On 1 December, the first Innovation Fund Call for small scale projects has been published.
The Innovation Fund is the world’s largest funding programmes for the demonstration of innovative low-carbon technologies. It will provide financial support over the next ten years for the commercial demonstration of innovative low-carbon technologies, aiming to bring to the market industrial solutions to decarbonise Europe and help the transition to climate neutrality.
The Innovation Fund will:
- help create the right financial incentives for projects to invest now in the next generation of technologies needed for the EU’s low-carbon transition
- boost growth and competitiveness by empowering EU companies with a first-mover advantage to become global technology leaders
- support innovative low-carbon technologies in all Member States in taking off and reaching the market.
The Fund will be financed by revenues from the auctioning of allowances under the EU Emissions Trading System and may amount to about €10 billion, depending on the carbon price.
The call for small scale projects
The call for small projects will fund innovative projects in clean energy and industry to support the deployment of key technologies needed to reach climate neutrality and contribute to Europe’s green recovery.
The call has a budget of EUR 100 million for breakthrough technologies for renewable energy, energy-intensive industries, energy storage, and carbon capture, use and storage.
Eligible projects should have a capital expenditure comprised between EUR 2.5 and 7.5 million and should focuses on innovative yet mature technologies that are ready to reach the market. The Innovation Fund will support up to 60% of the additional capital and operational costs of the capital costs of small-scale projects.
The application process has only one stage when all selection criteria will be assessed.
Proponents can submit their projects applying via the EU Funding and Tenders portal.
The call is open until 10 March 2021.