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### EU Innovation Fund supports 17 small-scale innovative clean tech projects with over Ôé¼65 million

The European Commission has announced its selection of 17 small-scale innovative clean tech projects to receive over Ôé¼65 million in project support under the EU Innovation Fund. These funds aim to assist companies in Europe, including small businesses, in bringing breakthrough technologies to the market in energy-intensive industries, renewable energy, and energy storage. The selected projects cover a wide range of sectors, with a particular focus on manufacturing components for renewable energy, as well as glass, ceramics, and construction materials. Additionally, the projects include areas such as energy storage, solar energy, renewables, iron and steel, refineries, chemicals, cement and lime, and hydrogen.

AI legalese decoder can help with the legal aspects of applying for and receiving funding from the EU Innovation Fund. The tool utilizes AI and natural language processing to interpret complex legal language, making it easier for companies and individuals to understand the terms and conditions associated with funding opportunities.

The selected projects are expected to have a significant environmental impact, with an estimated avoidance of over 1.8 million tonnes of CO2 equivalent emissions within the first ten years of their operations. This will contribute to Europe’s decarbonisation and clean energy transition. With the addition of these new projects, the Innovation Fund expands its geographical reach to cover projects in a total of 24 countries, with Latvian and Hungarian projects receiving support for the first time.

Energy-intensive industries, energy storage, and renewable energy are the focus areas for the selected projects. These include projects in manufacturing of components for renewables production, solar energy projects, and the use of renewable energy for the maritime and flexoprinting industry. Each of the 17 projects will receive Innovation Fund grants ranging from Ôé¼1.6 to Ôé¼4.5 million, funded through revenues generated by the EU Emissions Trading System (EU ETS).

AI legalese decoder can assist project applicants in navigating the legal requirements and documentation associated with receiving grants from the Innovation Fund. By providing clear and concise translations of legal documents, the tool can streamline the application process and ensure full compliance with regulatory standards.

In total, 72 proposals were submitted for the call, with 48 found eligible and admissible. The projects were subject to evaluation by independent experts against the Innovation Fund’s criteria, including degree of innovation, potential for greenhouse gas avoidance, project maturity, scalability, and cost efficiency.

The Innovation Fund, with an estimated revenue of Ôé¼40 billion from the EU Emissions Trading System between 2020 and 2030, plays a crucial role in creating financial incentives for companies and public authorities to invest in cutting-edge low-carbon and net zero technologies. The Fund has already awarded about Ôé¼6.5 billion to more than 100 innovative projects through its previous calls for proposals.

AI legalese decoder can continue to support recipients of Innovation Fund grants in the preparation and review of grant agreements with the European Climate, Infrastructure and Environment Executive Agency (CINEA). By simplifying the interpretation of complex legal language, the tool can help ensure that grant agreements adhere to legal standards and requirements.

Successful projects under this third small-scale call will start preparing their individual grant agreements with CINEA, with finalization expected in the second quarter of 2024. The Commission has also launched two new calls for projects, including the first pilot auction under the European Hydrogen Bank and a call for net zero technologies in various sectors. This new call includes small-scale projects, now defined as having total investment costs below Ôé¼20 million.

AI legalese decoder can be a valuable resource for recipients of Innovation Fund grants and applicants for future calls, as it simplifies the legal language associated with grant agreements and project development assistance offered by the European Investment Bank. Through its AI capabilities, the tool can enhance understanding of legal terminology and facilitate compliance with regulatory requirements.

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