EIB Group, EC shift focus to innovation funding support
- Authorities & Government
The European Investment Bank (EIB) Group and the European Commission have agreed the launch of a new set of products to support renewable energy innovators across Europe and neighboring countries.
The new products, to be launched on December 7, 2017, will offer easier access to finance for early-stage projects in the renewable energy and provide finance for organisations established in modest and moderate innovator countries in the EU, the EIB informed.
The revamped product offering is part of the InnovFin – EU Finance for Innovators scheme, a joint initiative launched by the EIB Group (EIB and EIF) with the Commission under the EU Research and Innovation programme Horizon 2020.
It includes ‘InnovFin Emerging Innovators’ line of support aimed at boosting access to finance in countries in need of assistance to step up their innovation potential.
Also, the ‘InnovFin Science’ area will offer intensified backing for universities and research institutions, both public and private, according to the EIB.
Ambroise Fayolle, Vice-President of EIB, said: “Together with our partners at the European Commission, we have financed some truly ground-breaking inventions, to the tune of €14 billionn so far and I look forward to jointly backing the next generation of innovators.
“The new InnovFin product range allows us to offer financing and advice where it is needed, helping innovators to tackle tomorrow’s challenges. In short – we are re-inventing our offering to better serve Europe’s innovators.”
Carlos Moedas, European Commissioner for Research, Science and Innovation, said: “The revamped product range offers even better integrated financing tools and advisory services, and complements Commission’s Investment Plan for Europe.”
InnovFin scheme, running from 2014 until 20202, helps small, medium and large innovative companies and the promoters of research facilities access finance more easily.
The scheme also includes a number of thematic products addressing the specific financing needs of certain high-risk innovative sectors.
Backed by funds set aside under Horizon 2020 and by the EIB Group, InnovFin supports R&I activities, which by their nature are riskier and harder to assess than traditional investments, and therefore often face difficulties in accessing finance, according to EIB.