The European Commission has announced the launch of the fifth call of the Innovation Fund, allocating a total budget of €4.6 billion to support decarbonization, electric vehicle batteries, and renewable fuels like hydrogen. This funding is part of the European Union's goal to reduce net greenhouse gas emissions by at least 55% by 2030. The program offers opportunities for businesses investing in innovative decarbonization efforts, but the budget for this round has decreased due to changes in carbon permits prices. The EU Innovation Fund aims to back projects in decarbonization and clean tech, including areas such as hydrogen production, clean tech manufacturing, carbon capture, and energy storage. The fund assists up to 60% of additional capital and operational costs for large projects over 3 to 15 years. The funding is split into various calls, each targeting different aspects of decarbonization and clean tech innovation. One of the key focuses of the fund is the support for projects involving hydrogen production and off-take, electric vehicle batteries, and net zero technologies. The application deadlines for these initiatives are set for 2025, with specific dates for each type of project. The EU Innovation Fund is seen as a crucial tool to drive European industry competitiveness while promoting faster industry decarbonization. The funding is available for projects within the European Economic Area and is not restricted by the geographical origin of the applicants. It covers various sectors such as renewable energy, energy-intensive industries, and transportation, aligning with the European Green Deal objectives. Different calls under the fund cater to projects of different scales, from small to large, focusing on innovative solutions for deep decarbonization. Overall, the EU's push for decarbonization and clean tech innovation through the Innovation Fund reflects a positive sentiment towards accelerating the transition to a more sustainable and competitive European industry landscape.