1 The EIC Accelerator Project

The EIC Accelerator program is a flagship initiative of the European Innovation Council (EIC) designed to support Small and Medium-sized Enterprises (SMEs) and startups in their journey from innovative concept to market-ready product. This program is particularly focused on high-risk, high-potential companies operating in the DeepTech sector, which includes advanced technologies and innovative solutions aimed at addressing critical societal and environmental challenges.

Funding Structure

The EIC Accelerator offers two primary forms of funding: grants and equity investments.

Purpose and Impact

The EIC Accelerator plays a critical role in the European DeepTech ecosystem by providing essential funding and support to innovative companies. Its primary goals include:

• Facilitating Innovation: By offering financial backing and expert guidance, the EIC Accelerator enables startups to develop groundbreaking technologies that can drive economic growth and address pressing global challenges, such as climate change and resource scarcity.
• Encouraging Collaboration: The program fosters partnerships between innovative companies and established industry players, research institutions, and investors, creating synergies that can accelerate market entry and product adoption.
• Enhancing Visibility: Winning the EIC Accelerator funding elevates a company’s profile, making it more attractive to private investors, which is crucial for long-term sustainability and growth.

Case Study: VANEVO GmbH and the Clean(S)tack Project

VANEVO GmbH, a German startup, emerged as a winner of the EIC Accelerator program with its project named Clean(S)tack, submitted on June 15, 2022. This project centers around the development of an automated production process for next-level redox flow battery stacks and modules, utilizing a revolutionary and cost-optimized production approach.

Technology Overview

Redox flow batteries (RFBs) represent a significant advancement in energy storage technology, particularly suited for large-scale applications such as renewable energy integration and grid stabilization. Unlike conventional batteries, which store energy in solid materials, RFBs use liquid electrolytes that can be stored in external tanks, allowing for scalable energy storage solutions.

The Clean(S)tack project aims to automate the production process of these battery stacks, thereby enhancing efficiency and reducing production costs. By leveraging innovative manufacturing techniques, VANEVO seeks to streamline the assembly and integration of battery components, minimizing labor requirements and increasing throughput. This automated approach not only improves the consistency and quality of the battery stacks but also accelerates the overall production cycle, making it more feasible for large-scale deployment.

Conclusion

The EIC Accelerator serves as a crucial instrument in nurturing innovative companies like VANEVO GmbH, enabling them to develop and commercialize cutting-edge technologies. The dual funding approach of grants and equity investments allows startups to navigate the complex landscape of product development and market entry, positioning them for success in the competitive DeepTech sector. Through initiatives like the Clean(S)tack project, the EIC Accelerator not only supports individual companies but also contributes to the broader goal of advancing sustainable technological solutions across Europe.

2 The Funding Rounds

# Vanevo GmbH: EIC Accelerator Success Story and Funding Journey

Vanevo GmbH, a German deep tech company specializing in redox flow battery technology, secured the prestigious EIC Accelerator grant in June 2022, marking a significant milestone in its growth journey. The company has developed innovative stack technology for flow batteries that offers cost and efficiency advantages in the renewable energy storage sector.

EIC Accelerator Funding

Vanevo was among the 75 successful companies selected from 986 applications in the highly competitive June 15, 2022 EIC Accelerator cut-off. This particular funding round was notable for its 7.61% overall success rate, with €400 million in total funding distributed among the winners combining grants and equity investments.

The EIC Accelerator program offers substantial support to innovative startups: - Grants of up to €2.5 million

• Equity investments through the EIC Fund ranging from €500,000 to €15 million
• Business Acceleration Services providing access to expertise, corporates, and investors

While the exact funding amount Vanevo received through the EIC Accelerator isn't specified in the search results, the company has confirmed receiving grants from the European Innovation Council as part of its overall funding portfolio.

