European Commission opens its coffers for innovators in the energy sector
The call is aimed at kickstarting an economic recovery of the European Union with an eye towards a sustainable future
- lipiec 03, 2020 18:00
- Tzvetozar Vincent Iolov
Today the European Commission opened its first call for proposals announcing that it has earmarked EUR 1 billion through its newest program, called the Innovation Fund. The money is meant for larger projects which can prove they are market-ready and able to help make the economy of the Old Continent carbon-neutral by the end of the decade.
This represents only 10% of funding slated towards the goal of a greener Europe
The idea behind this new financial incentive is to make European innovators global leaders in the field of clean technology. To that end, successful applicants will be able to receive grants covering up to 60% of the costs necessary to speed up the introduction of their products on the market.
The beneficiaries will be selected among applicants who are involved in revolutionizing the energy sector. These will be entrepreneurs involved in: Renewable energy; Energy-intensive industries, including Carbon capture and utilization (CCUS); Energy storage, and Substitute products.
Innovation Fund diagram. Source: European Commission
“This call for proposals comes at just the right time. The EU will invest €1 billion in promising, market-ready projects such as clean hydrogen or other low-carbon solutions for energy-intensive industries like steel, cement and chemicals. We will also support energy storage, grid solutions, and carbon capture and storage. These large-scale investments will help restart the EU economy and create a green recovery that leads us to climate neutrality in 2050,” declared EC Executive Vice-President Frans Timmermans.
The move is seen as a form of encouragement towards other interested stakeholders to also invest in low-carbon technologies. Projects which are not considered market-ready, yet can show that they have potential, will also be eligible to seek assistance from a smaller fund of EUR 8 million.
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