Volkswagen has invested in EU-backed sustainable energy company EIT InnoEnergy to a bid to boost carbon-neutral mobility.

The partnership involves Volkswagen becoming a new shareholder of EIT InnoEnergy.

“In order to decarbonise the transport sector, we will need a wide range of innovations,” said Jens Wiese, head of group M&A, investment and advisory, Volkswagen. “In addition to our own activities, in the future we will also increasingly rely on cooperation with start-ups to achieve this.

“The partnership with EIT InnoEnergy will help us find the most promising companies from all areas of the energy transition, which we can then support in scaling their business models.”

Both companies are planning joint innovation and investment activities designed to help innovative technologies and business models achieve economic breakthroughs which will contribute to the decarbonisation of the transport sector and accelerate the shift to electromobility.

“The transport sector is going through one of its biggest upheavals ever,” said Diego Pavia, chief executive of EIT InnoEnergy. “Automotive companies are faced with a choice: either drive this transformation or be driven.”

Pavia added: “ Looking at our 300 portfolio companies from all areas of sustainable energy, there is huge potential in Volkswagen and us joining forces to accelerate the decarbonisation of the transport sector.”

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