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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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Industry Uproar Over Reduction in Electric Vehicle Subsidies

by News Editor

April 26, 2025

The recent move by the government to curtail subsidies for electric vehicles has stirred significant discontent among car importers in Cyprus. The Department of Road Transport (DRT) has slashed available grants under the Electric Vehicle Promotion Scheme as of April 23, leading to a rapid depletion of the subsidy pool and leaving many potential applicants disappointed.

Importers’ Concerns

According to the Cyprus Motor Vehicle Importers Association (CMVIA), the lack of transparency and failure to engage stakeholders prior to the decision have eroded trust in the government’s commitments. Importers now find themselves facing a precarious situation, with substantial stocks of electric vehicles and mounting promotional expenditures.

Public Interest and EU Compliance

Although the scheme aimed to support the transition to zero-emission transport until 2025, the DRT states that the curtailing of funds was necessary to comply with European funding terms, which warned against delays in vehicle deliveries. This decision has fueled market uncertainty despite the application portal experiencing dynamic changes.

Industry’s Ongoing Demand

The CMVIA refutes any claims suggesting waning interest in electric vehicles, underscoring the rapid exhaustion of available grants as proof of substantial demand. They highlight the importance of meeting Cyprus’s green transition targets, including putting 80,000 electric vehicles on roads by 2030.

While the total budget for subsidies saw an increase to €36.5 million in 2023, thanks to additional funding, ongoing difficulties in timely vehicle distribution have led to premature closures of applications. In response, CMVIA has called for urgent dialogue with the Minister of Transport to reassess the decision, fearing that it could endanger the future of e-mobility in Cyprus.