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. Read on to discover more about this significant funding programme.
Total budget: €10,000,000,000 (2020-2030)
Budget for the 2021 rounds:
Large scale projects: €1,300,000,000 – €1,500,000,000
Small scale projects: €100,000,000 available
In general, two categories will be used:
- Small-scale projects with total capital costs (of the project) <€7,500,000 and
- Large scale projects with total capital costs (of the project) >€7,500,000).
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)
Expected deadlines (to be confirmed):
Small scale projects: Launch on 15 March 2022 with an expected deadline end of August 2022
Large scale projects: Launch on 26 October 2021 with an expected deadline on 1 March 2022
Project duration: 3-10 years
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.
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
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