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Cyprus Unveils New Initiatives to Promote Electric Vehicle Adoption

by News Editor

May 14, 2025

The Cypriot government is ramping up efforts to advance the adoption of electric vehicles, an essential step towards embracing a green transition and tackling climate change issues. Transport Minister Alexis Vafeades confirmed the unveiling of a new support scheme aimed at bolstering the electric vehicle sector in an official meeting with the Cyprus Employers and Industrialists Federation (OEV).

Upcoming Schemes to Broaden EV Use

A ministry spokesman revealed in a press release that several new strategies to enhance the deployment of electric cars will soon be introduced, potentially extending to other vehicle types. Though the minister refrained from disclosing specific details, he highlighted the initiative’s tight timeline aligned with the recovery and resilience plan.

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The minister has engaged with vehicle importers for insights, highlighting the interconnected nature of this initiative with the local market and industries.

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RIF Unveils €16.2 Million Support for Cyprus’ Startups and Established Enterprises

by News Editor

May 22, 2025

RIF Unveils €16.2 Million Support for Cyprus’ Innovators

The Research and Innovation Foundation (RIF) has announced substantial funding of €16.2 million aimed at propelling Cyprus’s established and emerging businesses into the competitive global market. This funding initiative, targeting both seasoned enterprises and budding startups, is designed to cultivate the swift production of innovative products and services.

Upcoming Funding Calls

The funding will be distributed across three programs: INNOVATE and SEED, with a combined budget of €6.2 million, and the STEP programme, commanding a distinct budget of €10 million for expanding facilities and production lines. These programs collectively aim to supercharge competitive advantage on the international stage.

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Focus Areas and Participation

The INNOVATE program welcomes applications from companies in the pilot or market-testing stages, offering up to €1 million per project to enhance commercial production and worldwide distribution capabilities. Simultaneously, the SEED program directs its €3 million budget toward nurturing dynamic, startup ventures, each eligible for up to €500,000 to fast-track their competitive edge internationally.

A notable requirement for INNOVATE program applicants includes submitting audited financial statements and employer obligation documents from the Social Insurance Services.

STEP Program: Shaping Cyprus’ Innovation Future

The STEP program aligns with EU regulations, supporting Cyprus enterprises in developing advanced technologies, efficient green technologies, and biotechnologies. This initiative is anticipated to broaden Cyprus’s production infrastructure significantly.

Getting Ready

Potential participants should promptly prepare their proposals and gather necessary documentation to ensure their submissions upon the open call. Discover how enterprises are leveraging AI innovations to enhance their competitive stance.

Funded by the Republic of Cyprus and the European Regional Development Fund under Thalia 2021–2027, these initiatives promise a well-rounded boost to local innovation.