2024 Innovation Fund: Key Information for GROUP-IPS' European Industrial Customers
On 3 December 2024, the European Commission launched the Innovation Fund 2024 Call and Battery calls, with a total budget of €3.4 billion. IF offers significant opportunities for industrial companies in Europe to lead transformative projects inn decarbonization and clean technologies. With a budget of €3.4 billion, the program focuses on supporting innovations that align with the EU’s climate and energy goals.
| Maria RomeroInternational Business Unit Manager |
From Group IPS and thanks to our collaboration agreement with EURO FUNDING we can help our clients to obtain non-refundable funding for projects that meet the requirements of this call.
A success story is the Norberg Mine Storage project: Pumped Storage Hydropower Plant in a decommissioned mine, which has recently received the approval of a grant of €20,000,000.00 in the Pilot category and in which P&I's Sustainability Services has participated, with the preparation of a GHG Avoidance Report.
Main Features of IF
The fund is divided into general calls and a specific renewable hydrogen auction, aiming to support projects across scales. Categories include large-scale initiatives (above €100M), medium-scale (€20–100M), and small-scale (€2.5–20M), with additional support for pilot projects and clean technology manufacturing. Deadlines are set for April 24, 2025, for the general call and February 20, 2025, for the hydrogen auction.
This year’s edition introduces medium-scale projects, a new Sovereignty STEP label for strategic technologies, and a focus on reducing reliance on non-EU suppliers, especially from China, to strengthen Europe’s supply chain resilience.
Key areas of funding
- Renewable Energy: Solar, wind (onshore/offshore), and ocean energy (tidal and wave systems).
- Hydrogen Technologies: Renewable hydrogen production, storage, transport, and industrial applications.
- Carbon Capture, Utilization, and Storage (CCUS): CO₂ capture, conversion into products, and secure storage.
- Industrial Electrification: Replacement of fossil fuel processes with electrified solutions.
- Low-Carbon Materials: Green steel, cement, and chemicals with reduced emissions.
- Sustainable Transport: Advanced biofuels, synthetic fuels, and electrification for heavy transport systems.
- Energy Efficiency: Innovations in heat recovery and reduced energy consumption.
The fund also supports emerging, disruptive technologies with transformative potential. Projects must demonstrate scalability, cost-effectiveness, and significant reductions in greenhouse gas emissions to qualify.
Critical Considerations
Projects must demonstrate significant greenhouse gas reductions, strong cost-effectiveness, and scalability. Proposals relying heavily on Chinese suppliers or offering limited replicability across Europe risk receiving lower scores. Additionally, incomplete documentation or misaligned goals may lead to disqualification.
