The European Commission and the European Investment Bank (EIB) are today signing an agreement to invest up to €10 million to foster the roll-out of a new and clean energy technology in Portugal. The beneficiary, AW-Energy, is a pioneering start-up company from Finland. Its wave energy technology converts wave energy into electrical power.
This is the first project to be supported by InnovFin Energy Demo Projects (EDP) which provides financing for major innovation projects in the energy sector, and is one of the financial instruments developed by the European Commission and the EIB under Horizon 2020, the EU research and innovation funding programme.
European Commissioner Carlos Moedas, responsible for Research, Science and Innovation, said: “An investment in renewable energy technologies is an investment in Europe’s leadership of these new industries. We want to support renewable energy pioneers to contribute solutions to global climate change challenges, while generating employment and sustainable economic growth at home in Europe.”
Commissioner Moedas, EIB Vice President Jan Vapaavuori and CEO of AW-Energy John Liljelund will sign the €10 million agreement this afternoon in Brussels.
