The European Commission announced a new €1 billion fund for clean technology implementation on Friday 3rd July 2020. The Innovation Fund as it is known will fund mainly implementation of large capital projects but there is also €8 million set aside for project development. Development projects represent technologies that are not yet ready for implementation but could have a major benefit to the environment.
Up to 60% of capital costs will be covered by the Innovation Fund and the really interesting bit for businesses is that the matching funds can come from other government sources. This is because the Innovation Fund is funded by revenues from the EU Emissions Trading System.
Companies in the EU, Iceland and Norway are eligible to apply for Innovation Fund support. As usual, proposed projects should be European in scope and can involve small cap companies as well as large ones. The fund is also open for small-scale projects with capital costs up to €7.5 million.
To qualify for Innovation Fund funding projects must demonstrate: potential for avoiding greenhouse gas emissions; innovation potential; financial and technical maturity; potential for scale-up and efficiency savings. The deadline for proposal submission is 29th October 2020.
Contact Corbeau if you want to discuss potential project ideas or look for possible European partners.