Caspian Energy Journal Caspian European Club
Tuesday, 19 March 2019 13:00

€2 billion to fast forward the creation of EIC

€2 billion to fast forward the creation of EIC

Ahead of the 21-22 March European Council discussion on innovation, industry and competitiveness, the European Commission takes decisive steps to set up a European Innovation Council, Caspian Energy News ( reports with reference to the press statement of the European Commission.

The Commission launched in 2017 the pilot phase of the European Innovation Council. Since then, 1276 highly innovative projects have already benefitted from an overall funding of over €730 million.

Over €2 billion of funding in 2019-2020 was allocated to ramp up the remaining two years of the pilot phase of the EIC.

At the same time the Commission has announced 68 additional startups and SMEs selected for an overall funding of €120 million under the existing EIC pilot. The companies are for instance developing a blockchain-based online payment technology, new energy efficient screens and a solution to fight traffic noise (breakdown of beneficiaries per country and sector).

Given the growing economic importance of breakthrough and disruptive innovation, and based on the early success of the EIC pilot, the Commission has proposed to dedicate €10 billion to the EIC under Horizon Europe, the EU research and innovation funding programme for 2021-2027.

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Person in charge of the newsline: Olga Nagiyeva 

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