Authors: Gayle Kimberley & Nina Fauser
The EU Innovation Fund (‘EIF’) is a key funding instrument for delivering Europe’s economy-wide commitments and its objective to reach climate neutrality by 2050, as discussed in one of our articles which can be accessed here. The EIF is divided into small-scale and large-scale projects; the former covers projects with expenditure of between €2.5 and €7.5 million, whilst the latter focuses on projects with a total expenditure amounting to over €7.5 million.
UPDATES & TIMELINES
The results for the 1st call for small-scale projects have been published and a total of 32 projects were selected by the Commission, distributing approximately €118 million to these selected projects, located in 14 different EU Member States, Iceland, and Norway. These projects aim to bring low-carbon technologies to the market in energy-intensive industries, hydrogen, energy storage and renewable energy. The selected projects cover a wide range of relevant sectors to decarbonise different parts of Europe’s industry and energy sectors, including projects focusing on wind energy, the transportation and storage of carbon dioxide, non-ferrous metals, biofuels and biorefineries, renewable heating and cooling, intra-day electricity storage, and solar energy among others. Results regarding small-scale projects which will be selected for project development assistance (‘PDA’) will be announced in November of this year. The next call for small-scale projects will be launched on the 15th of March 2022, with an estimated budget of €100 million, which will run until the end-August 2022.
With respect to the 1st call for large-scale projects, 15 projects were selected for PDA worth up to €4.4 million by the European Investment Bank, whilst the remaining second-stage applications should be informed of their results in November. Among the projects selected for PDA, one may find projects focusing on hydrogen, bio-electricity, refineries, chemicals, and other energy storage projects. The second call for large-scale projects will be launched on the 26th of October 2021, with an estimated budget of €1.3 to €1.5 billion. The application process is envisaged to involve a single-stage process, with the deadline for submissions being on the 1st of March 2022.
HOW HAS EWROPA BEEN INVOLVED?
The team at Ewropa has been very actively involved in assisting clients in tapping into the extensive funding opportunities available under the EIF from the very start. As one of Ewropa’s biggest projects spanning over 2020 and 2021, the team has successfully assisted in a project for the first large-scale application for the EIF for Malta, in respect of a national project focusing mainly on renewable energy and innovative storage solutions. The project made it through to the second stage, and the team is now awaiting results, which are expected to be announced in November.
HOW CAN EWROPA ASSIST YOU?
Having extensive experience in the area of funding, particularly when it comes to the European Innovation Fund, the team at Ewropa will be able to assist you by carrying out all the necessary research, liaising with external bodies, implementing the application process from A-Z, and also assisting in any post-grant compliance matters, among other services.
If you have an idea which you would like to see come to life, or have any other questions regarding the Innovation Fund or any other funds, make sure to reach out to us on firstname.lastname@example.org to secure your funding now.