Turn your ideas into impact with Innovation Fund

Since the launch of the European Innovation Fund in 2020 we have been supporting our clients with project scoping, proposal writing and calculations up to grant agreement negotiations. 

The Innovation Fund is one of the largest funding programs, with more than €30 billion to be allocated until 2030 to support the first commercial-scale demonstration of innovative low-carbon technologies in Europe. 

The program aims to support development of green technologies and share the risk of innovation, thus helping European companies to innovate and reach low-emission goals.

However, Innovation Fund is going through some changes, with additional sectors, such as maritime, to be added to the scope. 

Innovation Fund projects need to balance a high level of innovation with sufficient technical maturity. The projects should be advanced from the R&D phase as the technology is expected to be proven on pilot scale before the submission of the proposal. 

With several calls for both, large-scale and small-scale projects behind us, we can share our lessons learned on preparing high-quality and competitive applications. When making the decision to seize the opportunity of Innovation Fund, you need to know what you are getting into. 

The supported projects are all about innovation. The technology should be novel at its core, used in a completely different sector, or have a strong business model innovation behind it. Be ready to prove innovativeness by providing detailed technical data and comparisons to the current state of the art.

You should have a solid business case with relevant data. Be aware of all the business risks that might emerge and have a deep understanding of the mitigation measures. For the project to be feasible, you should know in detail the return of your project and have a solid plan on how you are going to finance it, even if the project creates loss during the first years. Show strong commitment from the shareholders or if needed, have investors or other external financiers on board. The better you prove your business case, the higher the score. 

Explain all the data you have built your business case on. Know how you are going to sell your product or earn revenues, and explain the assumptions behind your cash flows and cost estimates. The evaluators expect proof of the assumptions made in revenue forecasts as well as already initiated collaboration with customers, financiers, suppliers, etc. Thus, be ready to collect support letters from all the key stakeholders covering your supply chain. The evaluators must believe your business model, even if they are not industry experts.

Showcase that you know your technology, it has been piloted and you are aware of the risks that might emerge when going commercial scale. Point out all the problems (maintenance etc) that might arise from the working conditions of the plant together with the mitigation measures. As for the previous points, also in case of maturity, it is relevant to provide as much proof and data as possible.

Show your excellent team. Make sure you have the team needed to implement the project and point out the competences and experience of your team members. Your team should have prior experience in your industry, with large-scale projects and attracting funding.

It is expected that after the project, there will be further developments and growth. It can be through expansion on the project site, establishing new sites, sharing experience and know-how with other players on the market, etc.

Support the growth potential with solid elaboration on market demand, feedstock availability, potential changes in the market, financing means, etc to prove that you have also analyzed the future perspective.

Make sure you have enough time for preparing the proposal to be able to compile a high-quality project overview as well as in the work plan of the project itself. The project time plan needs to be realistic, considering also the time needed to obtain relevant permits, sign contracts, and solve unexpected problems, and include relevant milestones that help to monitor your progress

Our consultants can help you with shaping the project idea and making sure it fits the expectations of the Innovation Fund. During the proposal preparation, we help you to structure and write the relevant documents to have a convincing and high-quality proposal.

We have dedicated experts that support you in performing the relevant calculations (GHG emissions, project budget and grant) according to the methodologies provided by the European Commission.