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RIF Launches €1.6 Million Funding Scheme To Boost Energy Sector Innovation

by THEFUTURE.TEAM

June 28, 2024

The Research and Innovation Foundation (RIF) has launched a significant funding initiative aimed at propelling innovation within Cyprus’s energy sector. With a total budget of €1.6 million, the programme, named “Commercial Proof of Concept – Energy,” is designed to facilitate the transition of energy solutions from pilot phases to full commercial readiness. The scheme targets advancements in energy production, storage, transmission, and distribution, with a keen focus on enhancing performance, reliability, and cost-efficiency.

Key Objectives and Scope

The funding programme seeks to address several critical areas in the energy sector:

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Integration of Renewable Energy: Improving the integration of renewable energy sources into the grid to ensure a more sustainable and reliable energy supply.
Energy Storage Solutions: Developing efficient and scalable energy storage systems to balance supply and demand, particularly for renewable energy.
Transmission and Distribution Efficiency: Enhancing the infrastructure for energy transmission and distribution to reduce losses and improve overall system efficiency.
Commercial Viability: Ensuring that innovative energy solutions are not only technically feasible but also commercially viable, ready for market introduction.

Funding Details

Each project under this scheme can receive a maximum of €200,000. The funding is aimed at helping innovators and companies refine their technologies, improve their performance metrics, and achieve greater reliability and cost-effectiveness. This support is crucial for bridging the gap between pilot projects and full-scale commercial deployment.

Application Process

Interested parties must submit their applications by October 25, 2024. The application process is designed to be thorough yet accessible, ensuring that a wide range of innovative projects can be considered. RIF’s initiative is expected to attract numerous high-quality proposals, fostering a competitive environment that drives excellence in energy innovation.

Strategic Impact

This funding scheme is part of a broader strategy to position Cyprus as a leader in energy innovation. By supporting cutting-edge projects, the RIF aims to not only enhance the country’s energy infrastructure but also contribute to global advancements in energy technology. The initiative underscores the importance of sustainable development and the transition to a more resilient and efficient energy system.

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Foreign Firms Contribute €3.5 Billion To Cyprus Economy In 2023

by THEFUTURE.TEAM

November 12, 2025

Recent Eurostat data reveals that Cyprus remains an outlier within the European Union, where foreign-controlled companies contribute minimally to the nation’s employment figures and economic output. While these enterprises have a substantial impact in other member states, in Cyprus they account for only 10 percent of all jobs, a figure comparable only to Italy and marginally higher than Greece’s 8 percent.

Employment Impact

The report highlights that foreign-controlled companies in Cyprus employ 32,119 individuals out of a total workforce that, across the EU, reaches 24,145,727. In contrast, countries such as Luxembourg boast a 45 percent job share in foreign-controlled firms, with Slovakia and the Czech Republic following closely at 28 percent.

Economic Output Analysis

In terms of economic contribution, these enterprises generated a total value added of €3.5 billion in Cyprus, a small fraction compared to the overall EU total of €2.39 trillion. Notably, Ireland leads with 71 percent of its value added stemming from foreign-controlled firms, followed by Luxembourg at 61 percent and Slovakia at 50 percent. On the lower end, France, Italy, Greece, and Germany exhibit values below 20 percent.

Domestic Versus Foreign Ownership

The data underscores Cyprus’s heavy reliance on domestically controlled enterprises for both employment and economic output. However, it is important to note that certain businesses might be owned by foreign nationals who have established companies under Cypriot jurisdiction. As a result, these firms are classified as domestically controlled despite having foreign ownership or management components.

Conclusion

This analysis emphasizes the unique role that foreign-controlled enterprises play within the Cypriot economy. While their overall impact is limited compared to some EU counterparts, the presence of these companies continues to contribute significantly to the island’s economic landscape.