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On March 30th, the European Commission launched its third call for small-scale clean tech projects eligible for financial support from its budget of €100 million. The call for projects will be open until 19 September 2023. Here are some key things to know about applying for the #InnovationFund and what this third call means for the future of CDR in the EU.
What is the Innovation Fund?
🇪🇺 The Innovation Fund is the EU’s funding programme dedicated to innovative low-carbon technologies. Previous selected projects include Stockholm Exergi’s #BECCS plant that received €180 million from the fund in 2022.
🗂 The fund is financed by revenues from the EU's Emissions Trading System (#ETS) and can finance up to 60% of a small project's total capital expenditure.
✅ Eligible projects are evaluated based on their: potential to avoid greenhouse gas emissions; innovation; scalability; financial, technical and operational maturity; and cost-efficiency.
What are the funding parameters for this third call?
💶 The new call will make available €100 million in grant funding.
🔋 The capital expenditure is set to be €2.5 to €7.5 million in the areas of renewable energy, decarbonisation of energy-intensive industries, energy storage, and carbon capture, use and storage (#CCUS), which can include carbon dioxide removal (#CDR).
❗As the fund finances up to 60% of a project’s total expenditure (with a €2.5 million minimum for each project), interested companies would need to have at least a €1 million equity investment in their project.
What does this mean for the further development of CDR?
⚡ This call for small-scale projects can further boost the deployment of industrial solutions like CDR to #decarbonise Europe.
⏫ The fund is a useful vessel for scaling up CDR projects by creating robust funding opportunities for more CDR projects like 🇸🇪 Stockholm Exergi’s, such as carbon negative products that store emissions in concrete.
The Innovation Fund is a remarkable programme for supporting continued development in advanced decarbonisation technologies. If your company is interested in participating in this European call for clean tech, the Commission is holding an online InfoDay on April 20th and an application workshop on July 4th: https://lnkd.in/d3r5bHvR.
Is there any company supported by the Innovation Fund you’d like to shout out? Is there any CDR company in the EU you hope to see apply? Tag them in the comments below.
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