Author: Gayle Kimberley
A new Innovation Fund has just been launched by the European Commission. It is one of the world’s largest funding programmes, with €10 billion earmarked for selected projects over the next 10 years, projects which can demonstrate innovative low-carbon technologies (wind generated electricity, clean fuels, battery storage etc). Unlike other funds, this fund is not a research programme nor the funding of a demo, it is about bringing highly innovative technologies to the market.
As stated by the European Commission: “The Innovation Fund is one of the first EU funding instruments tangibly supporting the vision for climate neutral Europe by 2050. It is about unleashing low-carbon investments in all Member States and pressing the fast-forward button in our transition to a climate neutral, competitive and innovative EU economy.” In fact, the revenues for the Innovation Fund come from the auctioning of 450 million EU Emissions Trading System allowances from 2020 to 2030, as well as any unspent funds coming from the NER300 programme. The Fund may amount to about €10 billion, depending on the carbon price.
Although the Innovation Fund funds up to 60% of eligible costs of a project, it can be combined with other sources of funding, such as InvestEU, Horizon Europe, Connecting Europe Facility, Modernisation Fund, National programmes as well as Private Capital.
Eligibility
If you have a project, in excess of €7,500,000, to bring innovative green technology to the market, you might be eligible to apply in the first call for large-scale project applications with a deadline of 29th October 2020.
If you have a project, costing less than €7,500,000, to bring innovative green technology to the market, you might be eligible to apply in the second call for small-scale projects expected to be launched at the end of 2020.
If you would like more information on how you can access the Innovation Fund, please contact us on info@ewropa.mt