The Commission decided to reinvest unspent funds from the NER300 programme to support low-carbon innovation projects under InnovFin Energy Demo Projects (EDP), an EU financial instrument managed by the European Investment Bank. The first three projects are now benefiting from support of some €73 million.
Reinvesting the unspent funds from the first NER300 call enables timely support to promising projects before the launch of the Innovation Fund in 2020.
The projects benefit from financing backed by the NER300 funds. The first three selected projects to benefit from NER 300 support under the InnovFin EDP focus on innovative wave energy technology (Wave Roller), floating offshore wind technology (Windfloat) and ultra-fast charging stations for electric vehicles and battery energy storage (Greenway EV Charging Network).
InnovFin EDP finances projects in innovative renewable energy, carbon capture and storage (CCS), smart energy systems and storage, helping to bridge the gap from demonstration to commercialisation. The financial instrument is entirely market-driven and the support to eligible projects is provided on a first come, first served basis.
Thanks to the additional contributions from the NER300 unspent funds, InnovFin EDP now has more funds available for new operations.
Selected projects
Wave Roller FDP
Wave Roller aims to demonstrate the feasibility of wave energy technology at commercial scale.
The project aims to bridge the gap between the demonstration installation and the commercial deployment of a near-shore Oscillating Wave Surge Converter (OWSC) device that converts wave energy into electric power.
The project is co-financed by the existing shareholders, the Finnish Funding Agency for Innovation and an InnovFin EDP financing from the European Investment Bank supported by a NER300 contribution of €10 million.
Windfloat InnovFin EDP
WindFloat will be the first offshore windfarm employing a floating semi-submersible platform to reach the pre-commercial stage following successful prototype testing.
The project comprises the design, installation, operation and maintenance of a 25MW floating offshore wind farm around 20 km off the coast of Portugal, in 85-100 m water depth. If successful, WindFloat will pave the way for floating offshore technology that will allow the use of maritime sites not feasible today.
The project is supported by an InnovFin EDP financing of €60 million supported by NER300 unspent funds. In addition, WindFloat also benefits from a grant under the original NER300 programme amounting to almost €30 million.
Greenway EV Charging Network (EDP)
Greenway is Slovakia’s leader in electric vehicle charging stations and services. The project will support the development of the electric charging equipment and automotive industry and related suppliers through the accelerated deployment of electric vehicle infrastructure.
The project demonstrates the feasibility of commercial-scale deployment of ultra-fast charging stations for electric vehicles and the pilot of an integrated battery energy storage system. Demonstration will be located in Slovakia, Poland, Czech Republic and Baltic countries.
The project was awarded a European Investment Bank financing under InnovFin EDP amounting to €17 million of which almost €3 million are backed by the NER300 unspent funds.
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