USN has joined 12 organisations in the BRAVE partnership, which is building seven flagship regional investment ecosystems for cleantech across Europe with support from the European Union.
Business Readiness Acceleration for Innovative Regional Energy Ecosystems (BRAVE) will develop scalable investment programmes for low-carbon energy systems. From electrified public transport fleets to residential heat pump schemes, it aims to break out of the ‘pilot trap’ for cleantech at the local level.
With funding from the European Union’s Interreg North Sea programme, BRAVE aims to mobilise a combined €150m of new investment into local energy systems to find scalable public-private approaches.
Addressing the regional investment gap for cleantech in Europe
The European Union requires an estimated boost of €700bn per year in clean, smart, local energy systems to deliver on the energy transition. For this to happen, investment is needed for energy projects of all sizes and maturity stages, from early stage demonstrations to full-scale deployment across Europe.
But though the EU is increasing its share of global cleantech investment, an investment "valley of death" at regional level remains a stubborn challenge. Between one-off pilot demonstrators and large-scale renewable investment projects such as off-shore wind parks, there is limited financial support or demonstrated partnership models for scaling mid-stage projects across Europe.
Cleantech investments with ticket sizes of €10-100m are failing to attract capital beyond public subsidies. This leaves technologically mature innovations stuck in the ‘pilot trap’, unable to scale to regional or city level.
BRAVE brings together 13 frontrunners to build new regional investment ecosystems
Backed by the European Union, 13 organisations have formed the BRAVE partnership to develop seven regional public-private investment ecosystems across Northern Europe to break out of the cleantech pilot trap. Partners will trial new ways to scale cleantech solutions - with a focus on increasing ‘business readiness’ in the Netherlands, Belgium, Denmark, France, Sweden, and Germany.
Supported by professional finance experts, BRAVE partners will define their scale-up challenges, identify effective models for public-private partnerships, and design novel business and investment models between public authorities and private energy investors that can de-risk in Europe’s local energy sector.
In the next four years, BRAVE partners have committed to:
- Deliver seven regional ecosystems in diverse energy domains, including low-carbon public mobility, residential solar, energy communities and industrial hydrogen hubs
- Mobilise a combined €150m in regional energy investments, crowding in public and private finance into the ‘missing middle’ of energy finance
- Develop replicable business models and public-private partnership frameworks to accelerate cleantech uptake across Europe
What USN will do in BRAVE
The University of South-Eastern Norway (USN) is a knowledge partner within the BRAVE Interreg North Sea project. Prof. Sambeet Mishra and Assoc. Prof. Thomas Øyvang, from the Department of Electrical Engineering, IT and Cybernetics, lead the efforts from USN, contributing to the development of new knowledge in innovative business models for local energy markets through digitalization.
The project is supported by USN's strategic research area Energy, climate and the environment.
Furthermore, USN supports the validation and monitoring of collaborative investment strategies. Challenges such as scalability, feasibility, and bankability are addressed among others within the local energy market solutions. USN investigates cutting-edge methods for descriptive and prescriptive analytics using tools such as advanced machine learning and optimization for investment planning solutions across seven sites in the North Sea region.
Why BRAVE is important for USN
"Participating in the BRAVE project offers several benefits for USN. It provides an opportunity to contribute expertise and research in renewable energy and digitalization to a cutting-edge project. USN will gain valuable insights into the implementation of smart energy solutions, public-private partnerships, and innovative financing models," says Prof. Sambeet Mishra.
Additionally, the project offers networking opportunities with other partners and stakeholders in the energy sector, fostering collaboration and knowledge exchange.
Mishra states that USN will enhance its reputation as a leader in sustainable energy research and contribute to regional and international efforts towards a more sustainable energy future.
Beyond that, BRAVE brings to USN experience from seven leading energy technology systems in the North Sea region in business strategy, methods, and technologies in seven segments – Rooftop PV, residential heat pumps, EV public bus fleet, hydrogen hub, energy community, and electric road systems.
USN's aim for the project
Prof. Mishra says USN aims to integrate project findings into regional climate strategy roadmaps of business support offices and public authorities. This involves leveraging research outcomes and pilot results to inform regional strategies for sustainable energy development.
"USN will work to develop knowledge and expertise by working with partners from the North Sea region to form collaborative public and private investment strategies by aligning project findings with regional climate goals and investment priorities. USN aims to be a regional leader in climate tech financing and solutions for a sustainable and digitalized energy sector."
