Accelerate the Energy Transition Through Open Innovation

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With technology continually reshaping the demand/supply dynamics, businesses must acknowledge and leverage these groundbreaking innovations to evolve their current business strategies and cater to customer demands. Anticipating what lies ahead is imperative for maintaining a competitive edge in the energy transition.

innovation scouting for the energy transition

The energy sector faces mounting challenges to discover and implement innovative technologies amidst the ongoing rise in global energy demand. Some of the areas where change is happening are:

Blockchain technology is poised to revolutionise traditional transaction systems by eliminating the need for intermediaries through a transition from centralised to decentralised structures. This shift facilitates various processes, including asset management, emission allowances, and renewable energy certificates, and serves as the foundation for metering, billing, and clearing processes.

Microgrid. The conventional energy grid requires modernisation. Decentralised microgrids offer an alternative solution, accessible to all, promoting more efficient and sustainable energy production. Additionally, microgrids enable energy generation, purchase, and selling, fostering peer-to-peer energy trading.

Startup Scouting for Corporate Innovation with Novable

Big data. In the energy sector, big data empowers accurate anticipation of energy demands. Renewable energy sources equipped with big data analytics outperform fossil fuels, gathering real-time data and integrating it with satellite, radar, and weather station data.

Storage. Storage remains a significant challenge in the energy industry. However, technologies like Concentrated Solar Power (CSP) aim to address this challenge by complementing PV systems. Advancements in technologies such as air-breathing batteries, lithium-air batteries, thermal storage, lithium-sulfur batteries, and fuel cells are also anticipated.

Smart meters. Smart meters have seen extensive adoption across Europe. This technology enables the monitoring of household energy usage and analysis of user behaviour using machine learning, ultimately leading to reduced energy consumption.

Renewable energy. Renewable energy serves as a pathway to a more sustainable energy future. Wind installations, solar solutions such as photovoltaic cells, solar-powered water pumps, printable solar panels, and geothermal solutions are reshaping the energy landscape.

Scouting in the energy sector

There has never been a more opportune moment to be an energy tech scout. With the growing urgency to address climate change, investments in climate-related technologies are surging. This surge in investment has led to a proliferation of startups, technologies, and innovations in the energy transition.

For companies seeking to invest, the landscape is abundant yet fiercely competitive. Effective tech scouts are essential to pinpoint investments that not only promise groundbreaking innovations but also have the potential for successful commercialisation and widespread deployment. This work is not only crucial but also inspiring: scouts who identify impactful climate technology investments are playing a vital role in combating climate change.

Novable can identify these solutions and ensure that they align with your mission of accelerating decarbonisation.

1 Focus on your value proposition

According to PwC, over 1.200 climate tech startups have emerged since 2013, showcasing technologies that range from harnessing tidal energy to utilising AI for electrical transmission and distribution management.

To streamline investing efforts, it’s crucial to identify the technologies that can maximise your project and help overcome your innovation challenges. Successfully bringing new climate technologies to market requires more than just an innovative concept and promising engineering. It necessitates strategic partnerships with experts possessing deep industry knowledge and extensive connections. Novable will be your best friend in doing that.

2 Target short- and long-term opportunities

While decarbonisation is a long-term endeavour, market pressure for rapid progress is mounting. This urgency highlights the need for incremental solutions that can deliver immediate impact, leveraging existing technologies. Big corporations must strike a balance between seizing market-ready decarbonisation technologies and nurturing longer-term solutions.

Consider green hydrogen. While it is poised to be pivotal in the energy transition, its widespread adoption hinges on economic viability for production and transportation. Investing in the production of blue and turquoise hydrogen now fortifies the ecosystem in preparation for green hydrogen’s maturity. Conversely, C-Zero is still in the early stages of technological development, and Infinium occupies an intermediate position between the two.

This diversified portfolio provides multiple pathways for growth and adaptation, giving insights into the practical applications and potential of these emerging technologies.

startup scouting for corporate innovation

3 Empowerment lies within individuals as well

While innovative technologies are crucial, the people driving them forward are equally significant. They form the cornerstone of collaboration. Seasoned leadership and a robust management team substantially enhance a startup’s chances of successfully developing and scaling technology.
Collaborating with organisations unwilling or unable to embrace this approach is not productive or efficient.

Given the urgent global challenges and constrained timeframes, it’s imperative to multiply achievements. This sense of purpose, coupled with the convergence of exceptional talent pursuing ambitious and sophisticated innovations, heralds a golden era for tech scouting. The opportunities and potential rewards have never been more promising.

Open innovation in the energy sector

Open innovation is increasingly prevalent within the energy sector, with many companies actively engaging with startups to stimulate creativity and innovation. This collaborative approach enables them to harness the potential of enthusiastic entrepreneurs, fostering an environment of ongoing progress.

Numerous major players in the energy industry have made investments in startups, yielding impressive outcomes. These startups introduce new technologies, enhance customer service, and offer innovative solutions, leading to more effective and sustainable energy production.

Through open innovation, energy companies establish partnerships with startups, collaborating on targeted projects and local initiatives to develop novel products and services. This symbiotic relationship benefits both parties: the energy company gains access to cutting-edge technologies and concepts, while the startup receives exposure and financial backing.

Advantages of open innovation for energy enterprises

Stimulating innovation. Open innovation environments foster the cultivation and refinement of innovative ideas, serving as hubs for knowledge exchange. This facilitates the creation of groundbreaking products or business models.

Accessing advanced technologies. Through open innovation, you can tap into cutting-edge emerging technologies, empowering you to enhance or develop solutions that align with the present and future energy demands worldwide.

Talent accessibility. Leveraging external sources such as universities, startups, and research institutions grants you access to the expertise required for creating innovative solutions, ensuring you maintain a competitive edge.

Diversifying revenue streams. Collaborating with external entities allows you to identify and capitalise on previously untapped business opportunities, facilitating the diversification of income streams and bolstering profitability.

Co-creation potential. Engaging with customers, partners, and stakeholders provides invaluable insights into customer preferences, industry challenges, and emerging technologies. This knowledge informs the development of new products and services more efficiently.

Time and cost efficiency. Partnering with external sources grants you access to resources, tools, and expertise necessary for the swift and cost-effective development of new products and services. This streamlines the innovation process, reducing overhead costs and accelerating time-to-market.

What is your opinion on the topic? What do you think the next step will be in the energy transition? Share your thoughts with us on LinkedIn!

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