With €2 million support through the Cyprus Research and Innovation Foundation's STEP Award, EnergyIntel is creating a production line for proven and independently certified Cypriot technology, from innovation and testing in real conditions to industrial scale.
EnergyIntel, which delivers renewable energy solutions for homes and businesses, has announced the move following the official signing of the €2 million funding agreement under the STEP Award, through RIF.
As noted in the company's announcement, the funding marks the transition of a proven and independently certified Cypriot energy storage technology from the development and testing stage in real conditions, to the industrial production stage in Cyprus, a milestone not only for the company, but also for Cypriot innovation.
"At a time when Europe is accelerating its transition towards clean, resilient and strategically important energy technologies, EnergyIntel’s success at the STEP Award confirms that Cyprus can play an active role in the new European clean industry. Not just as a market that adopts technology, but as a country that can design, develop, manufacture and export solutions with an international perspective," the announcement noted.
"For EnergyIntel, this funding is not just a recognition of its technology," the announcement continued, "It is a commitment to implement and accelerate its transition from technology development to industrial production. It is the next step in a long-term path of research, development and validation, with the aim of creating a new production activity in Cyprus with an international orientation."
It went on to note that, "The journey to this point did not begin today. EnergyIntel’s thermal energy storage solution began as an innovation with significant potential. Then, through the DISRUPT Grant awarded to the company in 2023, worth €1.5 million, the company was able to test, validate and implement its technology in real-world operating conditions. Today, with ten E247-V1 units already in operation in four countries, the technology has now moved from theory to practice."
The company also noted that the technology has been independently certified by DNV, one of the leading international assurance and risk management organisations.
The STEP Award opens the next chapter: industrial production
The funding will support the creation of a state-of-the-art production line in Cyprus, with a production capacity of up to 1,000 E247-V1 thermal storage units per year. This new production capacity strengthens EnergyIntel’s ability to transform a proven technology into an industrial-scale product, with a real contribution to the energy transition, the creation of green jobs, the strengthening of local know-how and the export potential of Cypriot innovation.
At the European level, the project aligns with the need to strengthen critical clean technologies, reduce strategic dependencies and accelerate the development of long-term energy storage solutions. Storage is one of the most critical pillars for the exploitation of renewable energy sources, as it enables clean energy to be used more efficiently, more flexibly and more reliably, the cmpany noted.
“The signing of the funding agreement for the STEP Award is a decisive step for EnergyIntel and for the course of a technology developed in Cyprus with the aim of responding to one of the greatest challenges of the energy transition: energy storage," EnergyIntel CEO Eugenia Herodotou commented. "With this support, we move from confirming our technology to its industrial production. Our ambition is not limited to the development of innovation," she continued, adding, "Our goal is to create technology that is made in Cyprus, serves international markets and contributes substantially to Europe's energy security and decarbonisation. The STEP Award enables us to accelerate this transition and demonstrate in practice that Cypriot innovation can evolve into industrial production with an international footprint."
By establishing a production base in Cyprus, EnergyIntel strengthens its position in the European clean technology value chain and confirms its strategic orientation: to transform research into technology, technology into industrial production and production into real energy value for Europe and international markets, the company also pointed out.
About EnergyIntel
EnergyIntel is a Cypriot energy technology company that has been developing proprietary, patented solutions through its own research and development department since 2006.
Its portfolio covers energy storage, photovoltaic systems and advanced energy management technologies, with an emphasis on innovation, scalability and export potential.
Under the strategic brand "Energy Evolved", EnergyIntel is evolving from a well-known local player into a technology player with an international perspective, transforming Cypriot innovation into clean energy solutions for Europe and beyond, the announcement concludes.
