Over €484 Million from the EU Innovation Fund Awarded to Norwegian Companies: The Largest Allocation Ever
More than €484 million, equivalent to approximately NOK 5.7 billion, has been allocated to eight Norwegian projects. This marks the largest single award from the EU’s Innovation Fund to Norwegian companies.
Press release: Enova
The recipients include Hystar, Evoy, Inovyn, CRUDA, Reach Subsea, Nel Hydrogen Electrolyser, Altera Infrastructure, and Flex Fuels.
Significant Milestone for Norway’s Green Transition
Congratulations to all the companies receiving support from the EU Innovation Fund!” said Norway’s Minister of Climate and Environment, Tore O. Sandvik. “This is an important step in Norway’s green transition. Together with Enova’s support schemes, this funding will help develop solutions that lead to significant emission reductions, in line with both Norway's and the EU’s climate goals for 2050.
The Need for More Renewable Power
Minister of Energy, Terje Aasland, echoed the sentiment: “For Norway to meet its climate targets and transition to a low-emission society by 2050, we need more renewable power and the development of innovative technologies and solutions. The allocation from the EU’s Innovation Fund is a crucial contribution to companies committed to emission reduction, and it’s great to see Norwegian businesses succeeding in the competition for these funds.”
Critical for Implementation
The Norwegian companies represent a wide range of sectors, including carbon capture, maritime transport, renewable fuels, and the production of components for hydrogen production.
“This EU support is not just a trigger; it's crucial for the realization of this important project,” said Charlotte Berg-Svendsen, CEO of CRUDA. “We are proud and grateful to have been selected in strong competition with other significant projects.”
Leif Stavøstrand, CEO of Evoy, shared a similar sentiment: “We are deeply grateful for receiving this support towards accelerating the transition to sustainable, emission-free boat transport. This recognition strengthens our commitment to reducing maritime pollution through innovative propulsion systems, bringing us one step closer to decarbonizing the industry. Together, we are charting a course for a cleaner and greener future on the water.”
The Awarded Companies:
Hystar
Evoy
Inovyn
CRUDA
Reach Subsea
Nel Hydrogen Electrolyser
Altera Infrastructure (Stella Maris)
Flex Fuels (Gasnor)
The total funding amounts to €484,734,174, or over NOK 5.7 billion, with individual grants ranging from €13 million to over €200 million.
Enova’s Role and Future Opportunities
Enova, which acted as the national contact point, assisted six of the Norwegian companies with their applications, providing up to NOK 500,000 per company to cover application-related expenses. This assistance was part of Enova’s support program for applicants to the EU Innovation Fund.
“This is the highest amount ever awarded to Norwegian projects from the EU Innovation Fund, and it’s also the largest number of Norwegian companies to receive support in a single round,” said Nils Kristian Nakstad, CEO of Enova. “This award demonstrates that Norwegian companies can compete at the highest international level.”
The Innovation Fund supports the scaling and commercialization of new technologies that deliver significant emission reductions, in line with the EU's 2050 climate goals. The fund is financed through the EU’s Emissions Trading System, of which Norway is a part.
The next application round opens in December, with a deadline in spring 2025.
"We at Enova are very pleased to help Norwegian companies in the application process," said Ingunn Syrstad Bøgeberg, senior advisor at Enova and contact person for Norwegian applicants. “Norwegian companies see the great opportunities that lie ahead and are willing to take the necessary risks to lead the transition.”
Karoline J Vågsholm
Communications Manager
+47 920 55 369
karoline.vagsholm@oceanhywaycluster.no
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