1st call for proposals of the European Innovation Fund
The European Commission launches the 1st call for proposals of the European Innovation Fund. The European Innovation Fund will co-finance innovative renewable energy and low-carbon technology for the next 10 years.
The European Commission will allocate 1 000 000 000 EUR to finance innovative projects on:
- Innovative low-carbon technologies and processes in energy intensive industries, including products substituting carbon intensive ones
- Construction and operation of carbon capture and storage (CCS)
- Construction and operation of innovative renewable energy generation and energy storage technology
The first call for large-scale projects is open until 29 October 2020. However, this is a two-stage evaluation process and the deadline for the second phase is set for the second quarter of 2021.
After the first selection/evaluation phase, 70 proposals will be shortlisted. Shortlisted projects will be evaluated by the Innovation and Networks Executive Agency (INEA) and by external evaluators. Shortlisted projects with a score below 7.5 (minimum threshold) will not receive funding.
Only projects above EUR 7 500 000 of capital expenditure (large-scale projects) shall be eligible for the Innovation Fund grants under the first call for proposals. The grants shall be awarded following a competitive selection process via the call for proposals. The maximum co-financing rate is 60 % of the relevant costs of the projects, which shall be disbursed as grants in the form of lump sums.