Funding History and Rounds

Vanevo's funding journey includes:

• Initial Funding: The company was spun off from the German Aerospace Center in 2018
• Equity Funding: Prior to February 2024, Vanevo had raised €4.7 million (approximately $5 million) in equity funding
• EIC Accelerator Grant: Received in June 2022
• Latest Capital Increase: In February 2024, Vanevo secured an undisclosed amount of additional funding to establish a new production line

Investor Information

Vanevo has attracted several notable investors throughout its development:

• NBank Capital Beteiligungsgesellschaft: A subsidiary of the Investment and Development Bank of Lower Saxony, serving as a key seed investor supporting the company's development stage
• Smit Asset Management: Participated in the February 2024 capital increase
• Bookjans Asset Management: Also participated in the February 2024 funding round
• Individual Investors: Including CFO/MD Uwe Boegershausen and founder/CEO Jan grosse Austing
• European Innovation Council: Through the EIC Accelerator program

Company Valuation and Exit Events

The search results do not provide specific information about Vanevo's current valuation or any exit events such as IPOs, buyouts, or acquisitions. As of February 2024, the company appears to be focused on scaling its production capabilities rather than pursuing exit strategies.

Recent Developments and Growth Plans

The most recent funding secured in February 2024 will be used to establish a new cell stacks production line in Lower Saxony, Germany. This strategic expansion includes:

• Setting up a 10MW automated serial production line
• Plans to increase production capacity to 50MW annually
• Moving toward full commercialization of the company's patented stack technology
• Targeting the global energy storage market with standardized stacks and modules

Vanevo's technology offers significant advantages in the redox flow battery space, using a single adhesive sealing instead of fluorinated sealings. This innovation reduces the number of required seals from 160 to just one, making the battery cells more cost-effective, energy-efficient, and easier to handle.

The company has already secured supply agreements with multiple customers and completed its initial deliveries in January 2024, indicating progress toward commercial viability.

Sources: - http://seglerconsulting.com/eic-accelerator-2022-results-and-the-vanevo-gmbh-success-case/

• https://www.strata.team/eic-accelerator-winners-and-statistics-june-2022/
• https://eic.ec.europa.eu/system/files/2022-10/Seleceted%20companies%20-%20EIC%20Accelerator%2015%20June%20cut-off%20corrected.pdf
• https://app.dealroom.co/companies/vanevo
• https://eic.ec.europa.eu/news/continued-strong-demand-european-innovation-council-accelerator-first-cut-2022-2022-04-01_en
• https://www.energystoragejournal.com/vanevo-cash-raise-boost-for-flow-battery-stacks-line/
• https://www.cbinsights.com/company/vanevo

3 The Press Releases

VANEVO GmbH: A German Innovator in Redox Flow Batteries

VANEVO GmbH, based in Oldenburg, Germany, is a pioneering company that specializes in developing stacks and modules for redox flow batteries. Founded in 2018, VANEVO has been at the forefront of innovative energy solutions, particularly focusing on cost-optimized production processes for advanced battery technologies.

EIC Accelerator Funding

In June 2022, VANEVO achieved a significant milestone by being awarded the EIC Accelerator grant. This funding will enable the company to reach commercial readiness and further develop its revolutionary Clean(S)tack technology. The EIC Accelerator program supports high-potential startups and SMEs, and VANEVO's selection underscores its potential to make a significant impact in the energy sector.

Technology Advancements

VANEVO's Clean(S)tack technology is centered on creating an automated production process for next-level redox flow battery stacks and modules. This approach is designed to be cost-optimized and follows a different, innovative production methodology. The technology aims to enhance the efficiency and scalability of redox flow batteries, which are crucial for large-scale energy storage applications.

Press Releases and Updates

As of the latest available information, VANEVO does not have publicly accessible press releases or blog posts on its website (www.vanevo.de). However, the company's success in securing EIC Accelerator funding has been highlighted in industry reports and news articles.

Partnerships and Team Updates

There is no publicly available information on recent partnerships or team updates for VANEVO GmbH. The company's focus remains on advancing its redox flow battery technology with the support of the EIC Accelerator grant.

Patents

No specific information is available regarding patents filed by VANEVO GmbH. The company's innovative production processes and technologies are likely protected by intellectual property rights, but these details are not publicly disclosed.

