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Innovation Fund is an EC program with a budget of 10 billion euros to support projects in energy-intensive industries, through Large scale projects (more than €7.5 M) and smaller scale projects (less than €7.5 M).
Innovation Fund proposes that real investment projects, with high innovative content and in many cases with very high investment values, can receive a subsidy of up to 60% of their additional costs, including not only the extra costs of the investment phase but also the cost overruns during the first years of operation. By financing the additional costs, co-financing with other sources is greatly favored, which facilitates the financial viability of the projects.
It is therefore a great opportunity for both the energy sector and industrial sectors such as steel, chemicals, paper, cement, ceramics, etc. that need to offset the risk of innovating in their decarbonization strategy: projects that help decarbonize energy-intensive industries (both their processes and products), renewable energy generation, energy storage, and carbon capture and use (CCU) or its capture and storage (CCS).
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