In recent years, interest in Power-to-X technology has grown based on its potential to produce fuels, chemicals, and materials based on green hydrogen generated through electrolysis. The technology is expected to play a key role in the green transition. However, to unlock its full potential, more research in the field must be translated into innovation that can attract commercial interest.
To address this challenge and further push the development of innovation in Power-to-X, BioInnovation Institute (BII) and Villum Foundation announce a new collaboration today. In 2025 and 2026, Villum Foundation will donate DKK 20 million to support four promising Power-to-X projects, which will join BII’s acceleration program, Venture Lab. The program aims to help early-stage startups build a strong team and business plan so they can attract external investment.
The four projects will be selected from the national innovation center, ‘The Villum P2X Accelerator’ at DTU, to which Villum Foundation allocated DKK 80 million in 2022. This center helps Power-to-X projects from Danish universities reach a stage where they can demonstrate their technology at a laboratory level. To mature these projects and bring them closer to the market, Villum Foundation sees great potential in collaborating with BII, says Thomas Bjørnholm, Chief Scientific Officer at Villum Foundation.
“We want to support projects that transform good ideas into scalable practical applications that can have a significant global impact on the green transition while also being potentially good business ventures. We have previously helped promising projects through our support of pioneer centers and The Villum P2X Accelerator. Through our collaboration with BII, we are excited to help advance promising projects to the next stage of their innovation journey through, drawing on BII’s extensive experience and success in the life science field.”
Marianne Thellersen, DTU’s Director for Innovation and Entrepreneurship, also expressed optimism and high hopes about the new collaboration.
“It can often be a long and difficult path from testing technology on a lab scale to establishing a viable startup. Thus, good ideas and talents need all the help they can get to implement their technologies to create benefits for society. BII has demonstrated the ability to mature technologies and teams to become robust startups. Therefore, I am excited that teams from the Villum P2X Accelerator will have the opportunity to join BII,” she says.
A Catalyst for Entrepreneurship
Since BII was established in 2018 with financial support from the Novo Nordisk Foundation, it has been instrumental in ensuring that more research from Danish universities and hospitals is translated into new products and technologies that benefit people and society. Among other benefits, startups that become part of BII’s programs gain access to a large network of investors, office and laboratory facilities, and business development support.
So far, BII has primarily supported startups in the fields of health technology, therapeutics, bioindustrial production, women’s health, and quantum technology. Thus, the collaboration with Villum Foundation to support startups in Power-to-X marks a new area of interest for BII, says Jens Nielsen, CEO of BII.
“We are extremely proud to collaborate with Villum Foundation to support promising startups within Power-to-X. For a long time, the Villum Foundation has made great strides to promote research and technological development in Power-to-X. So, they have a deep understanding and extensive knowledge of the research environments, the innovation ecosystem, and the potential of these technologies, which we look forward to benefiting from.”
About Villum Foundation:
The Villum Foundation is a charitable foundation that supports technical and scientific research and education, as well as environmental, social, and cultural purposes in Denmark and abroad. In 2023, Villum Foundation granted DKK 1.1 billion.
We were founded by civil engineer Villum Kann Rasmussen – the inventor of the VELUX window and founder of VKR Holding A/S.
Villum Foundation was founded in 1971 by civil engineer Villum Kann Rasmussen, who also founded VELUX A/S and other companies in the VKR Group, which aim to bring daylight, fresh air, and a better environment into people’s daily lives. The Villum Foundation is a major shareholder in the VKR Group but does not have controlling influence over VKR Holding A/S.
About BioInnovation Institute:
BII was established in 2018 with support from the Novo Nordisk Foundation to commercialize research in life sciences. In 2020, BII became an independent non-profit foundation.
In total, BII has supported 130 startups and translational projects with nearly DKK 800 million. To date, these startups have raised almost DKK 4.5 billion. BII supports startups and translational research projects in areas such as therapeutics, health technology, women’s health, bioindustrial production, and quantum technology.
BII is centrally located in Innovation District Copenhagen and serves as a natural gathering point for nearby research institutions and hospitals.
About The Villum P2X Accelerator:
The VILLUM P2X Accelerator (VPX) is a national innovation centre at DTU, funded by the Villum Foundation, which aims to bring Power-to-X projects closer to the market and thereby accelerate the green transition.
The programme offers an intensive two-year programme with funding for developing the technology, access to laboratories and office space, administrative and legal support, support for scaling up and testing hardware, and business development advice.
In addition to DTU, the University of Copenhagen, Aarhus University, Aalborg University, and the University of Southern Denmark are partner universities in the VPX.
Projects with promising Power-to-X technology from DTU or one of the partner universities can apply for VPX fellowships.
Read more here: https://vpx.dtu.dk/