The Eurogia and Innovate UK Energy Startup Benchmark Project

Development of an Impact Investing Tool to Benchmark Climate Tech Start-ups in the Energy Ecosystem 

Project Number: 600669 (Innovate UK) / EU2030-26-17 (Eurogia)  

Duration: October 2025 – September 2027  

Lead Partner: Oxford Centre for Technology and Development (OCTD) Ltd  

Consortium Partner: Improvability Ltd  

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Recognising that a significant obstacle to climate tech investment is the inability to effectively measure and validate impact, OCTD is leading a landmark international project to create a new benchmark model for startups in the energy sector. Funded by Innovate UK, this initiative aims to correct the market's over-reliance on simplistic financial metrics that fail to capture the true value and potential of energy innovations.

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The resulting framework will move beyond simple ROI to incorporate crucial, nuanced metrics such as technology readiness levels (TRLs), scalability, and the viability of alternative business, ownership, and investment models.  

The project draws heavily on OCTD’s proprietary methodologies for overcoming data scarcity, a critical challenge that often complicates investment opportunities in emerging markets. This benchmark will provide investors, corporates, and policymakers with a more sophisticated and accurate tool for evaluating and supporting the next generation of energy startups.

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Our research reveals that while capital is abundant in the aggregate, it is inefficiently allocated due to a lack of "decision-grade" benchmarks for early-stage ventures. Furthermore, the findings suggest that the tool must go beyond simple carbon counting to assess the "Enterprise Design" of start-ups—evaluating whether their ownership and governance structures are compatible with the long-term horizons required for deep decarbonisation.