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Octave and the EIC Accelerator: Car Batteries Given a Second Life

September 29, 2026891 words5 min

Octave reuses electric car batteries that are no longer used for driving. The Belgian company, founded in 2020, packs such used modules into cabinets that store solar power and trade flexibility on the electricity market, run by its own battery and energy management software.

The European Innovation Council granted €1,012,375 towards a €1.45 million project that ran from December 2022 to April 2025. According to the CORDIS report, it produced "a large-scale 1.75 MWh / 1.47 MW demonstrator" connected to the transmission grid and "delivering certified grid services". In September 2026 Octave raised €10 million and said it had installed more than 200 MWh of storage for over 400 businesses, with revenue of €16 million in 2025.

€1.01MEIC grant, 70% of a €1.45M project
200+ MWhStorage installed, per company
400+Business customers, per company
€16MRevenue in 2025, per company

Company file

Legal entity
Octave, Mechelen, Belgium
Founded
2020
Products
Battery storage systems from second-life and first-life LFP cells; energy management software
Named customers
Colruyt Group, McDonald's, Eneco, Naturgy, Nextensa
Investors
SPDG, U2P, imec.istart, Innoviris, BNP Paribas Fortis, KBC; EIC Accelerator Fund named in 2022 seed
Markets
Belgium, Luxembourg, Netherlands, Spain; France and Germany planned
EIC project
iBEMS-SeLiBat, 1 Dec 2022 to 30 Apr 2025
EIC funding
Blended finance

Where Octave Stands Today

The Series A, completed in September 2026, combines equity and debt and was led by SPDG Growth, the family office of the Périer-D'Ieteren family and an investor since Octave's seed round, with imec.istart, BNP Paribas Fortis and KBC. Octave named Colruyt Group, McDonald's, Eneco, Naturgy and Nextensa among its customers and said it operates in Luxembourg, the Netherlands and Spain, planning local teams in France and Germany. Its about page now describes "both first-life LFP and second-life battery energy storage systems", so not all of its capacity uses second-life batteries. It has also reported that 10 of its clients trade their batteries on the Belgian imbalance market.

The Technology: Mixing Tired Batteries Safely

Used car batteries come in many shapes and states of health, which makes combining them hard. CORDIS reports that the project developed "a modular 19" rack design with a patented module holder and integrated Battery Protection Unit" able to take different electric vehicle modules up to 1,000 volts, and a management system combining edge and cloud software that handles "over one million datapoints per day per system". The project took Octave's systems "from prototypes to TRL8 demonstrators".

The demonstrator was "connected to the transmission grid, proving technical maturity and robustness by delivering certified grid services."

iBEMS-SeLiBat report, CORDIS

What the EIC Project Promised, and What CORDIS Shows

The project promised an "integrated battery and energy management system for second-life battery energy storage". CORDIS reports the rack design, the management system, a 1.75 MWh demonstrator at the Ipalle site and certified grid services. The company's growth since then is on its own figures.

  1. Modular second-life hardwareDeliveredPatented rack design.
  2. Battery and energy managementDeliveredEdge and cloud iBEMS.
  3. Grid-scale demonstratorDelivered1.75 MWh, certified.
  4. Commercial scaleDelivered€16M revenue, per company.

What Has Happened Since the Award

The Money

Octave closed a €2 million seed round in June 2022 led by SPDG Ventures and U2P, naming the "EIC Accelerator Fund and Innoviris" among its supporting institutions. The €10 million Series A followed in September 2026. How much the EIC Fund invested, and whether its participation was equity or the grant, is not stated. Revenue of €16 million in 2025 exceeded all the disclosed funding combined.

What cannot be checked

Octave's profit, how much of its installed capacity uses second-life rather than new batteries, and the size of any EIC Fund stake are not public in the sources we used.

Why Europe Should Care

Octave's model puts used car batteries to work in buildings before they are recycled. The EIC paid most of the project that proved its system on the grid, and the company has since grown into a business with real revenue.

What the project promised

An integrated battery and energy management system for second-life storage.

What the record shows

A certified grid demonstrator, €16M revenue, 400+ customers and a €10M Series A.

The Verdict

A small grant, a growing business

iBEMS-SeLiBat delivered what it promised, and Octave has grown fast since. Its figures are its own, and it now also sells new batteries, but the record shows a company that turned a €1 million EIC grant into a real market.

Octave has not been asked for comment for this article. It is based entirely on company statements and EU project data, linked throughout.

Start with the EIC Accelerator

Professional proposal writing and expert review for Step 1 and Step 2.

Eureka Network

Eureka Network offers multiple international collaborative R&D programs including Network Projects, Clusters, Eurostars, Globalstars, and Innowwide, with funding ranging from €50K to €6.75M per project depending on the specific program. The network focuses on market-driven innovation and deep-tech development across diverse technology sectors including ICT/Digital, Industrial/Manufacturing, Bio/Medical Technologies, Energy/Environment, Quantum, AI, and Circular Economy. Applicants include SMEs, large enterprises, research organizations, universities, and startups, with Eurostars specifically targeting R&D-performing SMEs.

