David Comellas and Raúl Aragonés are two Spanish innovators supported by the European Innovation Council. We had a chat with them after the publication of the successful closing of the latest investment round of €3 million and their recent agreement with the Abu Dhabi National Oil Company (ADNOC), the United Arab Emirate's largest oil company.
Tell us about your company.
AEInnova was established nine years ago as a spinoff from the microelectronics department of the Autonomous University of Barcelona and owes its inception to the initial support provided by the Repsol Foundation Entrepreneurs Fund and EIT Innoenergy.
The company identified a substantial energy inefficiency in major energy-consuming industries such as oil and gas, iron and steel, paper, and cement, resulting in the loss of approximately 20% of EU energy needs. Initially focusing on converting waste heat into clean electricity, AEInnova holds three international patents related to thermoelectric devices, energy harvesting, and IoT. The company has developed reliable technology with the assistance of the EISMEA H2020 SME Instrument, EIC Pilot, and the CINEA LIFE programme.
Over the years, AEInnova has achieved recognition through 31 national and international awards for its environmental contributions, emphasising alignment with the UN Global Compact SDGs, UN Ideas 4 Change, and the dena Energy Transition Award. Notably, it has been acknowledged as a key innovator in autonomous IoT sensors by the EU Innovation Radar. Recently, the European Commission chose to invest in AEInnova through its EIC FUND.
You just closed a round, what can you tell us about it?
AEInnova has secured a total of €8M since its inception, with €5M sourced from founders, angel investors, venture capital, and the EIC Fund, and an additional €3M in non-dilutive funds from EU and Spanish grants. The challenges associated with fundraising from venture capitalists, given geopolitical and economic factors, have led AEInnova to attract investment from business angels and family offices with a focus on climate change and confidence in the transformative potential of its solutions within a complex yet expanding market.
You recently signed an agreement with ADNCO, the largest oil company in the Emirates. Can you tell us some of the details and what you expect from the deal?
AEInnova has entered into a contract with Marjan Industrial Development, an esteemed engineering company in the region, granting exclusivity to sell AEInnova's technology to ADNOC. The partnership reflects a strategic alignment with ADNOC's commitment to adopting decarbonising technologies within the oil and gas sector. The company has engaged in significant discussions with ADNOC managers, including Dr Sultan Al Jaber, the COP28 chairman.
AEInnova's market reach extends beyond the UAE, with contracts and MoUs signed in Japan with CBC Group, ongoing projects in Malaysia, Kuwait, and India, and promising developments in Brazil and Turkey.
How has the EIC helped with your development? What is your opinion of BAS?
The EIC ecosystem has played a crucial role in establishing AEInnova’s reputation and building trust among customers. The Business Acceleration Services (BAS) provided by the EIC have been instrumental in presenting AEInnova's technology and business plan to potential major partners and clients, such as at the EIC Multi-Corporate Day with the European Chemical Industry Council (CEFIC), and showcasing the company at prestigious fairs and conferences, including Dubai Middle East Energy Fair 2023, GASTECH Singapore 2023, and GITEX Dubai 2023. AEInnova considers BAS a strategical partner in facilitating international growth and accelerating organic business development.
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About AEInnova
AEInnova is a company oriented to research, innovation, and development of new products related to alternative energies. In particular, its main objective is the development of technologies for the production of electrical energy through the recovery of waste heat (thermoelectrical energy harvesting). The company has received an amount of 1 million euros in the form of convertible participating loan granted by the EIC FUND, another 500.000 euros as grant, and finally another million in capital. The company will also have a minimum of two million euros from new investors via a recently opened round with venture capital funds.
Learn more about the EIC Funded AEInnova by visiting this link: https://eic.ec.europa.eu/eic-fund/eic-fund-portfolio/alternative-energy-innovations-sl_en
DISCLAIMER: This information is provided in the interest of knowledge sharing and should not be interpreted as the official view of the European Commission, or any other organisation.