The Innovation Fund has 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. Read on to discover more about this significant funding programme.
IF23 Auction and Call announcement
A new Auction and Call of the Innovation Fund opened on 23 November 2023. The IF23 Auction will close on 8 February 2024 (estimated) and the Call will close on 9 April 2024 (estimated).
Innovation Fund – Budget and deadlines
Total budget: €38B
Budget for 2023 rounds:
– Small scale: €100M
– Large scale: €3B (it was doubled for last round)
There are two categories within the Innovation Fund:
- €100M support for grants and €5M for project development assistance support
- Duration: 3 years
- Budget is calculated based on the relevant costs. Projects with a capital between 2.5M and 7.5M are eligible (lump sum)
- Funding rate: 60%
- €3B as budget (doubled)
- Duration: 3 – 15 years
- Project budget > €7.5M
- Funding rate: 60%
Who can apply for Innovation Fund?
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.
What is the focus of Innovation Fund?
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
Visit the Innovation Fund website for more information