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European Commission invests 8.7 mln euros in innovative businesses

Xinhua, April 21, 2016 Adjust font size:

The European Commission selected 189 small and medium-sized enterprises (SMEs) from 26 countries for a total of 8.7 million euros (9.85 million U.S. dollars) of funding.

The funding under the latest round of the Horizon 2020 SME Instrument, 50,000 euros per recipient, would finance feasibility studies for new products, according to a press release of the Commission on Thursday.

The SMEs can also ask for up to three days of free business coaching.

Among the projects receiving funding are a technology to turn residue from the wheat milling process into biodegradable packaging, a robotic inspection and cleaning system for solar panels, a low energy technology to capture carbon dioxide from gasses, and a cost-reducing train maintenance system for early detection of wheel defects.

Since its launch in January 2014, 1,473 SMEs have benefited from funding for feasibility studies under the SME instrument, which is financed by the Horizon 2020 program under the responsibility of European Commissioner Carlos Moedas. (1 euro = 1.13 U.S. dollars) Endit