Transport and mobility services are an important part of the EU economy, accounting for at least 5% of total value added and employing approximately 10.5 million people. As transport transitions to climate neutrality, it will continue to be the base of Europe’s economy. EIT Urban Mobility, an initiative of the European Institute of Innovation and Technology (EIT), a body of the European Union, invested in more than 60 start-ups in 2022 alone. By funding solutions with a variety in mobility subsectors, European regions, and team diversity, EIT Urban Mobility accelerates the innovation needed to reach climate neutrality.
As a result, passenger mobility is undergoing major changes and shifts to new paradigms and there is growing concern about the long-term sustainability of major transportation systems, particularly those in cities. Ride hailing (23%), and ridesharing (12%)1 are the most used new mobility services in Europe in 2022, while the electric vehicle market still a much smaller sector, is exploding. The Electric Vehicles market in Europe is projected to grow by 17.05% (2023-2027) resulting in a market volume of US$332.80bn in 2027.
Fredrik Hånell, Impact Ventures Director: “Europe leads not only in green and green-digital innovation, but also in innovation overall. To keep this up, EIT Urban Mobility boosted its investments to fund these 60 early-stage start-ups, which not only create a possible financial return but allows for us to also push for a strong focus on team and regional diversity, and environmental and social impact. European start-ups need to consider diversity and impact, to keep ahead of the curve, and defend our worldwide advantage.”
A closer look at 5 start-ups that are making an impact across Europe in electrical mobility:
- Elonroad’s disruptive technology is the ﬁrst electric road with a ground level feeding system tested in an urban environment with a city bus and other vehicles in the city of Lund. Their solution is enabling the reduction of the vehicles batteries size, making electric vehicles more sustainable and accessible and creating the most significant impact in the direct reduction of GHG emissions.
Circu Li-Ion (Luxembourg)
- By 2030, the EU will become second in demand for batteries worldwide yet increasing the number of new batteries isn’t a sustainable option. Circu-lion is upcycling batteries for the mobility sector and maximizing the value of each lion cell and consequently reducing the need for new batteries production. Not only does their solution have a positive environmental footprint, but they are also creating a significant impact on the circular economy in the battery industry.
- Waybler is accelerating the Electric Vehicle adoption and its infrastructure. By having an intelligent load balancing and phase distribution technology, they are directly creating a positive impact in energy savings and efficiency.
- Chainge is replacing diesel vans with electric cargo bikes in last mile logistics. Due to the decrease on the number of vehicles around the city (no road congestion) and consequently massive reduction of hazardous emissions produced and air pollution, their product has a positive environmental impact.
Inbalance Grid (Lithuania)
- Inbalance grid is focusing on electric vehicle charging with the goal of making charging available everywhere. Their cloud balancing solution improves energy efficiency as well as reduces environmental impact of cities in terms of air quality by indirectly contributing to the reduction of GHG emissions. At the same time, their solution promotes the adoption of clean technologies and reduces the material consumption/waste due to extending the grids’ lifetime.
More information about these start-ups, and our other 33 start-ups working on electrical vehicles, and the complete EIT Urban Mobility portfolio can be found: Portfolio – EIT Urban mobility
In 2022, a staggering 87% of all VC funding in Europe continues to be raised by male-only founding teams, while the proportion of funding raised by women-only teams has dropped to 1%, according to the State of European Tech. Within EIT Urban Mobility’s portfolio, 40% of the total funding is assigned to female-led and co-led start-ups.
By focusing on investing in all European regions, EIT Urban Mobility supports innovation to improve urban mobility and the creation of livable cities for all European citizens. Examples of these new geographical investments are Estonia (Lightcode and Fyma), Hungary (M3ter and FolderGo) and Lithuania (Walk15 and Inbalance Gri). In 2022, EIT Urban Mobility also diversified its portfolio with investments in new verticals, e.g. ConTech (Propergate), InsurTech (GoCleer), Hydrogen (Digas) and Water Mobility (Hyke and Zeabuz). Mioo Cycling solution enables easy access to bicycle repair and maintenance, which creates a positive impact on people’s health and safety. By encouraging active mobility, they are also contributing to a positive environmental impact. EIT Urban Mobility keeps looking for the most prominent entrepreneurs to disrupt the European mobility industry. The next open call for investments will open in March. Sign up to receive a notification when the call opens.