“We assume a public mission to support the decarbonization of the European economy”, says Andreia Fernandes (InnoEnergy)

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“We assume a public mission to support the decarbonization of the European economy”, says Andreia Fernandes (InnoEnergy)

During TBB 2024 (The Business Booster by EIT InnoEnergy), Welectric had the opportunity to speak with Andreia Fernandes, Country Manager of this organization in Portugal.

Welectric: What is EIT InnoEnergy?

Andreia Fernandes: EIT InnoEnergy is an innovation accelerator in the field of sustainable energy. This phrase encompasses a series of quite broad concepts. For us, the innovation triangle has three main pillars. The first is the market, which accepts innovation and solves problems. The second is talent. Without talent, without qualified people, it is not possible to develop a technology. The third pillar is entrepreneurs, people with a different vision, which do not need to be disruptive, but with the ambition to bring something new to the market. It is by combining these three pillars that we work on innovation. The acceleration component allows technology transfer to the market to be faster and have a greater impact.

We invest in TRL 5 or 6 projects, accelerating their entry into the market. The projects are still in the technological phase, and the transfer to the market transforms them into products or services. It is a high-risk journey for start-ups and usually takes a long time, as they need to transition from TRL 5 to TRL 9 to enter the market. We help these start-ups accelerate. When they plan to enter the market in three years, we try to make it in a year and a half, or less. Some technologies take much longer because each start-up, each technology, and each solution are unique. Some need 15 to 20 years to enter the market, while others need only one year. And sometimes good technology does not translate into good products. It is necessary to constantly adapt the direction of transforming technology into a product.

Andreia Fernandes, Country Manager of EIT InnoEnergy in Portugal

We have a fantastic network that can be seen here on TBB. We hold meetings with start-ups and with our team, which is fully committed, which is a source of pride for me. Every year we increase the number of participants and start-ups, and the feedback is very positive.

If we need to activate a resource that we do not have in our network, among our partners, or in our team, we seek out that resource. We work on the financial, legal, intellectual property, and talent aspects. Often a start-up does not advance due to a lack of talent, of people who know how to work on the project. We have a master’s program that has been running very successfully for over a decade. People who complete the master’s program enter the market already with the notions to understand whether the business is viable for the type of organization they work for.

W: What are the main markets in which InnoEnergy operates?

AF: We have a very close connection with the European Commission since the beginning of our activity and, as such, we assume a public mission, which is to support the decarbonization of the European economy. Our activity, particularly in terms of accelerating start-ups and creating talent, is very focused on Europe. But we know that energy is transversal and global. We recently opened an office in the United States. There is a transatlantic connection that makes a lot of sense, especially because they also invest heavily in technologies that are critical for us in Europe, such as sustainable gases, electric mobility, and batteries. All of this is important for Europe. If there is a solution that makes sense in the Middle East, Africa, or Asia, we try to open that market for the start-up or company we are supporting.

W: When did InnoEnergy start its activities in Portugal?

AF: We started activities in 2012 with the Portuguese founding partner, which was the Instituto Superior Técnico. The first activities were related to education. From there, we began to support start-ups and access entrepreneurs with innovative ideas, and we started investing in 2013. Since then, we have directly supported more than 30 start-ups. We make the first contact to see if we can help accelerate with impact. If yes, we invest. If not, we can help entrepreneurs with some suggestions and contacts. Currently, we have about 10 start-ups been supported in Portugal. Five were selected to come to TBB to showcase their solutions: Vertequip, Charge 2 Change (C2C), Enline, Eneida, and Fibersail are very interesting companies with applicable solutions in electricity grid monitoring, electricity storage, structure maintenance, and energy efficiency. These are hardware and software solutions that allow the monitoring and preventive maintenance of the electricity grid with Enline and Eneida, and solutions that also have an inclusion impact, such as Vertequip’s solution, which allows people with reduced mobility to work at heights, which is very interesting in terms of safety. We have the storage part, with supercapacitors, applicable to the logistics industry, particularly in long-haul trucks. Fibersail has an innovative solution to monitor and control the deflections of wind turbine blades.

Portuguese innovation is doing well and is highly recommended. Our entrepreneurs are well regarded, have very robust technical teams, and are highly adaptable to the market and customer service.

W: And is Portugal a good ecosystem for start-ups?

AF: Portugal is considered an excellent ecosystem for technological start-ups. In recent years, the country has stood out in the European innovation and entrepreneurship scene. Regulation is a very important part of energy. It is common to hear that Europe is quite bureaucratic and tends to oversee this sector a lot. This can delay innovation. But the market is very interesting for doing so-called innovation pilots to demonstrate technology. This step in the life of a technological start-up is vital; when everything seems to fit on paper, it still needs to be tested. Portugal is an interesting market for entrepreneurs from all over the world to come and test because Portuguese companies like innovative technology. Our economy is currently in a situation where it will have to decide whether it really wants to industrialize or focus on services. To industrialize, we need technology to increase efficiency and productivity and decarbonize. The decision-maker in our economic fabric is populated by small and medium-sized enterprises that are now thinking: how can I scale my business? Technology is a facilitator. Then we are in a very interesting phase of public funding for these small and medium-sized enterprises, whose financial capacity to invest in innovation or technology is limited.

W: How can a start-up request support from InnoEnergy?

AF: We are a European company with several entry points. Whether here in Portugal, or any other office in Europe, they can contact the local team, and we analyze the cases according to the thematic area of their application. Our contacts are on our website. We are on social media. Come talk to us.

W: What advice would you give to people who have an idea with potential and are willing to work many extra hours to achieve their goals?

AF: Many of us have an ambition, have an idea, but then we don’t feel we have a strong enough safety net. We don’t move forward. Try it. There are entities like EIT InnoEnergy that are here to provide that safety net. If you have an idea, if you have technology, come talk to us, and we will try to support you. It’s a matter of analyzing the potential impact it can have. The greater the impact, the greater the risk. But also, the greater the reward.

Photo by Nuno Marques at Unsplash