EU Blue Champions Program Unveils Top Ocean Innovators, Promotes Sustainable Growth

EU Blue Champions Program Unveils Top Ocean Innovators, Promotes Sustainable Growth

(IN BRIEF) The European Commission and the European Investment Bank revealed the 20 selected “EU Blue Champions,” representing diverse sectors such as tidal and wind energy, underwater robotics, and satellite data applications. Chosen from Croatia to Sweden, these champions demonstrated alignment with the EU’s ocean restoration mission, financial viability, technological readiness, and commitment to addressing environmental challenges. Supported by advisory services and potential venture debt from the European Investment Bank, these companies aim to scale up their operations while contributing to the blue economy’s sustainability. Moreover, this initiative not only fosters innovation but also identifies market gaps, paving the way for future financial instruments to address emerging challenges and opportunities in the blue economy sector.

(PRESS RELEASE) LUXEMBOURG, 14-May-2024— /EuropaWire/ — The European Commission and the European Investment Bank (EIB) unveiled 20 “EU Blue Champions” who will receive advisory support to grow their business. Originating from Croatia, Denmark, France, Germany, Greece, Italy, Norway, Portugal, Spain, and Sweden these champions are involved in various sectors ranging from tidal and wind energy solutions, underwater robotics, and vertical research vessels to satellite data applications for blue technologies, and aquaculture or biorefinery activites.

Following an open call for proposal launched in 2023, 70 projects from the EU and from Norway submitted their applications for the newly created Blue Champions Programme.

All applications underwent rigorous evaluation by more than two dozen of sector experts and loan officers, who assessed whether the projects were:

• aligned with the EU Mission “Restore our Ocean and Waters”
• bankable, i.e. likely to be profitable
• well prepared in terms of quality, feasibility and timeline
• mature enough and displayed the type of technology required.

Each of the 20 EU Blue Champions awarded today meets these requirements. All companies are technologically and financially mature enough to scale up their business over the next two years. In addition, all of them are in sync with the EU Mission on ocean and waters, meaning that they set out to either restore marine and freshwater ecosystems and biodiversity, eliminate pollution, or decarbonise the blue economy.

The winners will receive advisory support from the European Investment Bank Advisory Services and the European Investment Bank Projects Directorate for Innovation and Competitiveness. Some of the winners might also qualify for EIB venture debt, a type of loan designed specifically for early-stage, high-growth companies.

Beyond innovative companies

The EU Blue Champions initiative not only promotes and supports promising ocean innovation but also identifies market failures and gaps in forward-looking technologies across blue economy sectors, from green shipping to new ocean energy solutions.

The EIB conducted an extensive mapping of over 500 European blue economy companies. The findings will be compiled into a report, which will provide guidelines for the creation of new financial instruments that aim to address market gaps identified through the mapping exercise.

Background

The EU Blue Champions scheme was launched in September 2023 as a pilot scheme.  It involves the European Commission under the EU Mission Restore our Ocean and Waters and BlueInvest. It is carried out by the European Investment Bank (EIB Advisory Hub and the EIB Project Directorate Department).

BlueInvest is a European Commission initiative, enabled by the European Maritime, Fisheries and Aquaculture Fund (EMFAF). It aims to improve access to finance and investment readiness for start-ups, early-stage businesses and small and medium entreprises active in the blue economy. BlueInvest is underpinned by a EUR 500 million dedicated risk-sharing financial instrument under InvestEU managed by the European Investment Fund.

The European Investment Bank Group, through its Advisory Services,  provides project promoters and local authorities with financial and technical expertise, aiming to enhance project preparation, implementation, and optimise the utilisation of EU funds.

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SOURCE: European Investment Bank