The EU Innovation Fund, which is one of the world’s largest funding programs, focuses on highly innovative technologies and flagship projects within Europe that can bring about significant emission reductions. It is about sharing the risk with project promoters and putting the spotlight on first-of-a-kind, highly innovative projects.

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In 2023, Stegra was selected as one of the strategic cleantech initiatives that the EU Innovation Fund will invest in. The Innovation Fund supports innovative projects that aim to speed up decarbonization – a great match for Stegra which later signed a €250 million grant agreement under the Innovation Fund through the European Climate, Infrastructure and Environment Executive Agency (CINEA).

The selection is made in very tough competition with other projects and after thorough vetting, so being chosen is a true sign of the strength of Stegra. Out of 239 applications, 41 companies were selected, and Stegra was one of them.  

"The support from the EU Innovation Fund shows how the EU is walking the talk in increasing the support for cleantech companies. The fund is financed by revenues from the emissions trading system, where the CO2 emitting companies pay for their emission allowances," said Henrik Henriksson, CEO of Stegra.