Human development has always been fueled by innovation, and the European Union is dedicated to using this drive to create a more sustainable future. One excellent illustration of this dedication in action is the EU Innovation Fund. We’ll delve deeper into the EU Innovation Fund in this blog post and examine how it promotes innovation across Europe.
What is the EU Innovation Fund?
The EU Innovation Fund is a €10 billion fund with the goal of assisting cutting-edge low-carbon initiatives and technology that can lower greenhouse gas emissions. It was created in 2020 as a component of the European Green Deal, the EU’s strategy to achieve climate neutrality by 2050. The fund is supported by earnings from the EU Emissions Trading System (EU ETS), the largest carbon market in the world.
One of the biggest public banks in the world, the European Investment Bank, is in charge of managing the fund. It offers funding for a variety of initiatives, such as carbon capture and storage, energy storage, and renewable energy.
What kind of projects are supported?
In order to help the EU reach its goal of net-zero greenhouse gas emissions by 2050, one of the main goals of the EU Innovation Fund is to assist the development of new technologies.
The Innovation Fund, however, does more than only finance cutting-edge technology. Additionally, it intends to facilitate the commercialization and scaling up of innovative solutions, assisting in their quicker and more affordable entry into the market. For smaller businesses and startups that do not have the resources to independently advertise their ideas, this is especially crucial.
It is open to a wide range of innovative projects, including those utilizing hydrogen, carbon capture and storage, renewable energy sources including wind and solar power. Innovative initiatives in energy-intensive sectors like steel, cement, and chemicals, which account for a sizeable portion of the world’s greenhouse gas emissions, are also welcome to apply for funding.
Who can apply?
The EU Innovation Fund welcomes a wide range of applicants, including companies, research organizations, and public entities, that have innovative ideas.
The fund especially encourages submissions from startups, small and medium-sized businesses (SMEs), and other creative companies who might not have the funding to independently market their products. These applicants stand to gain from the fund’s assistance in developing, marketing, and expanding their creative ideas.
The Innovation Fund provides funding for both large-scale and small-scale projects. Investments in small-scale projects are less than €7.5 million, while those in large-scale projects are over €7.5 million. Depending on the size of the project, different application procedures and evaluation standards are used.
Are there any open calls at the moment?
Yes! The third call for proposals is currently accepting submissions, and the deadline is September 19.
Do you have any project ideas?
If you have interest in the Innovation Fund, we are here to help. New I can help you navigate the complex application process and increase your chances of securing funding from the Fund. We have a team of experts who can offer you advice on project design, funding options, and effect evaluation, assisting you in giving the project the best possible presentation and enhancing its competitiveness.