On November 3, 2022, the third call for significant projects from the Innovation Fund went live. To further boost the EU’s independence from Russian fossil fuels and hasten Europe’s transition to a greener economy, the Innovation Fund’s contribution was announced as part of the REPowerEU Plan.
This third call includes four themes, three of which are part of REPowerEU, with a budget raised to EUR 3 billion thanks to increased revenue from the auctioning of EU Emissions Trading System (ETS) allowances:
- Hydrogen and innovative industrial electrification (Euro 1 billion in budget)
- Clean tech manufacturing (supporting the production of parts and finished products including fuel cells and electrolyzers, cutting-edge renewable machinery, energy storage, and heat pumps) (budget: EUR 700 million)
- “Mid-sized pilots” for validating, testing, and refining very novel solutions (budget: EUR 300 million)
- All initiatives qualifying for the Innovation Fund may use general decarbonization, with the exception of those that are specifically related to RePowerEU themes (budget: EUR 1 billion).
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