The European Institute of Innovation and Technology (EIT) has pledged €19 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 €8.4m to climate change projects, €7.4m to clean energy projects and €3.35m to urban mobility projects.
The initiative is part of a €60m 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 innovators from 44 countries applied for the Initiative, the EIT said. It added that the funds have now been unlocked to ensure critical support swiftly reaches entrepreneurs across Europe to help recover from the pandemic.
The EIT is now finalising its selections to distribute its budget, and expects 60 per cent to be awarded to innovative start-ups, scale-ups and SMEs as part of the ‘Venture Support Instrument’, while 40 per cent will be awarded 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.