European Commission Allocates €115 Million for Defense Innovations Fund Targeting Startups
The European Commission announced a €115 million ($133 million) fund to accelerate defense technology innovations. The initiative will prioritize small and medium-sized enterprises and is expected to fully fund 20 to 30 projects aimed at delivering new technologies to armed forces within one to three years. The funding tool, named 'Agile', aims to reduce grant-approval times to under four months. Ukrainian companies will also be eligible for funding alongside EU member states and other associated nations, pending approval from the European Parliament.
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The European Commission has launched a €115 million ($133 million) fund to expedite the development of disruptive defense technologies, focusing on small and medium-sized enterprises, including startups. The initiative, named 'Agile', aims to finance 20 to 30 projects, with technologies expected to be delivered to armed forces within one to three years.
This funding tool seeks to reduce grant-approval times to under four months. Ukrainian firms will be eligible for funding alongside EU member states and additional associated countries, pending necessary approvals. The initiative responds to the urgent need for rapid development of cost-effective military technologies, highlighted by the ongoing conflict in Ukraine.
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