Maltese-Dutch start-up FLASC B.V. has been selected for a prestigious grant under the European Innovation Council (EIC) Accelerator with their Offshore Energy Storage Solution.
The aim of the fund is to support deep tech breakthrough technology start-ups in Europe. In total, 42 companies has been selected to receive EIC funding, combining grants and equity, following the final 2023 EIC Accelerator cut-off in November. The companies were selected in a highly competitive process, in which 242 companies were interviewed by juries of experienced investors and entrepreneurs out of a total of 1083 full proposals submitted.
FLASC HPES (Hydro-Pneumatic Energy Storage) is a proprietary offshore energy storage solution, designed specifically for offshore applications. The solution is suitable for Bottom-Fixed & Floating Applications. FLASC can be deployed in a range of configurations.
The 42 selected companies will together receive up to €285 million in funding. A large majority of selected companies (62%) will receive the blended finance option, which is a combination of grants and equity investments. The equity investments will be made through the EIC Fund as the dedicated investment fund for EIC Accelerator companies, and which attracts other investors to increase the overall investment to over three times the EIC investment on average. The selected companies have a geographical spread spanning 15 countries, including three widening countries. Source: European Innovation Council
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