Funding scheme to support production of COVID-19 related products in Ireland
The Department of Business Enterprise and Innovation announced a €200 million scheme to support production of COVID-19 related products. The COVID-19 Products Scheme forms part of an EU Temporary Framework that allows additional aid to be granted to companies that are developing or producing products used in the fight against Covid-19. Its goal is to accelerate the production of vital medicines, potential vaccines and essential equipment.
The scheme provides up to 50% of eligible capital investment. It is open to IDA and Enterprise Ireland client companies. As this is under an emergency Temporary Framework, normal state aid rules do not strictly apply. This makes it a unique opportunity for many companies to receive elevated funding on qualifying expenditure.
While it will be largely targeted to Life Science companies, it is open to any company investing in R&D and production of Covid-19 related products in Ireland. Importantly, the funding is not exclusively for new pharmaceutical products and vaccines. It is applicable for companies who for example, are repurposing for the production of PPE or tech companies investing in the development of new technologies that can increase testing efficiencies.
Funding is available under three pillars:
- Accelerate Research and Development
- Upscale construction or upgrade testing infrastructure
- Fast-track production capacity
The IP outcomes of R&D must be open source, therefore it is envisaged that Infrastructure (capital investment projects) and Commercialisation (scale up or clinical trial projects) will receive the majority of applications.
The 50% rate is negotiable and successful applications will likely achieve a lower rate. All projects must be completed within a 6-month timeframe, where projects extend beyond this; there is a clawback of 25% per month.
Successful applications will rely on timely project conception and application engagement with IDA/Enterprise Ireland. This fund represents a unique opportunity to benefit from higher funding levels previously unavailable under state aid rules, be they for investments in new manufacturing capabilities, or the expansion or repurposing of existing capabilities.
The Gi3 team have significant experience in assisting companies in applying for and drawing down IDA, EI and EU funding. We have strong relationships within IDA and EI and can provide assistance throughout the entire claim process. Contact us to discuss further.
- Up to 50% funding (no restrictions on location)
- Open to all companies who are developing products to fight COVID
- Applicable projects include R&D, Infrastructure and Commercialisation.