EIT InnoEnergy welcomes ING as 1st financial institution shareholder

Image by EIT InnoEnergy SE (www.innoenergy.com)

January 13 (Renewables Now) - Dutch banking group ING Group (AMS:INGA) has invested in sustainable energy accelerator EIT InnoEnergy, becoming the first financial institution to join its shareholders, the firms said today.

EIT InnoEnergy is supported by the EU’s European Institute of Innovation and Technology (EIT) and its shareholders include companies such as Volkswagen, TotalEnergies and EDF. Since 2010, the entity has put EUR 560 million (USD 637m) into more than 380 companies which are expected to have a combined revenue of over EUR 16 billion by 2026. Prominent investments include lithium-ion battery maker Northvolt, ultracapacitor energy storage business Skeleton Technologies and mobility innovator Hardt Hyperloop, it noted.

“Sustainable innovations that support the energy transition – like green hydrogen or battery technologies – also depend on banks and companies working together and investing in a green future,” commented Jacob Ruiter, chief executive of EIT InnoEnergy Benelux.

“Partnering with EIT InnoEnergy is a major opportunity to further support the energy transition through new and clean energies like battery storage, green hydrogen and solar PV,” said Gido van Graas, global head of New Energy Technologies at ING.

The amount of the investment by ING and its Sustainable Investment Fund was not specified.

(EUR 1 = USD 1.137)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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