EU Innovation Fund 2024 Call Validation
Read along as experienced consultants from Innovayt’s Energy and Sustainability team dive into the EU Innovation Fund (EUIF) 2024 call and take you through our tailored Project Validation Process.
The power of a tailored validation to propel your net-zero project and save you the hassle
The EUIF is among the world’s largest innovation funding programmes, aimed at driving the commercial deployment of net-zero and innovative technologies. While the opportunities it offers for the green transition are immense, securing funding is a highly competitive and intricate process that demands more than a strong project. Success requires not only alignment with the fund’s stringent criteria but also being strategically positioned and delivering measurable results.
This is where Innovayt’s validation expertise becomes a critical differentiator. In brief, our tailored process thoroughly vets projects, not only checking formal eligibility criteria but also analysing the project on key admission and evaluation criteria, addressing gaps and optimising the project to enhance competitiveness in the EUIF programme. Historically, for the client project ideas analysed for EUIF, around 50% successfully pass from Innovayt’s validation process to the application stage. Therefore, the rigorous approach that we apply boosts success rates and, importantly, prevents clients from investing in hefty application dossiers for non-viable proposals.
Not only does the EUIF application require extensive documentation and strict adherence to detailed criteria, the programme also entails thorough scrutiny of projects both at application and post-award stage, with a sizeable number of projects being discontinued even after receiving a positive award due to faulty proposal work or other.
In the EUIF, clients should note that funding is not immediately disbursed upon grant approval. The first payment is contingent upon achieving key milestones, which may occur six months to two years post-award. Therefore, projects must be financially prepared to cover initial costs, ensuring that they can confidently manage early demands while awaiting grant disbursements. Without our comprehensive validation, applicants risk wasting time and resources on projects that are either uncompetitive or misaligned with their grant expectations.
Here’s what you get from Innovayt’s validation process for the EU Innovation Fund:
Rigorous project evaluation
Innovayt’s team of experts evaluates each project against the EUIF evaluation criteria to ensure that only viable projects proceed to the application phase. This includes:
- Assessing technical and financial maturity.
- Analysing the project’s potential for GHG emission reductions.
- Evaluating replicability and cost-efficiency competitiveness.
In Innovayt’s service for EUIF proposal preparation, the validation activities constitute a sizeable effort before we ask the client to commit to a full application process. The validation usually involves minimum two experienced consultants with support from financial and GHG emissions calculation experts.
Strategic positioning
We provide strategic insights to position the project for maximum evaluation scores. This involves:
- Identifying weaknesses and proposing actionable solutions.
- Defining a clear project scope and boundaries.
- Leveraging Innovayt’s extensive network for potential partners and collaborations.
Comprehensive documentation
For those projects passing from Innovayt’s validation, preparing competitive applications requires detailed and precise documentation, including feasibility studies, business plans, and GHG emission calculations. Innovayt ensures that these are not only complete but also optimised to highlight the project’s strengths.
Honest feedback
Innovayt gives clients honest and constructive feedback during the validation, challenging assumptions where necessary. After the validation period, we follow and advise the client to develop until they are ready for a competitive application. Additionally, we advise on complementary funding opportunities and applications.
For projects with a positive validation result, we help prepare the applications for the next funding call. For those where the validation raised concerns on their competitiveness, we provide a detailed action plan that addresses identified weaknesses, as well as areas for development and complementary relevant funding opportunities. Thereafter, we continue to support the project development and follow up on the action plan, ensuring readiness for submission to the EUIF in the future. This strategic planning empowers our clients to transform innovative ideas into funded realities. By partnering with us every step of the way, clients maximize their chances of success while minimizing risks and resource inefficiencies.
Beyond validation
Furthermore, our role in helping clients extends beyond validation. Innovayt can help you through the project development phase, offering expert advice to strengthen your strategy for a successful application and, where relevant, explore opportunities for complementary funding applications. This comprehensive approach ensures that clients are not only prepared for their EUIF submission but also positioned for success across multiple funding streams.
Let’s validate and realise your project
Would you like us to guide you through the complexities of EUIF validations and applications? In turn, ensuring that your project is positioned for success, safeguarding your time and investment, and developing a strategic funding plan to maximize support for your innovations. Then, do not think twice about reaching out.
Contact us to validate and realise your project
EUIF is managed by the European Climate, Infrastructure, and Environment Executive Agency (CINEA) and funded through the EU Emissions Trading System (EU ETS).