The European Commission has opened a €3 billion ($2.96 billion) funding call for innovative clean technology projects to decarbonise industry and accelerate its energy independence from Russian fossil fuels, Kallanish reports.

The third investment round will offer €1 billion for large-scale projects promoting green hydrogen production and hydrogen industrial application, as well as electrification methods to replace fossil fuels in industry. Another €0.7 billion will be available for projects, including those in manufacturing of final equipment for electrolysers and fuel cells.

General innovative decarbonisation projects to decarbonise energy-intensive industries have €1 billion funding available for grab. These projects could include renewable energy, energy storage, carbon capture and use, and alternative fuels for transport including maritime and aviation. That means hydrogen and ammonia-related projects may also be included in this funding criteria.

The EC said on 3 November the projects will be assessed by independent unnamed evaluators. They will look into their innovation level; potential greenhouse gas emission reduction; operational, financial and technical maturity; scaling up potential; and cost efficiency.

The call covers projects located in EU member countries, Iceland, and Norway. Applications must be submitted by 16 March 2023. If “promising projects” that aren’t mature enough for this round, could benefit from project development assistance by the European Investment Bank, the EC says.

Successful applicants will be notified in Q2 2023, with a view to be awarded the grants and sign the projects in Q4 2023.

The previous two EU Innovation Fund calls offered €1 billion and €1.8 billion respectively to up to 17 projects.