The Innovation Fund Auction is a groundbreaking financing mechanism launched by the European Commission to accelerate the green hydrogen. ‘Green’ hydrogen is hydrogen produced using renewable electricity. Also known as ‘RFNBO hydrogen’. Designed to support innovative projects that significantly reduce greenhouse gas emissions, the auction is a key instrument under the EU Green Deal and Fit for 55 package.
What is the Innovation Fund Auction?
Unlike traditional grants, the Innovation Fund Auction introduces a competitive bidding process where project developers can submit their desired price for avoiding CO₂ emissions. The most cost-efficient projects—those requiring the lowest support per tonne of CO₂ avoided—are selected for funding.
This reverse auction model increases transparency, promotes market-driven innovation, and ensures the most impactful climate solutions receive support.
Why Participate?
- Substantial Funding: Benefit from non-dilutive support to scale up your technology.
- Market Visibility: Position your project among Europe’s leading innovators.
- Credibility: Winning the auction showcases your solution’s cost-efficiency and impact.
Key Dates and Deadlines
The first Innovation Fund Auction launched in November 2023, with a €800 million budget focused on hydrogen production. Future auctions are expected every year to target other sectors critical to climate neutrality.
How to Prepare?
To increase your chances of success:
- Quantify your CO₂ avoidance per euro requested.
- Build a solid business case and technical proposal.
- Monitor calls on our website or subscribe for our newsletter.
Need Help with Your Application?
Navigating the Innovation Fund Auction can be complex. Our specialists can help you:
- Assess project eligibility
- Prepare competitive bids
- Maximize your chances of funding
Contact us today to turn your innovation into a funded climate solution. Our specialists will be happy to check it out with you! Contact us to schedule a meeting and discuss your options.
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