• Posted 27-Jul-2020

First “Green Deal” funding from European Innovation Council awards over €307 million to 64 startups set to support the recovery plan for Europe

The European Innovation Council has awarded over €307 million to 64 game-changing ‘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. This increase reflects a pilot measure introduced for the first time in EIC funding which guaranteed at least a quarter of companies invited to the final interviews would have female CEOs. 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.

The results demonstrate the high demand for EIC ‘blended finance’, which combines grant and equity (38 companies, representing €182.6 million in equity investments). Equity investments are through the recently established EIC Fund managing equity stakes on behalf of the European Commission. All selected companies also benefit from exclusive business acceleration services opportunities to support rapid growth and scale.

In addition, the EIC awarded 562 “Green Deal” Seals of Excellence to startups and SMEs to help these companies access funding from other sources.

Source: European Commission | Research and Innovation News (https://bit.ly/2D7NrQr)