Ten years ago, the relationship between utilities and startups looked very different from what it is today.
At that time, the primary challenge was connection. Utilities were beginning to realise that innovation was happening outside their organisations, often at a pace and in areas that were difficult to replicate internally at least not at speed. Startups, on the other hand, were trying to navigate an industry defined by complexity, regulation, and long decision cycles.
Bringing these two worlds together was, in itself, a significant step forward.
Free Electrons was created to bridge this gap – offering a structured way for utilities and startups to meet, exchange perspectives, and explore collaboration. In those early editions, success was largely defined by access: access to ideas, to people, and to new ways of thinking. It was, in essence, a classic accelerator program
That phase was essential. It built awareness, trust, and a shared understanding of how different the two sides were – and how complementary they could become.
Today, the focus is no longer on simply connecting utilities and startups. It is on how those connections translate into meaningful outcomes. The objective is business development.
One of the most noticeable changes has been the maturity of startups entering the ecosystem. Increasingly, they come with a stronger understanding of the energy sector – its operational realities, its constraints, and its expectations. They are not just bringing tools; they are bringing solutions that are better aligned with real-world utility needs.
At the same time, utilities have also become more experienced in how they engage with startups. There is a clearer internal alignment around innovation priorities. Needs are better defined. Evaluation processes are more structured. And perhaps most importantly, there is a growing recognition that innovation needs to be embedded into the business, rather than treated as a separate activity.
This shift is closely linked to a broader transformation in how innovation is understood within the energy sector. It is no longer just about identifying emerging trends or technologies. It is about building the capability to act on them – quickly, effectively, and in a way that creates value for the business and for the system as a whole.
This is where the structure of programs like Free Electrons becomes particularly important.
The journey is no longer a one-off interaction. It is a sequence of engagements that gradually increases depth and alignment. From initial scouting and evaluation to in-person modules where ideas are shaped into pilot concepts, to follow-up sessions where challenges are addressed and progress is reviewed — each step is designed to move collaboration forward.
This layered approach reflects a key insight: meaningful innovation requires time, iteration, and continuity.
It also reflects a shift in expectations. Startups are no longer expected to simply demonstrate that their technology works. They are expected to show how it can be integrated, how it can scale, and how it can create value within a real operational context.
Utilities, in turn, are expected to provide clearer signals – faster feedback, more structured pathways, and stronger alignment between innovation teams and business units. The result is a relationship that is more balanced, more efficient, and ultimately more impactful.
Another important evolution is the growing focus on outcomes over activity.
In the early years, participation in an innovation program was itself a measure of progress. Today, the focus is increasingly on what happens after the program – on how many pilots evolve into deployments, how many collaborations translate into long-term partnerships, and how much real impact is created.
This shift is reflected in the way utilities, including EDP, now prioritise innovation efforts: not as isolated initiatives, but as part of a broader strategy aimed at delivering speed, scale, and tangible results.
The distinction between “innovation” and “business” will continue to blur, as successful models become embedded into core operations. Collaboration with startups will become less episodic and more continuous. And the ecosystem itself will continue to expand, bringing in new actors, new geographies, and new perspectives.
The relationship between utilities and startups has matured – not because the challenges have become simpler, but because the ecosystem has learned how to work together more effectively.
And as the energy transition accelerates, this ability to collaborate – to move from scouting to scaling – will be one of the most important assets utilities have.
Tomás Moreno
Head of Innovation Ecosystem at EDP
Tomás Moreno is one of the founders of Free Electrons. He is Director of the Innovation Ecosystem department at EDP. His work focuses on building partnerships centered on co-creation with other large companies, with academia, and in particular with startups. The focus is on identifying, validating, and integrating new technologies across EDP’s various businesses and geographies. This effort also includes sourcing investment opportunities for EDP’s venture capital fund.
Throughout his career, he has worked at companies such as Accenture, Portugal Telecom, and the strategy consulting firm, Oliver Wyman, where he developed projects in the telecommunications, transport, and large-scale infrastructure industries.
