Energy related companies in Romania can lure investments via EIT InnoEnergy’ PowerUp! Challenge

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Romanian companies with products and services in areas such as energy, mobility, cleantech, smart cities can apply by 6 March 2020 here to the PowerUp! Challenge organised in our country by InnoEnergy through REPOM, one of the companies that form the corresponding InnoEnergy local hub. The national final of the competition will take place under the umbrella of the preeminent event in the energy field – “Energy Day Brasov”.

PowerUp! initiative serves as the gateway for innovative enterprises at all stages of development to tap into InnoEnergy’s unique offering of services. As a co-creator, smart investor, and industry catalyst, InnoEnergy helps entrepreneurs and ventures to realize their unique ideas with go to market support, to scale up, or expanding the companies’ footprint globally.

If selected, InnoEnergy’s professional team helps companies (start-ups, scale-ups and SMEs) to monetize their ideas and expand to international markets. Chosen companies have the opportunity to get substantial funding up to multi-million euro investments.

In Romania, local company Ringhel was the first to enter the InnoEnergy ecosystem. Ringhel is a energy software company with a market share of over 50%. Ringhel’s vision is to transform the way energy and gas companies react to market and regulatory changes, implementing solutions that allow utility providers to act and react quickly. As a growing business, Ringhel will get support from InnoEnergy to enter new markets and manage efficiently the supply chain. Ringhel’s focus is to enhance technology at the highest level and to translate it in easy and innovative platforms/products to their clients, to help them grow and secure their business in a dynamic and trusted environment.

PowerUp is a high-level competition for more mature startups, where they will be able to pitch and meet investors. In the meantime, we aim to bring Romanian start-ups, innovators, SMEs to the table with the InnoEnergy acceleration ecosystem and I’m very glad that this year we already have the first Romanian startup that has received investment from InnoEnergy. Ringhel is an energy software company from Bucharest. They are our first success story and we hope that many more startups will grow out of InnoEnergy’s programs and that they will join the ecosystem, will receive investments and will become global or at least European players in the energy innovation market based on the services that we provide,stated Ionut Tata, director of the InnoEnergy’s local hub.

In the last five years of the programme, InnoEnergy supported around 200 ventures, 121 of which are already selling their solutions, and have helped them raise €117m in external funding. Those start-ups have 42 patents filed, and their average time to market is just 16 months.

Applicants that are in the start-up phase will automatically enter the competition for the Start-up of the Year title. Winners of the Country Finals will compete during the Grand Final at impact’20 – the biggest economic event in Central-Eastern Europe. The best start-ups will receive financial prizes (1st €50 000, 2nd €10 000, 3rd €5 000) and all finalists will get a chance to present their ideas to the biggest industry representatives and VCs. The Romanian Final will take place in Brasov, on May 17, as part of  “Energy Day Brasov” event.

To apply for the PowerUp! Challenge companies need to submit their applications by 6 March 2020 via the InnoEnergy website: https://powerup.innoenergy.com.

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