The European Institute of Innovation and Technology (EIT) has set out almost £18 million in funding for climate, energy and urban mobility projects under its Crisis Response Initiative.
The EIT, an independent body created by the European Union in 2008 to strengthen Europe's ability to innovate, will award £7.7m to climate change projects, £7m to clean energy projects and £3.1m to urban mobility projects.
The initiative is part of a £55m package across different industries to enable the launch of new innovation projects tackling COVID-19 related challenges as part of the ‘Pandemic Response Projects’.
Almost 1,500 companies from across 44 countries applied for the EIT’s funding and it has said that the money has been unlocked and will be used in projects that will be completed by the end of the year to help Europe recover from the Covid-19 pandemic.
The EIT is now finalising its selections to distribute its budget, but it is expecting 60% will be awarded to innovative start-ups, scale-ups and SMEs as part of the ‘Venture Support Instrument’, and 40% to innovation projects under the ‘Pandemic Response Projects’.
Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education and Youth, responsible for the EIT, said: “This action of the EIT is part of the EU's comprehensive response to the COVID-19 crisis, including substantial support to innovation.
“Thanks to the EIT's funding, hundreds of innovators and companies will be given the opportunity to participate in the collective effort to overcome this crisis and rebuild our economy sustainably.”
More details on the selected ventures and innovation projects to be financed are expected to be announced in the coming weeks.