Matthew BoyleThe European Commission, backed by €65 million from the EU Innovation Fund, is set to bolster 17 promising clean tech start-ups, heralding a significant stride towards climate neutrality. These ventures, spanning energy-intensive industries, renewable energy, and energy storage, are poised to introduce transformative technologies to the market, supported by substantial financial backing.
Over their initial decade of operation, these clear tech start-ups are projected to slash emissions by more than 1.8 million tonnes of CO2, amplifying decarbonization efforts across 24 countries. EU Executive Vice President Maroš Šefčovič underscores the Innovation Fund’s pivotal role in driving industry transition and fostering competitiveness on the global stage.
A diverse array of projects has been selected for funding, ranging from energy-intensive industry enhancements to clean energy initiatives. Notably, small and medium-sized enterprises constitute a significant portion of the beneficiaries, highlighting the Fund’s commitment to fostering innovation and sustainability.
With grants ranging from €1.6 to €4.5 million per project, funded by EU Emissions Trading System revenues, the Innovation Fund aims to accelerate the adoption of cutting-edge, net-zero, and low-carbon technologies, propelling Europe towards climate neutrality.
EU Innovation Fund Fuels Climate Neutrality: Boosting Clean Tech Start-ups
With €65 million in funding from the EU Innovation Fund, the European Commission has announced it will support 17 clear tech start-ups.
These tempting clean tech start-ups will be able to innovate and introduce transformational technologies to the market in energy-intensive industries, renewable energy, and energy storage thanks to their substantial financial support.
Within their initial ten years of operation, these clear tech start-ups are expected to reduce their emissions by more than 1.8 million tonnes of CO2 and nbsp.
The EU Innovation Fund then boasts decarbonizing initiatives across 24 countries thanks to the addition of these projects.
On our path to climate neutrality, we must make the most of the EU’s investment firepower, EU Executive Vice President Maroefovi said in response to the development.
The Innovation Fund is a crucial tool that can help our industry transition and leverage much-needed personal investment.
” We are both lowering our emissions and enhancing our competitiveness on the global stage by funding clear tech projects.”
Energizing Innovation: EU Innovation Fund Advances Clean Energy Projects
Eight projects aimed at boosting energy-intensive industries have received funding from the Innovation Fund totaling €32.6 million.
Spain contributes two projects in the refinery and cement/lime industries, while Italy leads with three initiatives focusing on glass, ceramics, and building materials.
Italy secures two more projects in the iron/steel and chemical industries, while Croatia displays a hydrogen project.
The multi-energy bright grid in France and the infrared energy storage initiative in Denmark both receive €8.4 million at the same time.
Additionally, the Fund allocates €24.4 million to seven clean energy initiatives. While renewable energy initiatives are being developed in France and Greece; France, Hungary, and Latvia work together to produce components for renewable energy.
Furthermore, initiatives are being launched to use solar energy in the maritime and flexoprinting sectors.
One initiative is led by the Netherlands, while the next is jointly driven by Sweden, Finland, and Norway. These strategic investments show a dedication to promoting innovation and sustainability, advancing the energy landscape of several countries toward enlightenment and efficiency.
For each of the 17 projects, grants from the Innovation Fund, funded by EU Emissions Trading System (EU ETS) revenues, will range from €1.6 to €4.5 million. Upon the conclusion of the grant agreement preparation phase, the particular grant amounts will be made public.
Importantly, small and medium-sized businesses make up one-third of the beneficiaries. In addition to the 17 projects that have been selected, the European Investment Bank is considering four appealing initiatives for project development assistance.
This specialized assistance aims to make it easier for them to close their financial accounts and make a soft entry into business.
EU Innovation Fund Driving Climate Neutrality
It is impossible to overstate the importance of the Innovation Fund in fostering the success of Europe’s fresh tech start-ups.
The EU Emissions Trading System is anticipated to bring in about €40 billion in revenue between 2020 and 2030.
The Innovation Fund’s main goal is to encourage investment in cutting-edge, net-zero and low-carbon technologies, as well as to help Europe transition to climate neutrality by offering monetary incentives to businesses and public institutions.
From its earlier proposal rounds, the Innovation Fund has already given about €6.5 billion to more than 100 innovative projects.
