Clean technology projects will benefit from a new €1 billion (£900m) investment from the European Commission.

The EU Innovation Fund aims to finance breakthrough technologies across the renewable energy, energy-intensive industries, energy storage and carbon capture fields.

This support will help new technologies to reach the market – for projects which are not ready for commercialisation, a separate budget of €8 million is set aside for project development assistance.

Executive Vice-President Frans Timmermans said: “The EU will invest in promising, market-ready projects such as clean hydrogen or other low-carbon solutions for energy-intensive industries like steel, cement and chemicals.

“We will also support energy storage, grid solutions, and carbon capture and storage. These large-scale investments will help restart the EU economy and create a green recovery that leads us to climate neutrality in 2050.”

All eligible projects have a deadline for submission on 29th October.