The Innovation Fund is the European Commission's new funding instrument, launched in 2019 and designed to achieve the strategy of a climate neutral Europe by 2050.
The Innovation Fund will:
- help create the right financial incentives for projects to invest now in the next generation of technologies needed for the EU’s low-carbon transition
- boost growth and competitiveness by empowering EU companies with a first-mover advantage to become global technology leaders
- support innovative low-carbon technologies in all Member States in taking off and reaching the market.
The application process has two phases:
- Expression of interest, with a first assessment on the project effectiveness, innovation and maturity level. Projects that meet only the first two criteria may qualify for project development assistance.
- Full application, where projects are assessed on all the criteria, including scalability and cost efficiency.
More details on the application process, including relevant documentation, will be published in the call(s) for proposals. The Commission aims to launch the first call in 2020, followed by regular calls until 2030.
The budget will be around EUR 10 billion, and the Fund will support up to 60% of the additional capital and operational costs linked to innovation.
More info at the official page.
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