AMSTERDAM, Aug. 28, 2020
AMSTERDAM, Aug. 28, 2020 /PRNewswire/ -- EIT Climate-KIC is investing €4 million in nine climate ventures to help them recover from the impacts of the COVID-19 crisis, and to support them in their efforts to bring essential innovations to contribute to the fight against climate change. The funding is part of the EIT Crisis Response Initiative, which directly contributes to the European Union's response to the COVID-19 pandemic.
A total of 301 applicants from 25 countries applied for funding under the "Extraordinary COVID-19 Venture Support" call launched by EIT Climate-KIC in May 2020 to support highly innovative climate impact ventures whose business has been impacted by the pandemic crisis. The start-up economy is severely impacted by the coronavirus pandemic. Raising capital from investors is more difficult in the current climate and bringing innovations to the market is often delayed, sometimes disrupted.
EIT Climate-KIC shortlisted 19 businesses and invited them to participate in a 'Climate impact forecast' workshop and to deliver their five-year 'Climate Impact Potential'. Different metrics were used to calculate the greenhouse gases emissions reduction potential of the innovation and assess the suitability of the business for the grant.
The nine ventures selected for funding develop innovations in agriculture, energy and industry. They will receive between €320,000 and €500,000 and are now invited to sign an investment agreement.
"Our entrepreneurship community has been severely affected by the COVID-19 crisis, be it through last-minute investment cancellations, losing customers, global supply chains being interrupted or even just distraction from prioritizing the climate emergency in the face of immediate economic crisis," says CEO of EIT Climate-KIC, Kirsten Dunlop. "The volume and geographical spread of applications we received for this call shows how much support is needed across Europe, it also confirms that there is both an urgent need and an opportunity for the innovation community to focus on building capability for resilience and renewal. Our team has selected ventures that will significantly contribute to building back better – maximizing the opportunity to accelerate decarbonisation and introduce sustainable solutions – and ventures that can achieve significant milestones in crisis prevention and resilience given the likelihood of further shocks."
The funding will help the selected ventures to overcome this unprecedented situation and continue delivering innovative solutions for Europe and its citizens. The support package is one of the two elements of the 'EIT Crisis Response Initiative', a €60 million additional funding mobilised by the European Institute of Innovation and Technology (EIT) to power innovations in health, climate change, digitisation, food, sustainable energy, urban mobility, manufacturing and raw materials. Eleven climate innovation projects across Europe had already been selected by EIT Climate-KIC to receive funding as part of the "Pandemic Response Projects", the other instrument of this European initiative.
About EIT Climate-KIC
EIT Climate-KIC is the EU's climate innovation agency, working to accelerate the transition to a zero-carbon and resilient world by enabling systems transformation. Headquartered in Amsterdam, it operates from 13 hubs across Europe and is active in 39 countries. Climate-KIC was established in 2010 and is funded by the European Institute of Innovation and Technology (EIT), a body of the European Union.
As a Knowledge and Innovation Community (KIC), it brings together more than 400 partners from business, academia, the public and non-profit sectors to create networks of expertise, through which innovative products, services and systems are developed, brought to market and scaled-up for impact.