With €2 million in support through the STEP Award, via the Research and Innovation Foundation (RIF) of Cyprus, EnergyIntel is scaling up a proven and independently certified Cypriot technology from real-world validation to industrial production.
EnergyIntel announces the official signing of a €2 million funding agreement under the STEP Award, through the Research and Innovation Foundation (RIF) of Cyprus. The funding marks the transition of a proven and independently certified Cypriot energy storage technology from development and real-world testing to industrial production 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 under the STEP Award demonstrates that Cyprus can play an active role in Europe’s emerging clean-tech industrial base. Cyprus is not only a market that adopts technology, it can also design, develop, manufacture and export high-value solutions with international reach.
The Strategic Technologies for Europe Platform (STEP) framework reflects one of the European Commission’s strongest priorities: scaling up strategic technologies developed in Europe and turning them into globally recognised products with the capacity to compete internationally. In this context, EnergyIntel’s project contributes directly to Europe’s effort to build a competitive advantage in clean technologies, strengthen industrial capacity, reduce strategic dependencies and create European solutions for global energy challenges.
This is especially important for long duration energy storage, a sector expected to address a market opportunity exceeding €2.5 trillion by 2040. The ability to scale technologies such as EnergyIntel’s E247-V1 creates value well beyond national borders, supporting Europe’s energy security, decarbonisation and long-term industrial competitiveness.
For EnergyIntel, this funding is not simply a recognition of its technology. It is a commitment to implementation and acceleration: the next step in a long journey of research, development and validation, with the aim of creating a new industrial activity in Cyprus with a clear international orientation.
The journey to this point did not start today. EnergyIntel’s thermal energy storage solution began as an innovation with significant potential. Through the DISRUPT Grant awarded to the company in 2023, amounting to €1.5 million, EnergyIntel was able to test, validate and deploy its technology under real operating conditions.
Today, with ten E247-V1 units already operating in four countries, the technology has moved from concept to practice.
The technology has also been independently certified by DNV, one of the world’s leading assurance and risk management organisations.
The STEP Award opens the next chapter: industrial production.
The funding will support the creation of a modern production line in Cyprus, with an annual capacity of up to 1,000 E247-V1 thermal energy storage units. This new production capability strengthens EnergyIntel’s ability to turn a validated technology into an industrial-scale product, with a tangible contribution to the energy transition, the creation of green jobs, the development of local technical expertise and the export potential of Cypriot innovation.
For Cyprus, the project represents a major opportunity to move higher in the clean-tech value chain by exporting technology and energy storage products with strong commercial relevance. It positions the country as a producer of advanced energy solutions, not only as a consumer of them, and showcases how Cypriot research and innovation can evolve into manufacturing activity with international commercial impact.
At European level, the project is aligned with the need to strengthen critical clean technologies, reduce strategic dependencies and accelerate the deployment of long-duration energy storage solutions. Storage is one of the most important pillars of renewable energy deployment, enabling clean energy to be used more effectively, flexibly and reliably across the energy system.
“The signing of the funding agreement for the STEP Award is a decisive step for EnergyIntel and for the journey of a technology developed in Cyprus to address one of the greatest challenges of the energy transition: energy storage. With this support, we are moving from technology validation to industrial production. Our ambition is not limited to developing innovation. Our goal is to create technology that is manufactured in Cyprus, serves international markets and contributes meaningfully to Europe’s energy security, decarbonisation and industrial competitiveness. The STEP Award enables us to accelerate this transition and demonstrate in practice that Cypriot innovation can scale into industrial production with international impact,” said Eugenia Herodotou, CEO of EnergyIntel.
By establishing a production base in Cyprus, EnergyIntel strengthens its position within the European clean-technology value chain and reaffirms its strategic direction: to transform research into technology, technology into industrial production and production into real energy value for Europe and international markets.
