EU Grants €314 Million to Small Companies to Combat Coronavirus

The European Commission announced Monday (June 8) that it has awarded nearly €166 million, via the European Innovation Council (EIC) Accelerator Pilot, to 36 companies set to combat the coronavirus pandemic.

In addition, over €148 million will be granted to another 36 companies set to contribute to the recovery plan for Europe, bringing the total investment from Horizon 2020, the EU’s research and innovation programme, to €314 million in this round.

“The enormous talent and breakthrough ideas of innovative European companies give us hope. Our increased support to the European Innovation Council will unlock their potential so that we can better tackle the coronavirus and support our recovery. The EIC responded quickly to the coronavirus crisis and demonstrated the agility and impact of EU funding,” said Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth.

The selected 36 companies that will contribute to the fight against coronavirus will work on pioneering projects, such as on expanding the production of bio-decontamination wipes, developing ventilation monitoring systems that provide first aiders with real-time feedback on the quality of the ventilation given to the patient, developing an antibody platform to treat severe cases of infection, and more.

Furthermore, 139 companies tackling the coronavirus that could not receive funding in this round due to budget limitations have received the newly introduced Covid-19 Seal of Excellence, in recognition of the value of their proposal and in order to help them attract support from other funding sources.

An additional 36 companies, set to support the recovery plan for Europe, will work across a multitude of sectors and projects, which include, for example, the development of stronger and taller wind turbine towers made from wood modules, with the potential to massively reduce wind energy costs, an organic fertilizer production system, and a blockchain-based solution for sustainable recycling practices of manufacturers.

And, another 679 Seals of Excellence were awarded to high-quality proposals who passed the EIC funding criteria, but could not be funded due to limited budget.

A record number of almost 4,000 startups and small and medium businesses (SMEs) applied to the EIC Accelerator pilot in March, of which over 1,400 proposed innovations relevant to the coronavirus outbreak.

This is why an extra €150 million was recently allocated to this funding round, bringing the combined total to over €314 million. The startups and SMEs selected for support come from 16 countries, including 12 EU Member States, the UK, and 3 associated countries.