We at Spinverse had the honour to work with our clients on several project proposals during spring 2024 and were very excited to learn that six significant projects were awarded to receive funding in this round. In all, the Innovation Fund announced 85 groundbreaking projects selected to receive a total of 4.8B€ in grants. These projects aim to reduce greenhouse gas emissions by 476 million tonnes of CO2 equivalent over a time span of ten years.
The Innovation Fund is one of the world’s largest funding programmes for the demonstration of innovative low-carbon technologies with the estimated budget of 40B€.
The announcement of the European Commission on 85 new net-zero projects selected to receive grants from the Innovation Fund will help put cutting-edge clean technologies into action across Europe. Together, these projects demonstrate potential for significant greenhouse gas (GHG) avoidance and bring together many innovative actors in Europe. Looking at the results, we are very happy for the success of six clients of ours who have the opportunity to proceed to Grant Agreement process with their innovative proposals, as well as for six clients who are offered Project Development Assistance to further develop their promising project proposals.
All this is to show that our experts are doing impactful work for a greener European industry together with our innovative clients. In total, the funding into successful project proposals we supported is almost 270M€. The total estimated greenhouse gas emission avoidance in the successful projects of our clients is close to 20 million tonnes of CO2 equivalent over the span of 10 years. In comparison, the CO2 emissions of city of Helsinki in year 2023 were about 2 million tonnes.
The awarded projects supported by Spinverse come from across Europe. Among other things, the projects aim to replace fossil-based imported materials with locally sourced biobased alternatives, develop green hydrogen production, develop an innovation for zero emissions in energy-intensive industries, and deploy solutions for the decarbonisation of the maritime sector and for energy generation and storage.
Vice President Timo Ropponen is leading the Sustainable Industries business unit at Spinverse. He is proud of the strong contribution of the Spinverse experts. He says: “I am excited and delighted about these upcoming investments. Their impact on reducing CO2 emissions and improving the environment is profound. These initiatives are crucial because they do not only address the pressing issue of climate change but also lay the foundations for a sustainable future. For us, it is very meaningful to contribute to the green transition in Europe, and we are proud to be part of this transformation.”
We are looking forward to the next steps for our client projects we are so proud to have been part of supporting. Stay tuned for more news later!
Are you planning to accelerate your sustainable net-zero projects with Innovation Fund? The next call is opening on 3rd of December 2024 - get in touch with our funding experts today!
More information: Innovation Fund 2023 projects