Innovation-led Public Private Partnerships (PPPs) worth up to €22bn have been given the go-ahead by the European Parliament.
Most of the investment will go to six public-private partnerships in innovative medicines, aeronautics, bio-based industries, fuel cells and hydrogen, electronics and rail transport.
The Innovation Investment Package (IIP) and the Single European Sky Air Traffic Management Research (SESAR) joint undertaking now go to council for final approval.
Over the next seven years, the EU's contribution of €9bn to the package will unlock an equivalent investment from the private sector and €4bn from member states.
The EU funding will come from Horizon 2020, the European Union's new €80bn research and innovation programme.
Better quality of life
“This is a €22bn investment in our economy and in a better quality of life,” said Máire Geoghegan-Quinn, European Commissioner for Research, Innovation and Science.
“We will work with industry and a wide range of researchers to tackle problems no one country or company can face alone.
“I pay tribute to the European Parliament and in particular all the rapporteurs involved, who have worked quickly to get us to this point. I look forward to final approval of the package by the member states, with a view to launching these partnerships in July,” Geoghegan-Quinn said.