European Innovation Fund open until March 2023 for large scale projects has been saved
European Innovation Fund open until March 2023 for large scale projects
Start early to be successful
The European Innovation Fund launched its third call for funding proposals for large-scale greenhouse gas emission reduction projects, with a larger than ever available budget of € 3 billion. The deadline for applications is 16 March 2023, which leaves ample time to build a convincing proposal with a high chance of funding success.
European Innovation Fund invites greenhouse gas emission reduction projects
The Innovation Fund is aimed at fostering the deployment of industrial solutions to decarbonize Europe, sharing its objectives with the RepowerEU initiative. Therefore, it provides for a subsidy for innovative large investment projects (CAPEX > € 7.5 million) that lead to a significant CO2 reduction.
- Innovations in energy-intensive industry (e.g. fertilizer, glass, steel);
- Energy storage
- Renewable energy
- CO2 capture, use and storage
This grant concerns close-to-market innovations for which a proof of principle already has been delivered and that will be developed into commercial scale (i.e. moving from TRL7 to TRL9) in the project term.
The Innovation Fund offers about 60% subsidy on the additional costs of this innovation, without a maximum; so these subsidies can be very large (> € 300 million). Collaboration with other parties is not needed to be eligible for this EU funding.
The deadline for submitting applications is 16 March 2023, enabling interested parties to put together their proposal(s) within a decent timeframe.
Key features of the call for proposals
- Proposals must relate to activities taking place in EU Member States, Norway or Iceland;
- Funding of up to 60% of the eligible costs;
- A one-stage application process;
- A minimum project size of EUR 7.5 million (capital expenditure);
- A typical project duration between 3 and 15 years, a default monitoring and reporting period of 10 years once the project is operating.
The present call will target 4 subtopics (for each, a portion of the total budget is allocated):
- Innovative electrification in industry and hydrogen: innovative projects in electrification methods to replace fossil fuel use in industry as well as renewable hydrogen production or hydrogen uptake in industry (EUR 1 billion);
- Clean-tech manufacturing: innovative projects in manufacturing of components as well as final equipment for electrolysers and fuel cells, renewable energy, energy storage and heat pumps (EUR 0.7 billion);
- Mid-sized pilots: highly innovative projects in disruptive or breakthrough technologies in deep decarbonisation in all eligible sectors of the Fund (EUR 0.3 billion);
- General decarbonization: innovative projects in renewable energy, energy-intensive industries, energy storage or carbon capture, use, and storage, as well as products substituting carbon-intensive ones (EUR 1 billion).
Do you need support?
Companies are likely to benefit from starting to formulate their funding proposal projects now as soon as possible. With a combination of scientific experts and teams specialising in sustainability, finance, as well as grants and incentives, Deloitte is well positioned to help you match your sustainability ambitions with European funding opportunities. We not only have the necessary expertise to define your project and to help drafting your funding application, but also will be able for example to structure your business plan, or audit your cost- and greenhouse gas avoidance calculations.
In conclusion, having already secured for more than EUR 250 million Innovation Fund financing for our clients, Deloitte Gi3 is the perfect advisor to accompany you in the assessment of your project and the drafting of your application.