The European Innovation Council helps one other 78 startups

As part of the European Innovation Council (EIC) Accelerator Program 2022, the Commission has selected 78 start-ups and SMEs to receive funding of up to 470 million euros.

Depending on their needs, each company receives up to 17.5 million euros in grants and/or participations.

The latter will be done through the EIC fund, which is now “fully operational” having appointed Luxembourg-based Alter Domus as external fund manager to streamline the equity payment process and avoid past delays.

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The heart of technology comes to the heart of the Mediterranean

The selected companies cover 17 EU and EEA countries as well as Israel and the United Kingdom.

Of these, 17% of the startups and SMEs are located in Germany, 14% in the Netherlands and 12% in France and Spain. These countries together make up 53% of the total sample.

Below is a detailed chart of the number of selected companies in each country:

Source: EIC Accelerator

And you can see on the map below that the selected startups are mainly based in western and northern Europe, while the eastern countries in the EU/EEA are not represented at all:

European Innovation Council Accelerator Funding 2022 for startups and SMEs

In particular, the sector receiving the most funding from the EIC is healthcare – 51% of the selected companies provide technologies for medical solutions. Other industries include mobility, climate management, energy storage, agriculture, manufacturing and AI.

Here are three notable examples of the finalists:

  • Spanish company Inbrain Neuroelectronics develops graphs for the development of neural interfaces to revolutionize the treatment of neurological diseases.
  • Based in Estonia, Efenco aims to reduce natural gas demand and CO2 emissions in industrial use by enabling industry to transition to hydrogen with HERC, a novel plasma-enhanced combustion (PAC) technology.
  • Energy Dome in Italy is working on a long-life battery energy storage system based on a closed thermodynamic cycle and using CO2 as the working medium. Thanks to the properties of carbon dioxide, the system can store energy efficiently and cost-effectively.

These 78 companies will join the 314 companies selected for funding so far by the European Innovation Council. This will continue to grow as the EIC’s accelerator fund has secured €1.13 billion for 2023.

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