European Union Invest 1.8-Billion Euros in Clean Technology Projects

Power & Energy Technology

The European Union is investing more than 1.8 billion euros in 17 large scale innovative clean technology projects along with a third round of awards under the Innovation Fund. The grants are going to be disbursed from the Innovation Fund to provide help in bringing breakthrough technologies to the market in the energy-intensive industries, renewable energy, hydrogen, carbon capture and storage infrastructure, and manufacturing of the main components for energy storage and renewables.

The selected projects are also located in Bulgaria, France, Finland, Iceland, the Netherlands, Poland, Sweden, Germany, and Norway. Frans Timmermans, executive vice-president, said the grants will be supporting the innovative businesses across Europe to develop the cutting-edge technologies they need to drive the green transition. He said the Innovation Fund is an important tool to scale up the innovations in renewable hydrogen and several other solutions for European Industry.

He also said compared to the first disbursement round, the funds available have been increased by 60 percent, which is enabling them to double the number of projects supported. He added that this is a big boost for the decarbonization of the industry in the European Union.

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The 17 projects have been selected under the second call for large-scale projects, which means that they have capital costs above 7.5 million euros. The projects had been evaluated by the independent experts based on the ability to decrease greenhouse gas emissions compared to the traditional technologies and to innovate beyond the state of the art.

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