We are pleased to announce that we have helped two innovative projects secure funding from the EU Innovation Fund call 2023. Both projects will drive Europe’s transition towards a more sustainable and carbon-neutral future, with planned investments of over €100 million per project, they are located in Sweden and Poland.
One of the projects aims to increase renewable energy production infrastructure and strengthen Europe’s role as a global leader in clean energy technologies.
The second project will use pumped hydroelectric power to ensure clean and reliable energy.
The European Union’s Innovation Fund is one of the largest funding programmes in the world. It is designed to accelerate the deployment of innovative technologies that contribute to reducing greenhouse gas emissions. The goal of the fund is to support projects that decarbonise European industry, while enhancing competitiveness in global markets. The fund aims to:
Additionally, the fund promotes knowledge sharing to accelerate the uptake of new technologies or supported solutions in the market. As such, projects selected for funding by the Innovation Fund are required to share the ideas they have developed. They must also participate in activities that accelerate implementation and promote the commercialisation of the technologies developed.
It is one of the EU’s most important financial instruments for fulfilling the commitments made under the Paris Agreement and the priorities set out in the European Green Deal. Moreover, it aims to position Europe as a leader in clean technology and as a global benchmark in the sector.
The Innovation Fund primarily focuses on highly innovative projects and technologies that can significantly reduce emissions. It is important to note that projects must be sufficiently mature in terms of planning, business model, and financial and legal structure. In other words, they must have passed the initial development stages and be ready to scale up to commercial production.
To date, the Innovation Fund has issued annual calls, with different categories based on the scale of investment. Following the 2023 review, the following categories have been established:
The IF24 calls are expected to be launched on 3 December 2024.
In 2023, the Innovation Fund selected a total of 85 projects, which will receive a total of €4.8 billion. From the opening of the call in November 2023 to its closure in April 2024, the European Commission received a total of 337 applications from 37 countries.
In conclusion, the projects funded by the European Union’s Innovation Fund will be key to reinforcing its commitment to tackling climate change and transitioning the European economy towards a cleaner and more sustainable future. At Euro-Funding, we support the preparation and submission of these types of projects, doubling the chances of success in such funding calls.
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