for C&I clients. By repurposing EV battery modules locally, they emphasize sustainability—a differentiator against competitors relying on new batteries. Their systems now support hybrid use cases: solar/wind storage paired with real-time market trading.

For scaling, the standardized controller reduces onboarding complexity for new clients while expanding access to ancillary service markets across Europe. The emphasis on circularity aligns with tightening EU sustainability regulations, future-proofing their supply chain.

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Sources

• Exciting News! We've hit a major milestone
• 4.5 MWh of batteries achieved with YUSO
• Octave Battery Energy Storage

Note: Mental health-related "Octaves" (e.g., CanvasBusinessModel.com references) were excluded as unrelated to octave.energy.

6 The Hiring and Company Growth

Overview of Octave

Octave is a cleantech startup based in Belgium, specializing in sustainable energy storage solutions. The company utilizes second-life batteries from electric vehicles to develop innovative energy storage systems designed for businesses and industries. Since receiving the EIC Accelerator funding in March 2022, Octave has continued to focus on its mission to promote green transition through energy management and storage solutions.

Key Features and Products

Octave offers a range of products, including the Octave One Air and Octave One Liquid systems, which are designed as turnkey solutions with air and liquid cooling systems respectively, tailored for optimal performance and longevity. These systems cater to both outdoor and indoor locations, meeting the needs of small and medium enterprises or industrial sites. Additionally, Octave provides Battery Services such as Battery Care and Optimal Control to ensure system reliability and maximize value.

Current Headcount and Team Size

As of the latest available information, specific details on the current headcount or team size of Octave are not publicly disclosed.

Hiring Status

There is no recent information available on whether Octave is currently hiring. The company's growth strategy likely involves expanding its team to meet increasing demand for sustainable energy solutions.

Growth and Funding

Octave has raised a total of $2.03 million in funding, with its latest round being a Seed VC investment. This funding has likely contributed to the company's growth and expansion in the energy storage sector.

Key Positions and Team Dynamics

Recent hiring information specific to key positions is not readily available. However, Octave's growth in the sustainable energy sector suggests that new team members would play a crucial role in scaling and expanding the company's operations. The addition of skilled personnel would help in innovating and delivering energy storage solutions that meet the evolving needs of businesses and industries.

Impact of New Team Members on Company Growth

New team members would be essential in helping Octave scale its operations and expand its customer base. Their contributions would likely focus on enhancing product offerings, improving customer service, and advancing the company's presence in the renewable energy sector.

Management and Founding Team Changes

There is no information available on major changes in management or the founding team since receiving the EIC Accelerator funding.

Sources: - Octave | Battery Energy Storage for Businesses

• Octave Company Profile | Competitors, Financials & Contacts
• Octave - Products, Competitors, Financials, Employees
• Hamidreza Behi | Flanders Make Symposium
• OCTAVE - PROSPECTS 5.0
• Octave

7 The Media Features and Publications

Octave's Media Presence and Industry Engagement Post-EIC Accelerator Funding

Belgian cleantech company Octave, a 2022 EIC Accelerator winner, has established itself as a leader in second-life battery energy storage solutions through strategic media coverage, event participation, and industry collaborations.

Media Features & Publications

Octave was prominently featured in Energy Storage News, which highlighted its role in advancing Europe’s second-life battery ecosystem using repurposed electric vehicle batteries. The company’s proprietary Battery Management System (BMS) and modular designs have been recognized for enabling scalable energy storage solutions tailored to commercial and industrial clients.

While academic publications directly citing Octave remain limited based on available data, the company actively contributes to research initiatives. For example, its involvement in the PROSPECTS 5.0 consortium emphasizes innovations in battery repurposing for industrial applications.

Event Participation & Conferences

Octave has maintained a strong presence at industry events:

• Flanders Make Symposium 2024: Represented by Research Manager Hamidreza Behi, who showcased their expertise in behind-the-meter battery systems and grid-balancing services.
• Collaborative EU Projects: Participation in initiatives like PROSPECTS 5.0 underscores its focus on circular economy principles for lithium-ion batteries.

The company’s hardware portfolio—including the Octave One (first-life LFP systems) and Circular Outdoor/Indoor (second-life EV batteries)—has been demonstrated at trade fairs targeting renewable energy integration.

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Sources

• Energy Storage News Feature
• Yuso Partner Spotlight
• PROSPECTS 5.0 Consortium Profile
• Flanders Make Symposium Participant Profile
• CB Insights Company Overview