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EU invests €122 million in innovative projects to decarbonize the economy

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For the first time since the creation of the Innovation Fund, the European Union is investing €118 million into 32 small innovative projects located in 14 EU member states, Iceland and Norway. The grants will support projects aiming to bring low-carbon technologies to the market in energy intensive industries, hydrogen, energy storage and renewable energy. In addition to these grants, 15 projects located in 10 EU member states and Norway will benefit from project development assistance worth up to €4.4 million, with the aim of advancing their maturity.

Executive Vice President Timmermans said: “With today's investment, the EU is giving concrete support to clean tech projects all over Europe to scale up technological solutions that can help reach climate neutrality by 2050. The increase of the Innovation Fund proposed in the Fit for 55 Package will enable the EU to support even more projects in the future, speed them up, and bring them to the market as quickly as possible.”

A press release is available online.

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