European Commission launches €75m BlueInvest Fund to “unlock the potential the blue economy”

European Commission launches €75m BlueInvest Fund to “unlock the potential of the blue economy”

February 05, 2020

BlueInvest Day, organised by the European Commission, took place in Brussels yesterday and it brought together innovators, entrepreneurs, investors, and enablers in the Blue Economy. Minesto was present taking part in the discussions and conversations with various actors in the Blue Economy ecosystem.

The takeaway from BlueInvest Day is the clear direction to enable a combination of assets from both private and public sectors, now more than ever, to ensure a successful low carbon transition and Blue Economy agenda”, said Osian Roberts, Business Development Manager at Minesto.

During the event in Brussels, the BlueInvest Fund was officially launched by the European Commission. BlueInvest Fund is the first ever equity funding programme for the EU Blue Economy sector, and it is the result of a partnership between the EC and European Investment Fund (EIF), part of European Investment Bank Group (EIB). The €75 million BlueInvest Fund will be managed by the EIF and will provide financing to underlying equity that strategically target and support innovative European small and medium-sized Blue Economy companies.

Virginijus Sinkevičius, European Commissioner for Environment, Oceans & Fisheries, said: “Oceans are the first in line to be hit by climate change, but they also hold many solutions to tackle climate emergency in every single marine industry, from fisheries and aquaculture, to offshore wind, wave and tidal energy, blue biotechnology and many other innovation-related fields. A €75 million equity investment fund is a tool to unlock the potential the blue economy holds both in contributing to the European Green Deal and ensuring economic growth of European SMEs developing innovative and sustainable products and services.”

“We are excited about the launch of BlueInvest Fund as it is in line with the current roadmap for Minesto in terms of financing projects towards commercialisation. It is very encouraging to see the support that European Commission and EIB has set up for our sector with the launch of the BlueInvest Fund and several other funding mechanisms already in place,” commented Dr Martin Edlund, CEO of Minesto.

Read more about the launch of BlueInvest Fund here.