The European Commission has launched the first call of the Innovation Fund for Large Scale Projects, with a first-stage deadline of 29 October 2020. The Innovation Fund, announced in 2019, finances demonstration of innovation low-carbon technologies that can contribute to limiting climate change.
In particular, the fund will support innovative low-carbon technologies and processes in energy-intensive industries, carbon capture and utilisation (CCU), carbon capture and storage (CCS), innovative renewable energy generation and energy storage.
To be eligible, projects must have total capital expenditure of more than 7.5 million EUR and be located in the EU, Norway or Iceland, and last no more than four years. Participation of the UK will depend on the final form of the UK-EU relationship after the transition period ends in December 2020.
Project grants will cover up to 60% of costs, and applicants may be multi-entity consortia or single organisations, including public bodies.
Image credit: European Commission
Seventy projects from the first-stage will be selected to advance to the second stage, which will have a deadline of 23 June 2021. In the first stage, proposals will be assessed on their absolute and relative greenhouse gas emission avoidance, the degree of innovation, and project maturity. In the second phase, scalability and cost efficiency will also be assessed.
Up to forty of the project proposals that do not make it to the second phase may be considered for Project Development Assistance from the European Investment Bank.
Applications for small scale projects (below 7.5 million EUR) will launch by the end of 2020.