EIC Transition

EIC Transition provides up to €2.5 million in funding to bridge the 'valley of death' between laboratory research and market deployment, focusing on technology maturation and validation. The program supports single legal entities or small consortia of 2-5 partners including SMEs, start-ups, spin-offs, and research organizations. Technology areas include Health/Medical Technologies, Green/Environmental Innovation, Digital/Microelectronics, Quantum Technologies, and AI/Robotics.

EIC STEP Scale-Up

EIC STEP Scale-Up offers substantial equity investments of €10-30 million for established deep-tech companies ready for hyper-growth and large-scale expansion. The program targets SMEs or small mid-caps with up to 499 employees who have secured pre-commitment from qualified investors. Focus areas include Digital & Deep Tech (Semiconductors, AI, Quantum), Clean Technologies for Net-Zero goals, and Biotechnologies.

EIC Pre-Accelerator

EIC Pre-Accelerator is a pilot program providing €300,000-€500,000 in funding for early-stage deep-tech development and preparation for the EIC Accelerator program. The initiative is exclusively available to single SMEs or small mid-caps from 'Widening countries' to support regional innovation development. The program covers deep-tech innovations across physical, biological, and digital domains.

EIC Advanced Innovation Challenges

EIC Advanced Innovation Challenges is a new pilot program offering €300,000 (Stage 1) and up to €2.5 million (Stage 2) for breakthrough deep-tech solutions through ARPA-style staged funding with demand-side integration. The program targets single entities or small consortia (2-3 partners) including SMEs, start-ups, and research organizations. Focus areas include Physical AI for autonomous robotics and New Approach Methodologies (NAMs) for animal-free biomedical testing, requiring TRL 4 entry with end-user commitment.

EIC Pathfinder

EIC Pathfinder offers up to €3 million for Open calls and up to €4 million for Challenge-based calls to support early-stage research and development with proof-of-principle validation. The program requires research consortia with a minimum of 3 partners from 3 different countries, including universities, research organizations, and SMEs. Technology focus areas include Health/Medical, Quantum Technologies, AI, Environmental/Energy, and Advanced Materials.

EIC Accelerator

EIC Accelerator provides flexible funding options including blended finance (€2.5M grant + €0.5M-€10M equity), grant-only (up to €2.5M), or equity-only arrangements for scale-up and market deployment of breakthrough innovations. The program targets SMEs, start-ups, and small mid-caps with up to 499 employees, with MedTech/Healthcare representing 35% of funded projects. Other technology areas include Biopharma, Energy, AI, Quantum, Aerospace, Advanced Materials, and Semiconductors.

Innovation Partnership

Innovation Partnership facilitates collaborative innovation between public and private sectors with typical funding of €1-5 million per project. The program supports cross-sectoral strategic technologies through public-private partnerships and consortia. Projects focus on addressing societal challenges through collaborative innovation approaches.

Innovation Fund

The EU Innovation Fund provides substantial funding of €7.5 million to €300 million for large-scale demonstration of innovative low-carbon technologies. The program targets clean energy, carbon capture, renewable energy, and energy storage technologies to accelerate the transition to a low-carbon economy. Applicants include large companies, consortia, and public entities capable of implementing large-scale demonstration projects.

Innovate UK

Innovate UK offers various programs with funding ranging from £25K to £10M depending on the specific initiative, supporting business-led innovation, collaborative R&D, and knowledge transfer. The organization funds projects across all sectors with particular focus on emerging technologies and supports UK-based businesses, research organizations, and universities. Programs are designed to drive economic growth through innovation and technology commercialization.

Industrial Partnership

Industrial Partnership provides €2-10 million in funding for industrial research and innovation partnerships focusing on manufacturing, industrial technologies, and digital transformation. The program supports industrial consortia and research organizations in developing collaborative solutions for industrial challenges. Projects aim to strengthen European industrial competitiveness through strategic partnerships.

Eurostars

Eurostars is a joint EU-Eureka program offering €50K-€500K for international R&D collaboration specifically led by SMEs. The program takes a bottom-up approach, accepting projects from all technology fields without predefined thematic restrictions. R&D-performing SMEs must lead the consortium and demonstrate significant R&D activities.

LIFE Programme

The LIFE Programme provides €1-10 million in funding for environmental protection, climate action, and nature conservation projects across the European Union. The program supports environmental technologies, climate adaptation strategies, and biodiversity conservation initiatives. Applicants include public authorities, private companies, NGOs, and research institutions working on environmental and climate challenges.

Neotec

Neotec is a Spanish program offering €250K-€1M in funding for technology-based business creation and development, supporting the growth of innovative Spanish SMEs and start-ups. The program covers all technology sectors and aims to strengthen Spain's technology ecosystem. Funding is specifically targeted at Spanish technology-based SMEs and start-ups to enhance their competitiveness and market presence.

Thematic Priorities

EU Thematic Priorities encompass various programs aligned with EU strategic priorities including green transition, digital transformation, health, and security initiatives. Funding amounts vary based on the specific program and call requirements, with projects designed to address key European challenges. Applicant eligibility varies by specific program and call, with different requirements for different thematic areas.
EIC AcceleratorBeneficiary Deep Dive#Octave#second-life batteries#energy storage#battery management#circular economy#grid services#EIC Fund#Belgium
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