Following the signing of the Shareholder Agreement, the European Innovation Council (EIC) Fund will officially become a shareholder of KeyouThe Munich-based startup will receive a total of €7.3 million in funding. This amount consists of the €5.8 million EIC investment and an R&D grant of €1.55 million. Keyou, which is working on a "green" hydrogen engine, was able to win over the European Union with its Keyou-inside technology as part of the EIC Accelerator Program.
The EIC Accelerator funding program of the European Union offers support through a combination of grants and investments. The EIC fund is primarily aimed at young and highly innovative "impact and deep tech" companies. Keyou is developing a hydrogen-powered 18-ton truck based on a 7.8-liter engine with Keyou-inside technology. In addition to the vehicle project, the Munich-based startup plans to use the EIC investment to industrialize and commercialize its technology.
Hydrogen mobility has reached the highest political level
"The participation of the EIC Fund, together with the R&D support from the EIC Accelerator, is a major step for us from a financial perspective. Furthermore, this investment also demonstrates that the topic of hydrogen mobility, and in particular the hydrogen engine, has reached the highest political level. This means that the hydrogen engine, along with electric drives and fuel cells, is no longer just a zero-emission drive technology by definition, but is now actively supported by the EU. This gives our technology another important boost,"
explained Thomas Korn, CEO and co-founder of Keyou.
Promoting decarbonization technologies
"The EIC Fund's investment in Keyou demonstrates the Fund's and the EU's commitment to supporting groundbreaking and disruptive, innovative, cutting-edge technologies in the field of decarbonization. Keyou is a very promising startup that is developing conventional engines into zero-emission, hydrogen-powered engines. This is a key technology for enabling a mass transition from heavy-duty trucks and long-distance road freight transport to a clean and sustainable future,"
is Martin Bruncko, member of the EIC Fund Investment Committee.
