Supporting Energy Transition: ING, First Financial Institution Shareholder in EIT InnoEnergy
Amsterdam headquartered global financial institution ING, has become the first financial institution shareholder in EIT InnoEnergy, the innovation engine for sustainable energy across Europe supported by the European Institute of Innovation & Technology (EIT), a body of the European Union.
Motivated not only by the urgent threat of climate change, but also by the conviction that sustainability is a core value-driver, ING is constantly setting new targets to contribute to the transition of the economy. The investment in EIT InnoEnergy is a testament to ING’s commitment to support the energy transition. ING joins other leading companies actively involved in the energy transition as an EIT InnoEnergy shareholder, such as Volkswagen, TotalEnergies, Naturgy, and EDF.
Since 2010, EIT InnoEnergy has invested EUR 560 million in over 380 companies with a combined forecasted turnover of over EUR 16 billion by 2026. Standout successful investments included in EIT InnoEnergy’s portfolio include lithium-ion battery manufacturer, Northvolt, ultracapacitor energy storage solutions provider Skeleton Technologies, mobility solutions innovator Hardt Hyperloop and integrated, digital greenfield steel plant H2 Green Steel. Furthermore, more than 1,400 students have completed the EIT InnoEnergy Master’s programme, and many are now working for major energy companies.
“Sustainable innovations that support the energy transition – like green hydrogen or battery technologies – also depend on banks and companies working together and investing in a green future. ING’s pioneering commitment to sustainable energy through its investment into EIT InnoEnergy is a pivotal one for us as we move into 2022. Together, with major financial and industrial businesses we are making significant impact towards affordable energy which is accessible globally while reducing emissions,” said Jacob Ruiter, CEO EIT InnoEnergy Benelux.
“I am extremely proud that ING and our Sustainable Investment Fund became part of EIT InnoEnergy’s ecosystem, supporting the decarbonisation of society. Sustainability, energy innovations and the energy transition are focus areas at ING, as demonstrated by our commitment to the Net-Zero Banking Alliance and how we’re aligning our portfolio with net-zero climate goals, for example. Partnering with EIT InnoEnergy is a major opportunity to further support the energy transition through new and clean energies like battery storage, green hydrogen and solar PV,” Gido van Graas, global head of New Energy Technologies at ING, noted.