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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.

The 32 projects selected for funding were evaluated by independent experts for their ability to reduce greenhouse gas emissions compared to conventional technologies and to innovate beyond the state-of-the-art while being sufficiently mature to enable their quick deployment. Other criteria included the projects' potential for scalability and cost effectiveness. The selected projects cover a wide range of relevant sectors to decarbonise different parts of Europe's industry and energy sectors. The success rate of eligible proposals to this call for proposals is 18%.

The 15 projects that can benefit from project development assistance were assessed to be sufficiently innovative and promising in terms of their ability to reduce greenhouse gas emissions, but not yet mature enough to be considered for a grant. The support, to be provided as tailor-made technical assistance by the European Investment Bank, aims to advance their financial or technical maturity, with a view to potential re-submission under future Innovation Fund calls.