The Innovation Fund will be one of the largest funding programmes for demonstration of innovative low-carbon technologies. It is expected to amount to a total of €10 billion for the period of 2020 – 2030. The first call, with a budget of €1 billion, is expected to be launched mid June or July 2020. The first call will probably consider only large scale projects with a total CAPEX >€7,500,000.
The application process will consist of two stages: Expression of Interest and Full application stages. The results of the first-stage evaluation can be expected at the latest in Q1 2021. Following the application period for the second stage, the final results can be expected during the second half of 2021. Project can take 3 to 10 years and the funding rate is up to 60%.
The budget can be divided over 2 phases:
- Project preparation: maximum 40% of the total budget. Paid based on pre-defined milestones not depending on verified emission avoidance.
- Construction and reporting period: minimum of 60% of the total budget. Depending on verified emission avoidance
The Innovation Fund will focus on highly innovative technologies and big flagship projects with European value added that can bring on significant emission reductions. 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
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.
About the Innovation Fund
The Innovation Fund will be one of the largest funding programmes for demonstration of innovative low-carbon technologies. It is expected to amount to a total of €10 billion for the period of 2020 – 2030. It is one of the most important instruments of the European Union to reach the goals set under the Paris Agreement.
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