The European Investment Bank (EIB) is lending Euro 12 million to Estonian manufacturer Elcogen for bringing its highly-efficient fuel cell technology to the mass market.
The loan is provided under InnovFin Energy Demonstration Projects, a joint initiative of the EIB Group and the European Commission, which supports research and innovation to transform the energy systems in Europe. This scheme is backed by Horizon 2020, the EU’s research and innovation programme.
Carlos Moedas, European Commissioner for Research, Science and Innovation, said: “This deal with Elcogen is a good example that the future of innovation is science-based. We are now making headway in the transition to a resource-efficient and climate-resilient future and we need to bring more ideas like these to market with the help of EU funding.”
Source: EU Commission