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London welcomes 100 international tech companies in 2023

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India emerged as a key market in 2023, with 29% share of investment into London | Photo: Annie Spratt

London has achieved its 100th Foreign Direct Investment (FDI) into the capital so far this year, highlighting the city’s continued position as a resilient and highly desirable destination for global investors.  

The 100 international tech companies secured since January 2023 by London & Partners, the capital’s business growth and destination agency, have resulted in the creation of over 4,380 jobs, marking a 40% year-on-year growth. Alongside this, an additional 278 separate companies have set up in the capital this year, further reaffirming London’s position as the leading European and the third top global destination for FDI behind Dubai and Singapore.1 

Among the 100 FDI projects won by London & Partners, India leads with a 29% share of inward investment into the capital, followed by Europe (24%), and North America (23%). One sector that has witnessed significant growth is Climate Tech, which now makes up 23% of FDI into the capital – a two-fold increase from last year – and has led to the creation of nearly 1,000 jobs, a three-fold increase. 

Significant climate tech investments landed by London & Partners over the past 11 months include the world’s largest electric vehicle maker, BYD, which selected London as its UK headquarters and very recently delivered its 1000th electric bus to the city – making it one of Europe’s largest electric bus fleets. Elsewhere, London welcomed award-winning Cloverly in Atlanta, renowned for its climate action tech, as well as Allume Energy from Australia, specialists in providing shared solar solutions to flats.  

“London & Partners teams around the world are the city’s talent scouts, identifying the most exciting international businesses in key growth sectors, who will ultimately drive and deliver future growth for London. From assessing the commercial opportunity to hiring their first team to accessing clients and investors, London & Partners’ expert teams help shortcut months by putting international companies directly in touch with the right people in London,” said Laura Citron, CEO of London & Partners.

London’s recent recognition as the leading global ‘smart centre for its effective use of data in prioritising climate tech further positions the city as a key contributor on the world stage, especially at international climate conferences, including the recent COP28. 

EuroNewsweek is a dynamic news platform featuring lifestyle, sustainability, successful stories, tech, leadership, creative marketing, business, and the unstoppable people behind them.

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Energy Storage Summit gathers global experts in London

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Energy Storage Summit gathers global experts in London
UK minister of state for climate change and energy Graham Stuart was one of the key speakers at the Energy Storage Summit | Photo: David Stanley-Tate

Nearly 1,000 experts and leaders in the global energy storage industry gathered in Hammersmith,  London this week to attend the 9th Energy Storage Summit 2024.

The event, one of Europe’s largest networking events for the energy storage sector, hosted over a thousand delegates from across the globe.

The line up of speakers included Nick Winser,  commissioner at the National Infrastructure Commission; Doriana Forleo Executive Director at Energy Storage Coalition, and UK minister of state for climate change and energy Graham Stuart.

According to analysts, by 2030 the global cumulative installed capacity for energy storage will have reached 1,420 GWh, with large-scale development of storage power stations from 0.1 GWh to 1 GWh and then to 10 GWh becoming an inevitable trend. However, such expansion will bring with it challenges in cost efficiency, safety and operation and maintenance complexity, making the need for advanced storage technology and design more urgent.

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European product recalls increases for the fifth consecutive year 

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European product recalls increases for the fifth consecutive year 
Medical devices recalls increased 20% in 2023, according to report | Photo: Natanael Melchor

European product recalls increased for the fifth consecutive year in 2023, recording 12,498 total events. According to Sedgwick brand protection’s 2024 European State of the Nation Recall Index report, this represents an 18.5% increase over the previous record of 10,545 events, which was set in 2022.

Sedgwick’s quarterly Recall Index report analyses data from the UK and EU automotive, consumer product, food and drink, pharmaceutical, and medical device industries. This edition provides a comprehensive year-in-review analysis of 2023 recall data and product safety trends. The surge in European product recalls experienced in 2023 was driven by an increase in events in the consumer products (+49.1%), medical device (+20.0%), pharmaceutical (+7.7%), and food and drink (+7.0%) industries. Even though the automotive industry saw fewer recalls than it did in 2022 (-3.3%), 2023 still recorded the second-highest number of total events in the past ten years.  

Beyond the recall data and analysis, this report also provides essential insights into the regulatory developments and predictions that stakeholders should look out for in 2024. Regulators across the EU and UK are continuing to enact layers of regulations to protect the environment as well as public safety, as seen in 2023 with the EU Batteries Regulation and proposed Ecodesign for Sustainable Products Regulation. Companies will need to be aware of not only their own actions but the operations and practices of their entire supply chain. Moreover, consumers are increasingly demanding greater transparency and information regarding product manufacturing and advertising, prompting regulators to introduce new measures addressing advertising and labelling practices.

In addition, there is increased enforcement against anticompetitive behaviour and cartel activity across sectors and geographic borders. Simultaneously, the EU is in the process of modernising existing regulations, while the UK builds its own regulatory framework independent of the EU. Against this backdrop, numerous ongoing global economic and political challenges persist, adding further complexity to the risk landscape.

“2024 is shaping up to be a busy year for regulatory activity, and industry stakeholders can expect to see more regulator and consumer scrutiny of product safety and the practices of businesses throughout the entire product lifecycle,” says Chris Occleshaw, International Product Recall Consultant at Sedgwick. “Amidst a complicated risk landscape rife with evolving challenges, businesses should take time to create a strategic and well-practiced plan for addressing product recalls and in-market challenges.”

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Applications open for EU Innovation Fund

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Applications open for EU Innovation Fund
Applications are open to entities of all sizes – from startups to those that are more established | Photo: Jason Goodman

The application window for the Mastercard Strive EU Innovation Fund is now open. The initiative is aimed at accelerating the development of solutions to support European small businesses on their digital journey.

The Strive EU Innovation Fund will provide up to 20 projects from EU member states with equity-free grants of up to €500,000, as well as any technical assistance and mentoring they may need to accelerate the development of their solutions.

Applications are open to entities of all sizes – from startups to those that are more established – provided they are soliciting innovation that helps Europe’s small business community to unlock working capital and credit through embedded finance, enhance digital safely by bolstering cybersecurity and harness artificial intelligence (AI) in business.    

Small businesses are the backbone of the European economy and – now more than ever – it is critical that they receive the support they need to join the digital economy,” said Mark Barnett, President of Mastercard Europe. “We are excited to open the application window for the Strive EU Innovation Fund and to hear about some of the best projects coming from Europe’s most innovative minds over the coming months.”

Strive EU will build on the strengths of two country-specific initiatives in Europe, Strive Czechia and Strive UK. Since launching in 2021, Strive UK has reached over 1M entrepreneurs, connecting them to resources, training, and mentors to help them navigate the digital economy. Strive Czechia is working to rapidly grow local stakeholder capacities, reaching MSEs across the country with new service lines, including peer shadowing and technical assistance, with the goal of reaching over 250,000 MSEs.

In addition to the Innovation Fund, Mastercard will establish a Strive EU Small Business Council to convene the European entrepreneurial ecosystem and encourage collaboration. Chaired by Mark Barnett, the Council will comprise 10-15 influential experts, private sector entities and small business representatives, who will be announced in early February.    

The application window for the Strive EU Innovation Fund will be open until March 11, 2024. To find out more, please visit: https://strivecommunity.org/innovation-fund-eu

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