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HomeInnovationInnovation Fund to support Latvian and Hungarian projects for the first time

Innovation Fund to support Latvian and Hungarian projects for the first time

Eighteen projects across will be supported by the Innovation Fund through the EU Emissions Trading System (EU ETS), for a total of 173 million euros. With this support, the Innovation Fund will help companies in Europe bring innovative technologies to the market in renewable energy, energy storage and energy-intensive industries.

All awarded projects have the potential to contribute to Europe’s decarbonisation and clean energy transition. During their first 10 years of operation, the 15 small-scale projects selected could reduce greenhouse gas emissions by over 1.7 million tonnes of CO2 equivalent, while for the winning 3 large-scale projects, this potential could rise to 2.9 million tonnes of CO2 equivalent.

For the first time, the Innovation Fund will support Latvian and Hungarian projects, expanding its geographical reach to 24 countries.

Hungary’s GEN2HU project aims to implement new technologies with the creation of a cost-effective, more sustainable and aesthetically functional roof integrated solar module which will contribute to the accessibility of solar energy and green transition of European households. The objective is not only to increase the products’ sustainability and output power, but also to decrease the unit cost and the production waste at the same time. 

On the other hand, Latvia’s project aims to deploy and operate 30 first-of-a-kind robotic systems for Wind Turbine Generator (WTG) rotor blade repair. It will satisfy the rapidly growing excess demand for wind turbine maintenance services and it will make a substantial impact on the existing WTG rotor blade repair market, making the production of wind energy more efficient, affordable and sustainable.

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