International. EIT InnoEnergy, a global innovation company for sustainable energy, and Volkswagen AG have announced a strategic partnership. Both companies are planning joint innovation and investment activities designed to help innovative technologies and business models achieve economic advances that contribute to the decarbonisation of the transport sector and accelerate the shift towards electric mobility. With the partnership Volkswagen becomes a new shareholder of EIT InnoEnergy.
Commenting on strategy, Jens Wiese, Head of Mergers and Acquisitions (M&A) and Investment and Partnership Advice at Volkswagen, said: "To offload the transport sector, we will need a wide variety of innovations. In addition to our own activities, in the future we will also increasingly count on the cooperation of new start-ups to achieve this goal."
Wiese added that the partnership with EIT InnoEnergy will help find the most promising companies from all areas of the energy transition and, in turn, will be able to expand their business models.
Likewise, Diego Pavía, the CEO of EIT InnoEnergy argued that: "The transport sector is going through one of the biggest transformations in its history. Car companies face a dilemma: take the reins of this transformation, or let themselves be carried away by it. Volkswagen has seized the opportunity to spearhead this change and shape it. For this reason, we are even more proud to have Volkswagen as a new shareholder and take our collaboration to the next level."
"If we take a look at our 300 portfolio companies from all walks of life in sustainable energy, we can see that there is enormous potential for Volkswagen and us to join forces to accelerate the decarbonisation of the transport sector."
Partnership and its contribution to GDP
Volkswagen and EIT InnoEnergy already have more than five years of cooperation. As key players in the European Battery Alliance (EBA), they are very committed to the development of an internationally competitive European battery industry.
According to the company, "it is analyzed that its contribution to annual GDP reaches 250,000 million euros from 2025 and that it creates four million direct and indirect jobs."
Notably, the two companies also share their commitment as investors in Swedish fossil-free steel manufacturer "H2 Green Steel" and Swedish battery company Northvolt.
