With the third round of grants under the Innovation Fund, the EU is spending more than €1.8 billion in 17 large-scale innovative clean-tech initiatives.
Grants from the Innovation Fund will be distributed to assist with the commercialization of ideas in energy-intensive sectors, hydrogen, renewable energy, carbon capture and storage infrastructure, and the production of critical components for energy storage and renewables. Bulgaria, Finland, France, Germany, Iceland, the Netherlands, Norway, Poland, and Sweden are among the countries represented.
The 17 projects were chosen as part of the second call for large-scale initiatives, with capital expenses over €7.5 million. Independent experts assessed the projects based on their capacity to cut greenhouse gas emissions relative to established technologies and to innovate beyond the state-of-the-art while remaining mature enough for implementation. Other factors for selection were the projects’ scalability and cost efficiency.
The selected projects span a wide range of sectors that contribute to the EU’s decarbonization efforts, including green hydrogen production, distribution, and use, waste-to-hydrogen, offshore wind, photovoltaic (PV) module manufacturing, battery storage and recycling, carbon capture and storage, sustainable aviation fuels, and advanced biofuels. Over the first ten years of operation, they have the potential to save 136 million tonnes of CO2eq.
Furthermore, the European Investment Bank will pre-select up to 20 initiatives that are promising but not yet mature enough for a grant for project development support. These are expected to be announced in the fourth quarter of 2022.
Source: Green Car Congress