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European Commission to finance clean tech projects with EUR 1.5 billion

European Commission to finance clean tech projects with EUR 1.5 billion

Those interested in the call for projects can apply until 3 March 2022

On 26 October, the European Commission launched its second call for large-scale projects under the Innovation Fund. With a large budget of EUR 1.5 billion, the Commission seeks to finance innovative projects in the fields of renewable energy, energy-intensive industries, energy storage, as well as carbon capture, use, and storage.

Apply by 3 March 2022

After recording an oversubscription in the first call for projects, the Commission has now simplified the application process, cutting it down to just one stage. As a result, the time between submitting an application and receiving a grant will be reduced.

The Commission’s second call is only open to projects from EU Member states, Iceland and Norway. Those interested in applying for grants must submit their applications via the EU Funding and Tenders Portal by 3 March 2022.

The Commission will then evaluate the projects based on the following factors:

  • Potential to avoid greenhouse gas emission
  • Innovation potential
  • Financial and technical maturity
  • Potential for scaling up
  • Cost efficiency

Projects that have potential but do not fulfil the necessary criteria will receive project development assistance from the European Investment Bank (EIB).

Grants to be distributed in 2022

To reiterate, the application process has been simplified and the lead time between applying and receiving a grant has now been shorted. Therefore, the Commission will inform applicants of their results in the third quarter of 2022. Subsequently, grant awards and signature of projects will reportedly take place in the fourth quarter of the same year.

Those who would like more information about the call can ask questions and receive more insight at an “Info Day”, which will take place on 10 November 2021.

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