Innovation Fund instrument by CINEA (European Climate, Infrastructure and Environment Executive Agency) launches billions of euros to sustainable projects which decrease industrial carbon footprint and greenhouse gas emissions. The funding decisions for Large-scale projects were recently published and Spinverse is proud to have contributed to the positive funding decision for four Nordic projects.
This spring, Spinverse funding experts on various industries in the hydrogen, battery or biofuel value-chain markets worked closely with a number of innovative customers. We have helped them to crystallise their project proposals and financially de-risk their projects through the Innovation Fund. Securing such financing can help our customers to go for an investment decision in building first of a kind full-scale industries predicted to significantly decrease carbon emissions in Europe.
In July, we were delighted to hear that four projects we submitted for the March 2023 deadline with our customers were pre-selected to grants — with the total amount of funding a significant 500 M€.
Our customers’ projects focused on increasing the battery value chain sourcing sustainability, decarbonizing the heavy industry, creating new renewable energy power plants mostly sourced in Europe and increasing European bio-fuel capacity.
One of our customers for this Innovation Fund call was Midsummer from Sweden, which was pre-selected for a grant of 32 M€ for their DAWN project. Project DAWN is set to build and operate a plant for lightweight and flexible copper indium gallium selenide solar cell (CIGS) thin-film solar cells and panels in Sweden. Their successful application process was co-supported by Spinverse and Aenigma.
We are no strangers to successful Innovation Fund proposals. One example is from year 2021 when we worked with our Swedish customer Stockholm Exergi on their project proposal. The collaboration secured funding of 180 M€ from Innovation Fund for the company’s world-class bio electricity facility project (Beccs), with a potential to remove around 7 Mt carbon emissions over the first ten years of operation.
The next call for project proposals for small, medium and large projects is expected to be launched in November 2023. The call will, again, translate into a variety of opportunities to companies aiming to scale up their business with public funding. Are you one of them? Contact our experts today!
Stay tuned for more news on Innovation Fund success stories we were entitled to support!