On 1 October 2024, the Innovation Fund of Montenegro announced a public call for participation in the Program for Incentivising Innovation for the Purpose of Energy Efficiency in Industry for 2024. The program is the result of interdepartmental cooperation between the Ministry of Economic Development, the Ministry of Education, Science and Innovation and the Ministry of Energy. The Innovation Fund of Montenegro is responsible for implementation of the program.
The aim of the program is to provide to business entities from the manufacturing sector the necessary investments in modernization, innovation and energy efficiency of business processes. The objective is to to diversify production activities and increase the competitiveness of Montenegrin industry on domestic and international market.
The program is designed on the basis of a financial mechanism that provides grants for the introduction of innovative technologies and equipment, smart and digital solutions, energy management standards and training of employees.
By incentivising investments in innovation and energy efficiency, companies from the manufacturing industry sector can receive non-refundable support in the amount of up to 80% of the total value of the project, which, with additional, minimal investment by the business entity, will have direct positive effects on improvement of current production capacities and processes and energy savings.
The total budget for the implementation of the Program is €2,300,000.00, and the amount of grants that can be awarded to an individual applicant and project ranges from €50,000.00 to €200,000.00.
The right to participate in the Program have MSMEs which are predominantly registered in the manufacturing sector (sector C), in the Central Register of Business Entities, no later than 31 December 2022 and which meet all the conditions stipulated by the Program and the Public Call.
The public call is open from 1 October to 11 November 11 2024 at 3 p.m. Detailed information about the call can be found on the website of the Innovation Fund of Montenegro www.fondzainovacije.me, and the application method is simple and it is done electronically.
An info day on the occasion of the presentation of the Program will be held in Podgorica, at the premises of the Chamber of Commerce of Montenegro, on 10 October 2024 at 11 a.m.
We invite all business entities from the manufacturing industry sector to improve their business through the financial support model through investments in modernization, innovation and energy efficiency of business processes.