Innovation Vouchers is a financial instrument that allows Ukrainian companies to finance the climate innovations. Innovation vouchers can be used by different companies – from climate technology developers to those who seek to use them to reduce their impact on the environment or reduce energy costs.
The main target of the program
The program of innovative vouchers is aimed for the development of Ukrainian companies operating in the market of climate technologies. And although the latter is only emerging in Ukraine, at the global level, players in these markets are getting trillions of dollars in investments every year.
According to Bloomberg in 2016 global investments in sustainable development has grown to more than $ 2 trillion and reached $ 8.7 trillion. According to the IFC’s report, by 2030, the total capacity for climatically intelligent investment in emerging markets is $ 23 trillion. At the same time, the countries of Eastern Europe, where Ukraine is one of the largest markets, accounts for $ 665 billion of investment opportunities.
With the help of the Innovation Voucher Program, the EBRD wants to support Ukrainian companies, improve the conditions for the development and implementation of climatic technologies. Innovation Vouchers is a tool for launching and developing a rapidly growing and significant volume of market in Ukraine.
What we offer
We offer Innovation Vouchers – the means to implement their projects in the life of the technology developers, innovators, and those who want to use the resources more efficient. These funds are not a loan or a credit, but rather an investment in a business. We offer innovation vouchers of two categories.
Voucher up to EUR 20,000
Most of the winning companies will receive Innovation Vouchers with an average amount of EBRD financial support of up to EUR 20,000.
Megavouchers up to EUR 50,000
For companies with potentially breakthrough projects that go ahead of their competitors, “megawaves” up to EUR 50,000 at such levels. Such projects should demonstrate the potential and ability to achieve significant results in terms of introducing climatic innovations. At this stage, we do not limit the number of megavouchers. Note that on a pilot wave, megawaves will not be available.
Companies that want to receive funding for their projects from Innovation Vouchers should submit their projects to the competition on the website. The projects are evaluated by the program experts and the best competetors will receive financial support.
Partnership of companies and service providers (service providers)
Companies that implement climate change innovations using Innovation Voucher funding should do this together with companies that provide service. Service providers are contractors who can implement such projects and have all the necessary expertise – personnel, equipment, and the ability to implement climate change.
Service providers can be companies with a variety of activity profiles. These are design bureaus and agencies for industrial design and companies that carry out a variety of applied scientific research. It can also be legal companies that will help develop and protect intellectual property rights for climate innovations in Ukraine and abroad, certification companies, etc.
The principle of co-financing
The best ideas are those which the business itself is ready to invest, because the readiness to invest is a qualitative marker of the conviction that the project is “alive” and will produce results. That is why Innovation Vouchers rely on the principle of co-financing – they cover most of the cost of implementing climate innovations, while the company receiving Innovation Voucher also carries out some of the necessary investments.
Within the framework of the Innovation Voucher program, climate technologies are considered as any technology that:
- Reduces the use of fossil fuels and energy save
- Increases the use of renewable energy sources
- Reduces emissions of NO2 or methane from agricultural processes
- Facilitate adaptation to climate change
- Otherwise reduces greenhouse gas emissions
Such technologies can be very different – from IT developments that reduce the use of energy to the equipment, which allows to use the resources more efficient.
Financing Innovation Vouchers
This Innovation Voucher Program is sponsored by the European Bank for Reconstruction and Development (EBRD) and its Finance and Technology Transfer Center for Climate Change (FINTECC) with the financial support of the EU Neighborhood Facility. Greencubator is implementing the Innovative Voucher Program in Ukraine.