EIC Accelerator and the Vanevo GmbH Success Case

The EIC Accelerator funding (grant and equity, with blended financing option) by the European Innovation Council (EIC) and European Commission (EC) has recently closed its latest financing cut-off with a total budget of €396.7 million (read: Diverse Grant Strategy).

The 75 winners are startups and Small- and Medium-Sized Enterprises (SME) from 21 countries who requested grant and blended financing support back in June 2022 and, after passing all evaluation steps, they have finally been rewarded (read: Interview Preparation Process).

The EIC program awards up to €2.5 million in grant and €15 million in equity financing per project (€17.5 million total) which provides a lucrative option for startups that are currently building innovative projects, especially those in the DeepTech space.

With the official proposal template having grown in size due to the latest change in the application framework, many companies rely on external consultants, professional writers or freelancers to help them prepare a successful application but it is very feasible to perform such a grant proposal in-house (read: Consultancies for the EIC Accelerator).

EIC Accelerator Results June 2022

The EIC has announced the latest cut-off results online (PDF, Web, Twitter) and the following statistics can be extracted.

Success Rates

986 Step 2 applications were received in the June 15^th cut-off with 74% applying for the EIC Open as opposed to the Strategic Challenges. 638 companies (65%) requested blended financing while 158 (16%) requested grant-only and 190 (19%) grant-first.

When regarding the success rates from Step 2, this yields the following percentages for each application type:

• Grant-first: 24 of 190 applicants succeeded with a 12.6% success rate.
• Grant-only: 8 of 158 succeeded with a 5.1% success rate
• Blended financing: 43 of 638 succeeded with a 6.7% success rate
• Overall: 75 of 986 gives an average success rate of 7.6%

It is important to note that the Step 1 success rates of 50-80% have to be included in the assessment which will lower success rates slightly. It is also interesting to consider that 7 out of the 8 grant-only winners are from the UK who only had the grant-only option. This can be a sign that the EIC wants to avoid handing out pure grants without the chance of following up with the EIC Fund's equity at a later stage (grant-first) or right away (blended).

Grant vs. Equity

Grant-first: 24 Companies (or 32%) are receiving grant-first contributions which is the model where a company is looking to cover innovation activities up to TRL8 with the EIC contribution. These companies can choose to apply for the EIC Fund's equity at a later date to reach TRL9 (read: Inside Look into the EIC Fund).

Blended financing: 43 Companies (or 57%) are receiving blended financing which includes both the grant and the EIC Fund’s equity contribution and the expected end of the project is TRL9 (read: Technology Readiness Levels).

Grant-only: 8 Companies (or 11%) have decided to apply for grant-only support with the goal of reaching TRL9. Since this is the only available funding option for UK companies, it is unsurprising that 7 out of the 8 grant-only winners are from the UK.

In total, 43% of all funded companies receive a pure grant while 57% are receiving a mix of grant and equity financing while there are no companies who will receive equity-only support.

Geography

From a geographical perspective, the winners are located in:

• 13 in France,
• 8 in Germany,
• 7 in the United Kingdom,
• 6 in the Netherlands,
• 5 in Sweden,
• 4 in Austria,
• 4 in Ireland,
• 4 in Israel,
• 3 in Belgium,
• 3 in Finland,
• 3 in Norway,
• 3 in Spain,
• 2 in Denmark,
• 2 in Italy,
• 2 in Portugal,
• 1 in Czechia,
• 1 in Estonia,
• 1 in Greece,
• 1 in Iceland,
• 1 in Romania,
• 1 in Slovenia.

Only 21 countries are represented among the winners which means that countries such as Luxembourg, Bulgaria, Latvia or Cyprus as well as all other third countries have had no approved projects during this cut-off.

Budget

Considering the EIC’s statement that 88% of applicants receive grant and equity financing and that there are no equity-only projects during this cut-off, the 32 companies receiving grant-only or -first support are sharing 12% of the total €396.7M budget yielding an average grant of €1.49M.

Vanevo: Successful Grant Application

Vanevo is setting a new standard for RedOx flow batteries through their platform technology approach. By reinventing and simplifying the manufacturing process of the battery stack and delivering a uniquely versatile and scalable business model, they are able to accelerate the mass adoption of RedOx flow technologies in critical sectors that require long-term energy storage.

Supported by Segler Consulting, Vanevo was awarded the EIC Accelerator grant in October 2022 which will allow them to reach commercial readiness and realise their vision of low-cost, sustainable and low-emission energy storage.

These tips are not only useful for European startups, professional writers, consultants and Small and Medium-Sized Enterprises (SME) but are generally recommended when writing a business plan or investor documents.

Deadlines: Post-Horizon 2020, the EIC Accelerator accepts Step 1 submissions now while the deadlines for the full applications (Step 2) under Horizon Europe are listed below. The Step 1 applications must be submitted weeks in advance of Step 2. The next EIC Accelerator cut-off for Step 2 (full proposal) can be found here. After Brexit, UK companies can still apply to the EIC Accelerator under Horizon Europe albeit with non-dilutive grant applications only - thereby excluding equity-financing. Switzerland has resumed its participation in Horizon Europe and is now eligible for the EIC Accelerator.

Contact: You can reach out to us via this contact form to work with a professional consultant.

AI Grant Writer: ChatEIC is a fully automated EIC Accelerator grant proposal writer: Get it here.