Social Media Presence

VANEVO GmbH does not appear to have an active social media presence where press releases or updates are shared. The company's primary focus is on developing and commercializing its battery technology.

Sources:

• EIC Accelerator and the Vanevo GmbH Success Case
• EIC Accelerator winners and statistics June 2022
• EIC Accelerator 15 June cut-off
• Vanevo

4 The Technology Advancements

VANEVO GmbH: Current Capabilities and Advancements

Overview of VANEVO GmbH

VANEVO GmbH, based in Oldenburg, Germany, specializes in the development and commercialization of redox flow battery technology for energy storage solutions within the renewable energy sector. The company focuses on long-duration energy storage (LDES) for sustainable energy applications, offering patented stacks and modular systems that enhance efficiency and scalability in managing renewable energy sources.

Advancements Since EIC Accelerator Funding

After receiving funding from the EIC Accelerator in June 2022, VANEVO has made significant advancements. The company developed a new manufacturing process for redox flow battery stacks and modules, which are designed to be cost-effective and versatile for large-scale energy storage applications such as wind farms and solar plants.

Technology Improvements

VANEVO has improved its technology by introducing a patented stack technology that avoids fluorinated sealings and uses a single adhesive sealing instead. This innovation reduces production costs, enhances energy efficiency, and simplifies handling, as only one seal is required instead of 160. The company is setting up a new automated production line with an initial capacity of 10MW, aiming to increase it to 50MW annually.

Market Demonstration

VANEVO has achieved initial deliveries to customers and has supply agreements in place, marking an important step in demonstrating its technology in the market. The company aims to target the global energy storage market with standardized stacks and modules for final battery assemblies, emphasizing standardization as a key to cost savings and commercialization.

Patents and Scientific Publications

VANEVO has filed a patent related to an energy storage device, specifically a redox flow battery, but there is no recent information available regarding new scientific studies, clinical trials, or whitepapers published by the company since receiving the EIC Accelerator funding.

Sources

• EIC Accelerator and the Vanevo GmbH Success Case
• VANEVO company information, funding & investors
• VANEVO stacks and modules
• Vanevo - Products, Competitors, Financials, Employees
• Vanevo cash raise boost for flow battery stacks line
• EIC Accelerator winners and statistics June 2022
• EIC Accelerator 15 June cut-off

5 The Partnerships and Customers

VANEVO GmbH: EIC Accelerator Winner from Germany

VANEVO GmbH, a German company, successfully secured funding from the European Innovation Council (EIC) Accelerator in June 2022. Since then, the company has been focused on developing innovative components for redox flow batteries, a crucial technology for renewable energy storage.

Partnerships and Customers

While specific details about VANEVO GmbH's current partnerships and customers are not widely available, the company's involvement with the EIC Accelerator positions it within a network of European innovation and technology leaders. This network could facilitate collaborations with other companies working on renewable energy and storage solutions.

New Partnerships and Customers

As of the latest information, there are no specific announcements about new partnerships or customers directly associated with VANEVO GmbH following their EIC Accelerator win. However, the funding and recognition from the EIC Accelerator likely enhance their credibility and attractiveness to potential partners and customers.

Nature of New Relationships

Any new relationships or collaborations for VANEVO GmbH would likely focus on integrating their innovative redox flow battery components into larger renewable energy systems. These relationships could involve technology development partnerships, manufacturing collaborations, or sales agreements, all aimed at scaling their technology and expanding its adoption.

Market Positioning

The EIC funding and recognition will help VANEVO GmbH strengthen its market position by showcasing its technological advancements in the field of redox flow batteries. This visibility can attract more investors and customers, further validating their approach to reducing production costs and enhancing efficiency in renewable energy storage.

Technology Advancements and Scaling

VANEVO GmbH's innovation in simplifying the sealing process in redox flow batteries (reducing the process from 160 steps to a single step) significantly reduces production costs and enhances scalability. This technological breakthrough, supported by the EIC funding, positions the company to lead in cost-effective and efficient energy storage solutions. The relationships formed through the EIC network can facilitate access to additional resources, expertise, and markets, further accelerating their technological advancements and market reach.

