The REALIZE project has undertaken a comprehensive suite of activities aimed at bolstering the innovation pipeline for renewable energy technologies within the EU and Associated Countries, with a particular focus on facilitating the successful application of promising Horizon 2020 projects to the Innovation Fund. Our primary activities have centered around providing targeted support to project promoters, building upon the results of pre-qualified successful Horizon 2020 initiatives that have reached a Technology Readiness Level (TRL) of 6-7. These projects, while demonstrating significant potential, require further de-risking and maturation to achieve TRL 9 and attract the necessary investment for commercial deployment.
A key activity involved the meticulous evaluation, assessment, and improvement of the outcomes of 15 pre-qualified Horizon 2020 projects, representing a substantial Capital Expenditure and a significant output of new renewable generation capacity with considerable direct emission reduction potential. The insights gleaned from this in-depth analysis of their technologies, implementation strategies, and achieved outcomes have directly informed the subsequent stages of the project.
Building upon this foundation, we focused on providing value-adding support across the technical, operational, and financial domains to seven carefully selected Innovation Fund project candidates. This support was tailored to the specific needs of each project, drawing upon our collective expertise and the lessons learned from the evaluation of the Horizon 2020 projects. This encompassed guidance on technology feasibility, process optimization, project implementation planning, risk mitigation strategies, financial structuring, and funding source identification.
A cornerstone of our approach was the execution of a thorough Due Diligence on the technical, financial, and operational maturity of these seven Innovation Fund project candidates. This rigorous assessment was conducted in strict accordance with the Innovation Fund's comprehensive evaluation criteria, encompassing aspects such as the degree of innovation, GHG emission avoidance potential, project maturity (technical, financial, and operational), replicability, and cost efficiency. This was an iterative process, with project candidates receiving approximate scores and feedback at various stages to facilitate continuous improvement and alignment with the Innovation Fund's expectations.
Furthermore, REALIZE has actively worked to foster synergies between different EU R&I funding programs. By specifically assisting Horizon 2020 projects in their applications to the Innovation Fund, we have created a crucial link between these funding mechanisms. We have also analyzed relevant funding opportunities at various levels to maximize co-funding or identify alternative funding sources for the involved projects, enhancing their financial viability and overall impact.
Main achievements of the REALIZE project to date include:
Completion of a comprehensive due diligence assessment against all Innovation Fund evaluation criteria for an initial cohort of seven promising projects, ensuring their strong alignment with the Fund's requirements.
Strategic analysis of two potential candidate projects, leading to the finalization and submission of one high-quality proposal to the forthcoming Innovation Fund calls (period 2024-2026), directly leveraging the results of pre-qualified Horizon 2020 projects.
Thorough evaluation, assessment, and improvement of the outcomes of 15 pre-qualified Horizon 2020 projects, extracting valuable insights that have informed the development of the Innovation Fund proposals.
Provision of tailored, value-adding technical, operational, and financial support to seven Innovation Fund project candidates during their critical proposal development stage, significantly enhancing the quality and competitiveness of their applications.
Execution of an iterative Due Diligence process on the technical, financial, and operational maturity of the seven Innovation Fund project candidates, providing them with approximate scores and facilitating continuous improvement based on the Innovation Fund's evaluation criteria.
Active fostering of synergies between EU R&I funding programs, specifically assisting Horizon 2020 projects in applying to the Innovation Fund and identifying additional co-funding opportunities.
Through these activities and achievements, REALIZE is making significant strides in further developing the innovation pipeline for renewable energy in Europe, enabling promising technologies to progress from demonstration to deployment. By de-risking investments and providing targeted support, we are contributing to the creation of more mature Innovation Fund proposals and projects that deliver real GHG emission abatement with economic feasibility, ultimately supporting the EU's climate targets and the REPowerEU plan, while also fostering industrial leadership and creating new economic opportunities.
