The Innovation Fund is one of the largest funding programmes for demonstration of innovative low-carbon technologies. There is a total budget of €10 billion available between 2020-2030, making it one of the largest funding programmes for demonstration of innovative low-carbon technologies. It is also one of the most important instruments of the European Union to reach the goals set under the Paris Agreement. The Innovation Fund’s third call for large-scale projects was launched on 3 November 2022 with a deadline on 16 March 2023. Read on to discover more about this significant funding programme.
Innovation Fund 2023 – Budget and deadlines
Total budget: €10B (2020-2030)
Budget for the 2022/2023 rounds:
Small scale projects: awaiting announcement
Large scale projects: €3B
In general, two categories will be used:
- Small-scale projects with total capital costs (of the project) <€7,5M and
- Large scale projects with total capital costs (of the project) >€7,5M).
Funding rate: up to 60% (up to 40% of the grant budget can be paid based on pre-defined milestones before the whole project is fully up and running; at least 60% of the project budget depends on verified emissions avoidance (From Construction Phase on)
Small-scale projects: Awaiting launch of third call for small-scale projects
Large-scale projects: 16 March 2023
Project duration: 3-10 years
Innovation Fund FAQs
Innovation Fund – Who can apply?
A single legal entity, as well as a consortium of legal entities, can apply for funding under the Innovation Fund The aim is to support innovative low-carbon technologies in all Member States (EU companies) in taking off and reaching the market. The project has to be implemented in one of the EU Member States, Norway or Iceland. This means that projects implemented outside these countries are ineligible. However, the project applicant does not need to be controlled by EU investors.
Innovation Fund – What is the focus?
The Innovation Fund will focus on highly innovative technologies and big flagship projects with European value added that can lead to significant reductions in emissions. It is about sharing the risk with project promoters to help with the demonstration of first-of-a-kind highly innovative projects. At the same time, the projects need to be sufficiently mature in terms of planning, business model and financial and legal structure.
The Innovation Fund focuses on:
- Innovative low-carbon technologies and processes in energy intensive industries, including products substituting carbon intensive ones
- Carbon capture and utilisation (CCU)
- Construction and operation of carbon capture and storage (CCS)
- Innovative renewable energy generation
- Energy storage
When is the Innovation Fund deadline?
The call for Large-scale projects opened its third call for proposals on 3 November 2022, with a submission deadline on 16 March 2023. The third call for small-scale projects has not yet been announced.
What is the budget for Innovation Fund?
For 2023 the Innovation Fund has a doubled budget of €3 billion, divided over small-scale projects and large-scale projects.
What is the subsidy for Innovation Fund?
In general, two categories will be used: Small-scale projects with total capital costs (of the project) <€7,5M and; Large scale projects with total capital costs (of the project) >€7,5M).
Visit the Innovation Fund website for more information
Get funding, make impact
Whether you’re an academic or entrepreneur, we craft the roadmap you need to take on the challenges present in finding funding and reaching your market. With over 10 years of experience, we are your gateway to European funding, and beyond.
- Fund. What if funding wasn’t a barrier to innovation? We guide you through the way of finding and obtaining funds.
- Grow. What if your journey was clear? Get the best support for your grant journey.
- Manage. What if you only had to focus on R&D? We provide the support you need to get your innovation on the market.