Volkswagen Becomes Strategic Partner of EIT InnoEnergy

Volkswagen Becomes Strategic Partner of EIT InnoEnergy

Volkswagen Becomes Strategic Partner of EIT InnoEnergy

Europe's largest energy-focused technology investor EIT InnoEnergy and Volkswagen AG announced a strategic partnership. Jens Wiese, Vice President of Investment, Acquisition, Merger and Partnership Relations at Volkswagen, said: “We will need a wide range of innovations to decarbonize the logistics industry. To achieve this, in the future, in addition to our own activities, we will need to collaborate more with start-ups. The partnership with EIT InnoEnergy will help us find the most promising companies from all areas of the energy transition, and we can then empower these companies to scale their business models.”

Diego Pavia, CEO of EIT InnoEnergy, added: “The logistics industry is going through one of its biggest transformations ever. Automotive companies are faced with a choice: “Manage this transformation or be led”. Volkswagen seized the opportunity to prevent this change and shape it. Therefore, as a new shareholder, we are even more proud to have Volkswagen among us and to take our cooperation to the next level. Looking at our 300 portfolio companies from all areas of sustainable energy, Volkswagen has great potential and we are joining forces to accelerate the decarbonisation of the transport sector.”

Volkswagen and EIT InnoEnergy are scheduled to cooperate for at least five years. EIT InnoEnergy and Volkswagen, which are also in the European Battery Alliance (EBA), take an active role in the development of a European battery industry that is open to international competition. Its annual GDP contribution is expected to reach €2025 billion by 250, creating four million direct and indirect job opportunities. The two companies also share the same vision as investors of Swedish green steel producer H2 Green Steel and Swedish battery company Northvolt. In addition, at the “Power Day” held last March, Volkswagen announced that it will establish six large-scale factories with a total production of 2030 gigawatt hours in Europe by 240, together with the partnerships it has established.

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