Eureka Network: The Eureka Network delivers various international collaborative R&D initiatives such as Network Projects, Clusters, Eurostars, Globalstars, and Innowwide, providing funding from €50K to €6.75M per project based on the specific initiative. This network emphasizes market-driven innovation and deep-tech advancement across multiple technology sectors including ICT/Digital, Industrial/Manufacturing, Bio/Medical Technologies, Energy/Environment, Quantum, AI, and Circular Economy. Eligible participants include SMEs, large enterprises, research organizations, universities, and startups, with Eurostars particularly focused on R&D-performing SMEs. Get Started

EIC Transition: EIC Transition delivers up to €2.5 million in funding to overcome the 'valley of death' gap between laboratory research and market deployment, emphasizing technology maturation and validation. The initiative supports single legal entities or small consortia of 2-5 partners including SMEs, start-ups, spin-offs, and research organizations. Key technology domains include Health/Medical Technologies, Green/Environmental Innovation, Digital/Microelectronics, Quantum Technologies, and AI/Robotics. Get Started

EIC STEP Scale-Up: EIC STEP Scale-Up delivers significant equity investments of €10-30 million for established deep-tech companies prepared for hyper-growth and large-scale expansion. The initiative targets SMEs or small mid-caps with up to 499 employees who have obtained pre-commitment from qualified investors. Primary focus areas include Digital & Deep Tech (Semiconductors, AI, Quantum), Clean Technologies for Net-Zero objectives, and Biotechnologies. Get Started

EIC Pre-Accelerator: EIC Pre-Accelerator represents a 2025 pilot initiative delivering €300,000-€500,000 in funding for early-stage deep-tech development and preparation for the EIC Accelerator program. This program is exclusively accessible to single SMEs or small mid-caps from 'Widening countries' to foster regional innovation development. The initiative encompasses deep-tech innovations across physical, biological, and digital domains. Get Started

EIC Pathfinder: EIC Pathfinder delivers up to €3 million for Open calls and up to €4 million for Challenge-based calls to support early-stage research and development with proof-of-principle validation. The initiative requires research consortia with a minimum of 3 partners from 3 different countries, including universities, research organizations, and SMEs. Primary technology focus areas include Health/Medical, Quantum Technologies, AI, Environmental/Energy, and Advanced Materials. Get Started

EIC Accelerator: EIC Accelerator delivers flexible funding options including blended finance (€2.5M grant + €0.5M-€10M equity), grant-only (up to €2.5M), or equity-only arrangements for scale-up and market deployment of breakthrough innovations. The initiative targets SMEs, start-ups, and small mid-caps with up to 499 employees, with MedTech/Healthcare representing 35% of funded projects. Additional technology areas include Biopharma, Energy, AI, Quantum, Aerospace, Advanced Materials, and Semiconductors. Get Started

Innovation Partnership: Innovation Partnership enables collaborative innovation between public and private sectors with typical funding of €1-5 million per project. The initiative supports cross-sectoral strategic technologies through public-private partnerships and consortia. Projects concentrate on addressing societal challenges through collaborative innovation approaches. Get Started

Innovation Fund: The EU Innovation Fund delivers substantial funding of €7.5 million to €300 million for large-scale demonstration of innovative low-carbon technologies. The initiative targets clean energy, carbon capture, renewable energy, and energy storage technologies to accelerate the transition to a low-carbon economy. Eligible participants include large companies, consortia, and public entities capable of implementing large-scale demonstration projects. Get Started

Innovate UK: Innovate UK delivers various programs with funding ranging from £25K to £10M depending on the specific initiative, supporting business-led innovation, collaborative R&D, and knowledge transfer. The organization funds projects across all sectors with particular emphasis on emerging technologies and supports UK-based businesses, research organizations, and universities. Programs are designed to drive economic growth through innovation and technology commercialization. Get Started

Industrial Partnership: Industrial Partnership delivers €2-10 million in funding for industrial research and innovation partnerships focusing on manufacturing, industrial technologies, and digital transformation. The initiative supports industrial consortia and research organizations in developing collaborative solutions for industrial challenges. Projects aim to strengthen European industrial competitiveness through strategic partnerships. Get Started

Eurostars: Eurostars represents a joint EU-Eureka initiative delivering €50K-€500K for international R&D collaboration specifically led by SMEs. The program adopts a bottom-up approach, accepting projects from all technology fields without predefined thematic restrictions. R&D-performing SMEs must lead the consortium and demonstrate significant R&D activities. Get Started

LIFE Programme: The LIFE Programme delivers €1-10 million in funding for environmental protection, climate action, and nature conservation projects across the European Union. The initiative supports environmental technologies, climate adaptation strategies, and biodiversity conservation initiatives. Eligible participants include public authorities, private companies, NGOs, and research institutions working on environmental and climate challenges. Get Started

Neotec: Neotec represents a Spanish initiative delivering €250K-€1M in funding for technology-based business creation and development, supporting the growth of innovative Spanish SMEs and start-ups. The program covers all technology sectors and aims to strengthen Spain's technology ecosystem. Funding is specifically targeted at Spanish technology-based SMEs and start-ups to enhance their competitiveness and market presence. Get Started

Thematic Priorities: EU Thematic Priorities encompass various programs aligned with EU strategic priorities including green transition, digital transformation, health, and security initiatives. Funding amounts vary based on the specific program and call requirements, with projects designed to address key European challenges. Applicant eligibility varies by specific program and call, with different requirements for different thematic areas. Get Started

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