New €4m boost for climate start-ups affected by COVID-19

The nine ventures selected for funding develop innovations in agriculture, energy and industry and will receive between €320,000 and €500,000

The EIT Climate-KIC, the EU’s main climate innovation initiative, is investing a total of €4 million (£3.6m) in nine climate start-ups aimed at helping them recover from the impacts of the COVID-19 crisis.

It follows a total of 301 applications from 25 countries applying for funding under the ‘Extraordinary COVID-19 Venture Support’ launched in May 2020 to support highly innovative climate impact ventures affected by the pandemic.

The nine ventures selected for funding develop innovations in agriculture, energy and industry and will receive between €320,000 (£286,251) and €500,000 (£447,226).

That includes commercialising new technology for sustainable dyeing and finishing of textiles, automated wind-assisted propulsion systems to shipowners and operators looking to decrease their fuel-related costs and emissions by up to 30% and AI-driven software to self-manage commercial building energy systems.

Companies that will share the funding are AgroSustain, Alchemie Technology, Brill Power, Bound4blue, Dabbel AI, Everimpact, PlanBlue, UniSieve and Vultus.

Kirsten Dunlop, CEO of EIT Climate-KIC said: “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 prioritising the climate emergency in the face of immediate economic crisis.

“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 – maximising 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.”

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