Tag ‘Seal of Excellence’
Coronavirus: EU grants €314 million to innovative companies to combat the virus and support recovery
The original press release is available in the Commission Press Corner.
The European Commission has awarded nearly €166 million, via the European Innovation Council (EIC) Accelerator Pilot, to 36 companies to combat the coronavirus pandemic. In addition, over €148 million will be granted to another 36 companies to contribute to the recovery plan for Europe, bringing the total investment from Horizon 2020, the EU’s research and innovation programme, to €314 million in this round.
The selected 36 companies will work on pioneering projects, such as on expanding the production of bio-decontamination wipes, developing ventilation monitoring systems that provide first aiders with real-time feedback on the quality of the ventilation given to the patient, developing an antibody platform to treat severe cases of infection, and many more. Furthermore, 139 companies tackling the coronavirus that could not receive funding in this round due to budget limitations have received the newly introduced COVID-19 Seal of Excellence, in recognition of the value of their proposal and in order to help them attract support from other funding sources.
The additional 36 companies, set to support the recovery plan for Europe, will work across a multitude of sectors and projects, which include for example the development of stronger and taller wind turbine towers made from wood modules, with the potential to massively reduce wind energy costs, an organic fertiliser production system, and a blockchain-based solution for sustainable recycling practices of manufacturers. An additional 679 high quality proposals passed the EIC funding criteria and were awarded Seals of Excellence, but unfortunately could not be funded due to limited budget.
A record number of almost 4000 start-ups and small and medium businesses (SMEs) applied to the EIC Accelerator pilot in March, and over 1400 of the proposed innovations were relevant to the coronavirus outbreak. In light of this an extra €150 million was recently allocated to this funding round, bringing the combined total to over €314 million.
Check out other COVID-19 related news and updates here on the News Portal.