The Innovation Fund is 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. Currently, the first large-scale projects call is closed and a new call for small-scale projects has been opened. Small-scale projects are projects with CAPEX costs ranging from €2.5M-7.5M. A total of €100M funding is available in this round.
Small-scale call now open
The current round for small-scale projects will focus on the sectors energy-intensive industries, including CCUS, renewable energy, energy storage, substitute products and cross-cutting projects. The application process has been adapted after the first round and is now consisting of only a single stage submission process. With a deadline on 10 March 2021, the size of the support is max 60% of the capital costs of the project.
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.
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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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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