Global financial institution ING, headquartered in Amsterdam, has become the first financial institution shareholder of EIT InnoEnergy, the innovation engine for sustainable energy across Europe supported by the European Institute of Innovation and Technology (EIT), a body of the European Union.
Motivated not only by the urgent threat of climate change, but also by the belief that sustainability is a core value, ING is constantly setting new goals to contribute to the transition of the economy. The investment in EIT InnoEnergy demonstrates ING’s commitment to supporting the energy transition. ING joins other leading companies actively involved in the energy transition as a shareholder of EIT InnoEnergy, such as Volkswagen, TotalEnergies, Naturgy and EDF.
Since 2010, EIT InnoEnergy has invested €560 million in more than 380 companies with an expected combined turnover of over €16 billion by 2026. The most successful investments included in EIT’s portfolio InnoEnergy include lithium-ion battery manufacturer Northvolt, ultracapacitor energy storage solutions provider Skeleton Technologies, mobility solutions innovator Hardt Hyperloop and new integrated digital steel mill H2 Green Steel. In addition, more than 1,400 students have completed the EIT InnoEnergy master’s program, and many now work for major energy companies.
“Sustainable innovations that support the energy transition – such as green hydrogen or battery technologies – also depend on banks and businesses working together and investing in a green future. sustainable energy through its investment in EIT InnoEnergy is essential for us as we move towards 2022. Together, with leading financial and industrial companies, we are having a significant impact towards affordable and accessible energy around the world while reducing emissions,” said Jacob Ruiter, CEO EIT InnoEnergy Benelux.
“I am extremely proud that ING and our sustainable investment fund are part of the EIT InnoEnergy ecosystem, supporting the decarbonisation of society. Sustainability, energy innovations and the energy transition are priority areas at ING, as evidenced by our commitment to the Net-Zero Banking Alliance and the way we align our portfolio with net-zero climate objectives, for example. The partnership with EIT InnoEnergy is a major opportunity to further support the energy transition through new and clean energies such as battery storage, green hydrogen and solar photovoltaic,” said Gido van Graas, Global Head of New Technologies energy at ING.