EIC Accelerator selects Efenco HERC technology for €10M funding to transform the energy industry
Updated: Dec 23, 2022
The European Innovation Council (EIC) announced on 19th of December 2022 its support for 78 companies from 17 countries (out of over 1000 applicants) with a total grant of €470 million. This includes €10 million granted to Efenco, which is developing HERC (High Energy Ray Ceramics) technology, which is designed to reduce natural gas needs and carbon emissions in industrial usage while transforming the energy industry towards hydrogen.
The European Innovation Council (EIC) is a body set up by the European Commission to provide funding and support for innovative start-ups, SMEs, and research projects, with the aim of promoting innovation and entrepreneurship in Europe. Through its Accelerator program, it provides grants and/or equity investments to companies that have promising business ideas or technologies that can potentially benefit society as a whole.
EIC support for Efenco is important because it helps reduce the amount of natural gas that needs to be used in the industry, primarily for the high-temperature process heat (HTPH) sector such as iron & steel, pulp & paper, chemical, and district heating industries - all sectors where natural gas and high-temperature process heat currently plays a large role.
HERC technology is a piece of art that has been developed in collaboration with experts in electronics, solid-state physics, nanomaterial-based emission electronics, cold plasma physics, general catalytic, and electrochemistry. HERC technology uses something called Plasma Assisted Combustion (PAC) to achieve this effect, cutting fuel costs and CO2 emissions by +18%. This revolutionary technology provides a whole new level of efficiency in burning methane, hydrogen, or their mixtures for industrial heat production.
With HERC, companies can in the near future reduce their environmental impact without sacrificing performance or profitability - making it an important step forward for environmental sustainability. This investment will allow Efenco to hire the necessary talent and take their developments further.
The selection of HERC technology from Efenco by the European Innovation Council (EIC) is a major event for the energy industry as a whole.
We are truly grateful to the European Innovation Council for recognizing HERC technology from Efenco as an innovative solution that can help shape a more sustainable future. We look forward to leveraging HERC technology’s potential impact on energy efficiency and sustainability. Thank you again for your support!
Thank you for your support! The Efenco Team
Click here to read the full EIC announcement or here for the list of selected companies