The European Commission has decided to reinvest the unused NER300 funds to support low carbon innovation projects under InnovFin Energy Demos (EDP), an EU financial instrument managed by the European Investment Bank. The first three projects are now funded with € 73 million. The reinvestment of unused funds from the first NER300 call enables timely support for projects before the launch of the Innovation Fund in 2020.
Projects benefit from NER300-supported funding. The first three projects selected to receive funding are NER300 under InnovFin EDP focused on innovative Wave Roller technology, floating offshore wind technology (Windfloat) and ultra-fast charging stations for electric vehicles and batteries (Greenway EV Charging Network ).
InnovFin EDP funds projects from innovative renewable energy, carbon capture and storage (CCS), smart energy systems and storage, helping to bridge the gap from demonstration to commercialization. The financial instrument is fully market oriented and support for eligible projects is provided on a first come, first served basis.
Thanks to additional contributions from NER300 unused funds, InnovFin EDP now has more resources available for new operations.