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Sources: - Flow Batteries Europe: Activity Report 2023

• EIC Accelerator and the Vanevo GmbH Success Case
• VANEVO GmbH Develops Components for Redox Flow Batteries

6 The Hiring and Company Growth

VANEVO GmbH: Growth and Development Post EIC Accelerator Funding

VANEVO GmbH, based in Germany, received EIC Accelerator funding in June 2022, marking a significant milestone in their journey towards technological innovation in the renewable energy sector. This funding has likely played a crucial role in their growth and strategic developments.

Current Team Size and Headcount

As of the latest available information, specific details regarding VANEVO's current headcount or team size are not publicly disclosed. However, the company is driven by a mission to advance cost-effective energy solutions, indicating a focus on strategic team growth aligned with their technological ambitions.

Hiring and Team Growth

While there is no specific information about current hiring activities or recent key hires at VANEVO, the company's commitment to pushing forward meaningful technological developments suggests ongoing efforts to bolster their team with skilled professionals. This would be essential for expanding their capabilities and achieving market maturity.

Growth and Scaling

The EIC Accelerator funding in 2022 has undoubtedly been instrumental in VANEVO's growth. Such funding typically supports innovative companies by providing the financial resources needed to scale their operations and develop new technologies. For VANEVO, this means enhancing their stack and module technologies, which are crucial for cost-effective energy solutions.

Key Positions and Future Implications

Although specific new team members or key positions are not highlighted, the addition of skilled personnel in areas such as engineering, research, and development would be crucial for the company's future. These new members would contribute to scaling and enhancing VANEVO's technological offerings, enabling them to expand their market presence and further develop their stack and module technologies.

Major Changes in Management or Founding Team

There is no available information on significant changes in VANEVO's management or founding team since they received the EIC Accelerator funding.

In summary, VANEVO GmbH's growth post-EIC Accelerator funding is centered around advancing their technological capabilities, which likely involves strategic team expansion to support their innovative energy solutions. While specific team size or recent hires are not detailed, the company's focus on meaningful technological developments underscores their commitment to scaling and growth.

Sources:

• VANEVO stacks and modules – the future of cost-effective energy solutions
• EIC Accelerator Success Cases

7 The Media Features and Publications

Media Coverage and Public Engagement of VANEVO GmbH Post-EIC Accelerator Funding VANEVO GmbH, a German innovator in redox flow battery technology, has garnered notable media attention and industry recognition since securing EIC Accelerator funding in June 2022. Below is a detailed breakdown of its public presence across multiple channels:

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Media Features and Publications

• Energy Storage Journal (February 2024) highlighted VANEVO’s funding achievements, emphasizing its €4.7 million equity raise and EIC grants to establish a 10MW automated production line for redox flow battery stacks in Lower Saxony. The article detailed the company’s patented single-seal technology, which reduces costs and improves energy efficiency compared to traditional designs.
• Segler Consulting showcased VANEVO as an EIC Accelerator success case, underscoring the grant’s role in accelerating commercialization efforts for its Clean(S)tack battery modules.

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Podcasts or Interviews

No publicly available podcasts or interviews featuring VANEVO’s leadership team were identified in the search results. However, CFO Uwe Boegershausen provided direct commentary to Energy Storage Journal on their production scaling plans and market strategy.

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Conference Participation & Events

While specific conference presentations by VANEVO are not documented in the search results:

• The company likely engages with industry networks through partnerships such as NBank Capital Beteiligungsgesellschaft, which supports its growth as a seed investor.
• Its participation in energy-storage sector events can be inferred from collaborations with customers and investors like Smit Asset Management.

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Post-Funding Developments (2022–2024)

VANEVO has focused on scaling production capabilities following its EIC grant:

• Automated Production Line: A new facility in Lower Saxony aims for 50MW annual capacity using standardized stack designs to reduce costs.
• Supply Agreements: Initial deliveries began by early 2024, targeting global markets with standardized modules for large-scale energy storage systems.

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Sources

• EIC Accelerator Success Case: Segler Consulting
• Energy Storage Journal Feature on Vanevo's Expansion