EU invests millions in small innovative projects
The EU is investing €118 million in 32 small innovative projects located in 14 EU Member States, Iceland, and Norway.
Under the Innovation Fund, these grants will aim to bring low-carbon technologies to the market.
The Innovation Fund will provide around €20 billion in support from 2020–2030 to develop innovative low-carbon technologies, aiming to decarbonise Europe and support its transition to climate neutrality. The fund will help businesses invest in clean energy to boost economic growth, create local jobs, and reinforce European technological leadership.
This is done through calls for large and small-scale projects focusing on:
- Innovative low-carbon technologies;
- Carbon capture and utilisation;
- Construction and operation of carbon capture and storage;
- Innovative renewable energy generation;
- Energy storage.
Executive Vice-President Timmermans said: “With today's investment, the EU is giving concrete support to clean tech projects all over Europe to scale up technological solutions that can help reach climate neutrality by 2050. The increase of the Innovation Fund proposed in the Fit for 55 Package will enable the EU to support even more projects in the future, speed them up, and bring them to the market as quickly as possible.”
The selected projects cover a wide range of relevant areas to decarbonise Europe's industry and energy sectors. The 32 projects were evaluated by independent experts for their ability to reduce greenhouse gas emissions and to innovate. Other criteria included the projects' potential for scalability and cost effectiveness.
The support will be tailor-made technical assistance from the European Investment Bank, and will aim to advance projects’ financial and technical maturity.
Projects have up to four years to reach financial closure. Projects offered assistance under the call for large-scale projects will be contacted by the European Investment Bank to conclude individual agreements and start in the fourth quarter of 2021.
Learn more here.