Amsterdam-based global bank ING announced today an investment in EIT InnoEnergy, becoming the first financial institution shareholder in the sustainable energy-focused innovation and investment platform.

Launched in 2010, and supported by the European Institute of Innovation and Technology (EIT), EIT InnoEnergy is one of the largest climate tech and renewable energy tech investors, backing innovations across areas including energy storage, transport and mobility, renewables and sustainable buildings and cities. Since inception, EIT InnoEnergy has invested €560 million in over 380 companies. Other shareholders include Volkswagen, TotalEnergies, Naturgy, and EDF.

Jacob Ruiter, CEO EIT InnoEnergy Benelux said:

“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.”

The investment follows the announcement last year by ING that it has joined the Net-Zero Banking Alliance, and committed to orient its loan book towards aligning with a maximum global temperature rise of 1.5°C. The bank utilizes a “Terra approach” to align financing activities with global climate goals, assessing the technology shifts needed across various sectors in order to achieve the 1.5°C target. With today’s announcement, ING said that the new investment demonstrates the company’s commitment to support the energy transition.

Gido van Graas, global head of New Energy Technologies at ING said:

“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.”