Innovation Fund: additional large-scale geothermal project invited to prepare grant agreement

The Innovation Fund will support the EAVOR-LOOP project to finance the first commercial-scale implementation of innovative closed-loop geothermal technology.

The European Commission and European Climate, Infrastructure and Environment Executive Agency (CINEA) have invited EAVOR-LOOP to prepare a grant agreement to finance the first commercial-scale implementation of an innovative closed-loop geothermal technology.

EAVOR-LOOP is a highly scalable geothermal energy project in Germany which extracts heat from the earth through conduction and will provide clean, dispatchable and baseload energy for district heating and/or power generation.

Background

With a revenue of over €38 billion from 2020 to 2030 from the EU Emissions Trading System (ETS), the Innovation Fund aims to create the right financial incentives for companies and public authorities to invest in the next generation of low-carbon technologies and give EU companies a first-mover advantage to become global technology leaders.

Under the second call for large-scale projects, a total of 17 projects were pre-selected for grant agreement preparation Search for available translations of the preceding linkEN•••. Two of these projects did not successfully complete this process, allowing to invite this additional project from the reserve list.

The Innovation Fund Delegated Regulation gives the possibility to create a reserve list of projects following each call. The validity of the reserve list ends once all the award decisions following a certain call are adopted and grant agreements are signed with successful projects.

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