Two wave energy projects have been selected for funding in the latest round of the Horizon 2020 SME Instrument Phase 2.
In this phase of the SME instrument, each project will receive up to €2.5 million, excluding health projects, to finance their innovation activities.
Finnish wave energy developer Wello has been selected to receive support to demonstrate its next generation PowerModule wave energy device.
Another wave energy company, Smalle Technologies, a spin-off of the University of Barcelona, has been selected to receive funding for the development of its eForcis and BeForcis wave energy generators for applications in marine buoys and aquaculture fish farms.
Overall, this phase of Horizon 2020 SME Instrument selected 64 small and medium-sized companies (SMEs) from 16 countries to share a total of €97 million in funding.
Funding under Phase 2 of the instrument allows companies to invest in innovation activities such as demonstration, testing, piloting, scaling up and miniaturization, in addition to developing a mature business plan for their product.
In addition, the companies will benefit from 12 days of business coaching, according to Horizon 2020.
The next cut-off for Phase 2 is set for October 18, 2017.
Horizon 2020’s SME Instrument invests in highly innovative small and medium-sized enterprises (SMEs) with significant growth potential and global ambitions. In total, the program will invest €3 billion in 7500 companies until 2020.