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The EU’s Innovation Fund selected 17 small-scale projects that aim to create breakthrough technologies, to support the bloc’s attempt to tackle the climate crisis.
The EU has selected a new batch of projects to support under its Innovation Fund, in a bid to reduce carbon emissions.
A total of 17 small-scale clean-tech projects will receive €65m from the fund. The EU aims for this support to help companies and small businesses bring breakthrough technologies to market, such as energy-intensive industries, renewable energy and energy storage.
The selected projects cover a wide range of sectors, with a particular focus on the manufacturing of components for renewable energy and glass, ceramics and construction materials. The selected projects are expected to avoid more than 1.8m tonnes of C02-equivalent emissions within the first 10 years of their operations.
Each of the 17 projects will receive grants ranging from €1.6m to €4.5m, which will be funded through revenues generated by the EU Emissions Trading System. These successful projects were chosen among 72 proposals.
The successful projects include a multi-energy smart grid, thermal energy storage, a hydrogen project, components for the production of renewables and more.
The EU said it has awarded roughly €6.5bn to more than 100 innovative projects through previous calls for proposals. European Commission VP Maroš Šefčovič said the EU needs to make the most of its “investment firepower” on its path to climate neutrality.
“The Innovation Fund is an important instrument available to support our industry in the transition, which can also help leveraging much-needed private investment,” Šefčovič said. “By funding clean-tech projects, we are both reducing our emissions and contributing to our competitiveness on the global stage.”
Climate action commissioner Wopke Hoekstra said he was “particularly pleased” that small businesses in Europe are able to benefit from the green transition.
“Though small in scale, these projects and companies have a great potential,” Hoekstra said. “We will keep investing in Europe’s green future and helping to bring breakthrough innovations to our economy.”
In March, the European Commission launched a call for small-scale projects that focus on low carbon technology and said successful awardees would be notified next year. The commission said €100m will be used to provide projects with grants of between €2.5m and €7.5m.
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