EIT RawMaterials’ commitment of €100 million to support high-impact raw materials projects in Europe, announced at the Raw Materials Summit, marks a significant investment in bolstering Europe’s raw materials ecosystem. With this injection, alongside the previous €200 million already invested for the 2023-25 period, the organization continues its strategic support for research, technology startups, scale-ups, and entrepreneurship opportunities in the raw materials sector.
Bernd Schäfer, CEO and Managing Director of EIT RawMaterials, highlighted the long-term value of these investments, indicating that each euro invested serves as a multiplier, potentially generating up to ten times its initial value. This underscores the organization’s commitment to translating the vision of the Critical Raw Materials Act into tangible outcomes and impacts.
The funding will be allocated through a call mechanism, inviting high-impact projects from various stakeholders, including research organizations, universities, startups, industry leaders, and consortia. EIT RawMaterials aims to expedite funding for exceptional projects through a fast-track call approach.
Since 2016, EIT RawMaterials has played a pivotal role in the European raw materials sector, supporting over 600 projects and startups. Their fiscal support has attracted an additional €500 million from the markets, resulting in cumulative direct funding exceeding €1 billion. Moreover, the investment has facilitated the development of more than 1,400 pilot plants, demonstration projects, and technology prototypes, leading to the launch of over 260 products and services.
In addition to financial backing, EIT RawMaterials has prioritized workforce development, having educated and upskilled over 40,000 learners. To further enhance education and skills, the organization is launching the Raw Materials Academy, focusing on upskilling, reskilling, digitalization, and artificial intelligence (AI) in the raw materials sector.
The Raw Materials Summit serves as a platform for stakeholders across the raw materials value chain to converge and collaborate. The 2024 edition, inaugurated by European Commission Executive Vice-President Maroš Šefčovič and Commissioner Iliana Ivanova, featured insights from industry and policy leaders and attracted nearly 1,000 attendees, showcasing the importance of collective efforts in advancing the raw materials agenda in Europe.