OSLO: The European Commission announced on Monday that it had selected 50 small and medium-sized enterprises (SMEs) from 14 countries for the latest round of grant funding from Horizon 2020.
Horizon 2020 is the framework program for research and innovation of the European Union (EU).
Projects run by these companies would each receive up to 2.5 million euros (2.85 million U.S. dollars) to bring their newly-designed products to the market. Projects related to health would receive up to five million euros, according to the Commission.
Among the projects receiving funding are a cost-effective system of solar panel roof tiles, a next-generation Push-to-Talk communication device for public security, a new banking model to help demographics that find it difficult to open a traditional bank account, and a revolutionary concept of affordable wind generators without blades.
With this latest round of funding, the SME instrument has benefited a total of 406 SMEs seeking to bring their products to market since its launch in January 2014, according to the Commission.
