EIC Corporate Corner: Shell Ventures on partnering with startups to accelerate the energy transition
- ›On 4 May the EIC and Shell Ventures co-hosted a Corporate Day in Amsterdam where 10 EIC beneficiaries pitched solutions for CO2-related challenges.
- ›Bilal Ahmad, Venture Principal at Shell Ventures, describes the group as a corporate venture fund that invests and deploys decarbonisation technologies across Shell.
- ›Shell uses multiple innovation routes including partnerships with academia, an internal GameChanger programme, and collaboration with EIC to source vetted European startups.
- ›When evaluating companies Shell focuses on leadership, R&D strength, and credible plans for scaling and deployment.
- ›Shell Ventures primarily seeks equity investments but also offers pilots, early customer opportunities, and access to Shell business units, while startups should be cautious about strategic alignment and contractual trade-offs.
How Shell Ventures and the EIC are trying to speed up decarbonisation
On 4 May the European Innovation Council and Shell Ventures staged a Corporate Day at the Energy Transition Campus in Amsterdam. Ten companies that receive EIC support pitched technologies and business models aimed at reducing CO2 emissions. The session is one of a growing set of matchmaking activities run under the EIC Corporate Partnership Programme. The goal is to connect startups that have passed EIC screening and funding gates with large corporate investors who can provide follow on funding and routes to deployment.
Who is Shell Ventures and what was the aim of the event
Shell Ventures is the corporate venture capital arm of Shell. Established in the 1990s it invests in companies working on renewable energy, new fuels for transport, electrification, digital solutions, and decarbonisation technologies more generally. At the EIC event Shell’s stated aim was twofold. First it wanted to discover European startups that may not already be on its radar. Second it sought to identify technologies that could be tested or scaled within Shell operations or sold into the wider energy market.
Interview highlights with Bilal Ahmad, Venture Principal at Shell Ventures
Bilal Ahmad, who led Shell Ventures' presence at the Corporate Day, described his role as finding startups in energy and cleantech, and helping them move along their technology roadmap toward scale. He framed Shell Ventures as both an investor and a customer that can give startups access to pilots, deployment opportunities, and internal business units that may become paying customers.
Open innovation channels and internal capability building
Ahmad outlined several routes Shell uses to engage with external innovation. These include formal equity investment through Shell Ventures, collaborations with academic partners via a Research Alliance, and an internal GameChanger programme which helps very early stage ideas reach proof of concept. He emphasised that Shell can offer scale and revenue if a startup’s technology fits operational needs. He also noted that GameChanger focuses on de-risking technologies so they are more attractive for later investors.
Why work with the EIC
Ahmad said Shell values the EIC relationship because the EIC aggregates European deep tech and provides a pipeline of companies that have already been through EIC vetting. For a corporate investor that reduces initial screening cost and broadens geographic reach into European innovation clusters. The EIC’s mix of early stage and later stage companies means Shell can find both nascent technologies to nurture and more mature companies ready for scale or commercial partnership.
What Shell looks for in target companies
In evaluating startups Shell prioritises leadership, R&D rigour, and a credible path to full scale deployment. Leadership means a management team that can execute and attract follow on capital. R&D strength covers the underlying technical quality and IP position. Deployment plans show how a technology will scale and how commercial traction will be achieved. Ahmad said that when these elements align with Shell’s values and business needs the chance of partnership increases.
| Evaluation dimension | What Shell looks for | Why it matters |
| Leadership | Experienced management with proven execution | Increases likelihood of surviving scaling challenges and attracting capital |
| R&D strength | Solid technical basis and defensible IP | Reduces technical risk and supports competitive position |
| Deployment capability | Realistic pilot plans and go to market strategy | Shows how technology will generate revenue and scale |
| Strategic relevance | Alignment with Shell’s decarbonisation priorities | Facilitates internal buy in and potential customer relationships |
Types of partnerships Shell offers and seeks
Shell Ventures primarily invests capital. As a corporate venture investor it also tries to create pathways from investment to commercialisation by linking startups to Shell business units. That can mean pilot facilities, trials in operating environments, or becoming an early customer. Ahmad highlighted that Shell has previously co-invested with the EIC and continues to evaluate EIC-backed companies for investment.
Ahmad encouraged startups to be explicit about what a potential partnership with Shell would look like. He advised companies to demonstrate relevant progress, articulate measurable proof points, and highlight leadership capabilities within their teams. He also invited companies to consult Shell Ventures’ public material to learn priority areas.
Practical impacts and cautionary notes
Shell’s approach captures common benefits of corporate partnership. Startups can gain capital, market access, and operational scale. Corporates gain early access to technologies that may decarbonise their operations or open new businesses. But these arrangements carry trade offs. Corporate investment can create dependency on a single large customer. Startups must take care over intellectual property, exclusivity clauses, and pricing terms. Strategic alignment matters more than headline funding amounts because a misaligned pilot can delay broader adoption.
Outcomes from the Amsterdam Corporate Day
According to Ahmad, Shell has already found opportunities among EIC portfolio companies and has a track record of co-investment with the EIC. The Corporate Day is intended as a repeatable sourcing mechanism that exposes Shell to emerging European innovation it might otherwise miss.
Advice for startups seeking corporate partners
Actionable guidance from Shell Ventures is direct. Make sure your technology or solution is relevant to the corporate partner. Provide concrete examples of how a partnership could function. Show measurable progress and leadership evidence. Be prepared to discuss technical readiness, commercial pilots, and how integration would work in a real operating environment.
| Ask | What to prepare | Why it matters |
| Relevance to corporate strategy | Clear mapping of how the product addresses the corporate need | Helps secure internal support and resources |
| Progress and proof points | Data from pilots, customer references, technical validation | Reduces perceived risk and speeds decision making |
| Team strength | CVs of founders and key hires, governance and retention plans | Signals ability to execute post investment |
| Partnership model | Suggested pilot scope, KPIs, commercial terms | Makes evaluation concrete and reduces negotiation time |
Broader context for EU innovation and corporate partnerships
The EIC acts as a major funnel for deep tech in Europe by funding applied research and early scaling stages. For corporates like Shell the EIC is valuable because it centralises dealflow and provides a vetting signal. This mirrors a broader dynamic in the EU innovation ecosystem where public funding derisks early-stage technologies and private capital and corporate partners are expected to take them through commercialisation. That pipeline approach is important for meeting EU decarbonisation goals but it requires transparency on IP, procurement, and state aid rules when public and private actors co-invest.
Corporate engagement therefore brings opportunity and responsibility. Startups gain potential customers and scale. Corporates gain innovation access and strategic optionality. Policymakers and funders should monitor whether these relationships create bottlenecks or result in overly narrow commercialisation routes for publically funded research.
Where to go next
Startups interested in Shell Ventures were invited to review Shell’s publicly stated investment priorities and to participate in EIC matchmaking events. The EIC Business Acceleration Services runs an events calendar where companies can sign up for corporate days and other opportunities to meet industry partners. As with any partnership, careful legal and commercial due diligence is essential before committing to exclusive agreements.
Disclaimer The information from the event and interview is provided for knowledge sharing and should not be interpreted as an official position of the European Commission or other institutions. Startups should consult legal and financial advisers before entering partnerships.