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Climate-friendly businesses can secure €500,000 EU investment to get through Covid crisis

A cash fund is offering financial aid to start-ups and SMEs to mitigate the effects of the public health crisis. The grants will convert into a stake in the recipients at a future date. An EU-funded low-carbon ‘knowledge community’ has made available emergency funding to help get climate-friendly start-ups and small and medium-sized businesses through the Covid-19 crisis.

Businesses in the low-carbon sector which have been affected by the measures taken to combat the spread of the coronavirus in the EU are able to apply for an investment grant of up to €500,000 to get them through the public health crisis. The Climate-KIC public-private partnership includes the likes of universities, research institutes, private companies and non-profits working towards a low-carbon future. The organization has secured €60 million of extra funding from its backer, the EU’s European Institute of Innovation and Technology (EIT).

The EIT cash has been used to open two funding pots. With the already-launched Extraordinary Post-Covid-19 Regeneration Call 2020 fund specifically calling for low-carbon innovation projects, the parallel Venture Funding cash pot is intended to help businesses cope with the impact of the Covid crisis. Under the Venture Funding arrangement, relief granted to businesses will convert to a stake in the recipients at either the next priced funding round, sale of the company or an agreed future date.

[PV Magazine]

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