EU-Catalyst Partnership funds first joint projects on climate technologies

On 1 December 2023, at the COP28 in Dubai, the European Commission, Breakthrough Energy Catalyst and the European Investment Bank announced the first two European projects to be supported by the EU–Catalyst Partnership: Ørsted's FlagshipONE and Energy Dome's Ottana CO2 Battery. These two projects aim at being game changers in the clean tech sector and help the EU reach its 2030 climate targets. The partnership is providing €240 million in a combination of grants and commercial investment (equity and venture debt).

The EU-Catalyst Partnership was launched in 2021 at COP26 in Glasgow by President Ursula von der Leyen, President Werner Hoyer and Bill Gates, with the aim to develop large-scale green tech projects based in Europe and boost investments in critical climate technologies. EU funding for the partnership comes from Horizon Europe and the Innovation Fund within the framework of InvestEU, according to the established governance procedures. Breakthrough Energy Catalyst mobilises equivalent private capital and philanthropic grants to fund the selected projects.

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