Ukrainian startup Pipes.one has attracted 1.8 million euros of mixed funding from the European Commission under the Horizon 2020 EIC Accelerator program: 1.3 million euros the company received as a grant, another 500 thousand euros the European Commission offered the startup in the form of venture capital. This is the largest amount attracted by Ukrainian companies from the European Commission under this instrument. The CIVITTA team acted as a consultant in working with Horizon 2020 EIC Accelerator.
What is Pipes.One?
Pipes.One is a development of Dominion, a technology for the production of large diameter pipes directly on site. The technology reduces the cost of raw materials needed to create pipes, allows you to make them more reliable due to the unique structure and additional protective layers. The solution also minimizes the cost of transporting, installing and connecting pipes. In other words, it helps not to carry “air” in empty pipes from production to the place of installation, but to produce structures immediately where they will be installed.
What is the peculiarity of mixed investment?
Currently, 1.8 million euros is the largest amount received by the Ukrainian project under the European Commission’s Horizon 2020 EIC Accelerator program. In addition, it is the third Ukrainian startup (after SolarGaps and Polyteda Cloud), which managed to attract funding under the second phase of the program.
Mixed investment means that € 1.3 million has been offered to the start-up as a non-refundable grant, and the EU is ready to invest another € 500,000 in solutions to help the company not only refine the product but also start entering the market.
What will the money be used for?
Attracting funding will help Pipes.One finalize the product – a trailer for the production of pipes at the site of laying – to pass certification, and prepare for the launch of mass production. In addition, the company aims to launch pilot projects with a number of potential customers to prepare solutions for rapid commercialization.