In the third funding call, the EU Innovation Fund doubles the budget for large-scale projects compared to the previous call to €3 billion.
Third call for funding in the Innovation Fund for large-scale projects
The budget increase was achieved through support from the EU’s REPowerEU package of measures to reduce dependence on Russian raw materials. The increased budget, which is fed by the European Emissions Trading Scheme (EU ETS), benefits large-scale projects that promote industrial solutions for decarbonisation in Europe. Projects supported by the Innovation Fund contribute to the reduction of greenhouse gases.
Ultimately, the Innovation Fund should contribute to achieving the EU’s climate target – i.e. saving at least 55% of greenhouse gases by 2030 compared to 1990 (Fit for 55) and becoming climate neutral by 2050. In addition, the projects help to reduce dependence on fossil fuels, such as Russian oil.
What does the Innovation Fund support?
The Innovation Fund supports innovation projects in the following technology areas:
- Innovative low-carbon technologies and processes in energy-intensive industries, including products that replace carbon-intensive industries
- Carbon capture and utilisation (CCU)
- Construction and operation of Carbon Capture and Storage (CCS)
- Innovative renewable energy generation
- Energy storage
Who is supported by the Innovation Fund in large-scale projects?
The Innovation Fund supports large-scale projects by individual companies or consortia with a total volume of 7.5 million euros or more. Funding is provided for investments (CAPEX) and operating costs (OPEX) with a funding rate of 60%. This means that the funding amounts to at least 4.2 million euros per project. Unlike many funding programmes that address R&D projects, the Innovation Fund is a mechanism that supports pilot and demonstration projects. The project duration is typically in the range of 3 to 10 years. The deadline for submission in the Large-Scale format is 16 March 2023.
Is your company eligible to apply?
Contact us by email; we will be happy to check your project for funding eligibility free of charge and without obligation.
Increase your chances of success with DORUCON
DORUCON has over 10 years of experience in applying for funding for businesses. Our team of more than 30 consists of engineers, physicists, chemists and economists – most of them with doctorates. The team also includes a certified energy consultant. DORUCON is successful in many EU programmes such as the EIC Accelerator in the areas of Green Tech (CO2BioClean), energy storage (KRAFTBLOCK) and other topics.
Our current application in the Eurostars funding programme was rated “best evaluated of all submissions to the FFG“. With the EU Innovation Fund, you also benefit from our expertise in project assessment, application and project management – and beyond. You concentrate on your project, we take care of the application so that it convinces the evaluators.
Take the plunge and increase your chances of success. Start now with our funding advice and get in touch!
Detailed information on the current funding call can be found here.
Do you have an R&D or investment project and are looking for funding opportunities? Learn more under Innovation Promotion.