A sustainable innovation engine has launched its latest investment round for Europe.

InnoEnergy hopes the sixth year of its programme will continue to help discover, support and launch the next revolutionary technologies needed for a low carbon energy transition.

Successful applicants with proven concepts will be connected with InnoEnergy’s network of industry experts, businesses and researchers from across the continent. This will allow the businesses, whether they’re start-ups, SMEs or larger companies, to accelerate the commercialisation of their product.

Since 2011, InnoEnergy has successfully supported projects to raise a total of €1.2 billion (£1.04bn). Around €147 million (£126.9m) has been invested directly by the group, with the remainder being funded by partner companies and other investors.

This has resulted in the creation of 250 project partners across Europe, with 78 products now commercially viable.

Diego Pavia, CEO at InnoEnergy, said: “Sustainable energy innovation is vital to reduce emissions, slow climate change and provide affordable energy for countries worldwide.

“Our Investment Round for Innovation Projects has already facilitated a number of success stories and the impact of the technologies is clear – more than €3 billion (£2.59bn) in forecasted sales. It’s quite something.”

The European Commission and the European Investment Bank (EIB) have also recently established a platform to support the circular economy.

Global renewable energy investment has shot up more than $250 billion (£200.1bn) in the last 11 years.