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23 Jul 2020

First European Innovation Council “Green Deal” funding awarded

The European Innovation Council has awarded over €307 million to 64 ‘green deal’ start-ups and SMEs contributing to the objectives of the European Green Deal Strategy and the Recovery Plan for Europe. Winning proposals range from innovative solutions for the automotive, aerospace and maritime sectors to advanced materials or Internet of Things technologies.

Over one third of the selected companies are led by women CEOs, which is a big increase (tripling) of the number in previous EIC funding rounds. The 64 startups and SMEs selected are based in wide range of countries, including 17 EU member states - seven of which are countries catching up in their R&I performance - making this the most geographically diverse EIC call so far. Two successful companies are located in Austria. 38 companies demand for EIC ‘blended finance’, which combines grant and equity (representing €182.6 million in equity investments).

In March 2020 the Commission amended the pilot EIC 2020 Work Programme in order to include a €300 m budget through the EIC pilot Accelerator for funding innovations that contribute to the goals of The European Green Deal and the UN’’s 2030 Agenda for Sustainable Development. The scheme offers startups and SMEs the option to apply for either grants or blended finance (grant and/or equity support).

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