"IF represents a pivotal opportunity for the European Union to accelerate the transition to its vision of the first climate-neutral continent. It is dedicated to deployment and demonstration of advanced clean technologies and solutions, contributing to EU's competitiveness and economic growth. Projects funded from the Innovation Fund are showcasing the emerging green economy we all hope to see in the coming decades. "
The Innovation Fund at a glance
- Key IF focus areas
- Who can apply for the Fund?
- Project categories
- IF portfolio (2020-2023 calls for proposals)
- Funding timeline
Key IF focus areas
IF supports projects that drive deep decarbonisation, particularly in:
- Innovative low-carbon technologies for energy-intensive industries
Carbon capture and utilisation (CCU)
Carbon capture and storage (CCS) facilities
Renewable energy generation
Energy storage solutions
Hydrogen applications in industry
Net-zero mobility (maritime, aviation and road transport)
Electric vehicle battery cell production
Who can apply for the Fund?
IF is designed to support activities across sectors critical to the transition toward a low-carbon economy.
Companies and organisations from a wide range of industries are encouraged to apply, particularly those involved in:
- Energy
- Production and processing of ferrous metals
- Mineral industry, forest, paper, and packaging
- Chemical industries
- Manufacturing of components for renewable energy
- Refineries
- Power and utilities
- Cement producers
- Engineering and construction
- Manufacturing.
Eligible entities. The applicants must:
Be legal entities (public or private bodies)
Be established in one of the eligible countries: any country in the world
Eligibility details
To be eligible, projects must be located in EU Member States or EEA countries (i.e. Norway, Iceland, Liechtenstein).
Projects focusing on services, including software are not eligible. Moreover, projects anticipating ship or plane building or refurbishment outside the EU are also not eligible.
Project categories
Project promoters, as applicants, can choose one of the following categories:
1. General decarbonisation (large-scale) - projects with capital expenditure (CAPEX) above €100 million.
2. General decarbonisation (medium-scale) - projects with CAPEX between €20 and €100 million.
3. General decarbonisation (small-scale) - projects with CAPEX between €2.5 and €20 million.
4. Cleantech manufacturing - projects with CAPEX above €2.5 million focusing on component manufacturing for renewable energy, energy storage, heat pumps and hydrogen production.
The relative GHG emission avoidance for the categories above must be at least 50%.
5. Pilot projects with CAPEX above €2.5 million focusing on deep decarbonisation through reducing relative GHG emissions by at least 75%.
IF portfolio (2020-2023 calls for proposals)
IF grants were awarded to projects across sectors, but the greatest number of projects are related to hydrogen and the manufacturing of components for renewable energy sources or energy storage.
Funding timeline
IF grants are awarded in annual cycles through calls for proposals that are usually open from late November/early December until late March/early April.
Key Events and Expected Timeline for 2024 Calls
Available call budget: €3.4 billion
Opening of the call: 3 December 2024
Deadline to submit applications: 24 April 2025
Publication of call results: Q4 2025
Grants award and Project Development Assistance: Q1 2026
Success Stories
SUNBREWED: Solar energy for the brewery industry
Project Description: Implementation of solar thermal production facility combining two technologies—solar thermal production and thermal storage—and providing heat for the Athenian Brewery’s industrial process. This project decreases CO2 emissions by 100% through the installed thermal capacity and by 25% for the total plant requirements. This resulted in a significant avoidance of 2192 tons of CO2 emissions annually.
Project location: Greece
Project budget: €7.4 million
Successful outcome: After the project application submission, the project was awarded €4.4 million from the IF.
How Can PWC Assist You?
Navigating the complexities of the IF application process requires specialised knowledge and strategic insight. PwC’s Incentives Hub offers unparalleled professional experience. Collaborating with PwC can be a pivotal advantage for your business, as we offer comprehensive assistance throughout all phases of your project from preparation to implementation, including:
Assessment of your project's eligibility and potential success according to IF award criteria. This includes composing the project work plan, timeline and concept design and defining the project scope and budget in alignment with the IF programme.
Development of the application and its submission, involving full-scale support in the preparation of the application documentation.This includes writing and submitting the application and all necessary documentation including the business plan, financial model, GHG emission avoidance calculator and calculation of relevant costs.
Preparing reporting during project implementation and offering overall project management support.
Supplying professionals experienced in different areas— including GHG, finance, and business development, to prepare an optimised application.
PwC EU Funding Hub
Our expertise in supporting clients to secure EU funds
Contact us to discuss how we can help you secure funding for your innovative low-carbon project.
Discover the key insights of the Innovation fund. Download the Toolkit now.
Contact us
