Alginor – alongside a partner in the UK – was in December 2016 granted €50,000 from Horizon 2020, through EU SME Instrument Phase 1. Among several thousand applicants in the EU, including 40 Norwegian businesses, only two Norwegian proposals were approved. Source: Horizon 2020 – EU SME Instrument Phase 1.
The project is set to be carried out in 2016-2017 with Nina Widvey as project manager. Small and medium sized enterprises that are EU-based or established in a country connected to Horizon 2020, may receive EU-funding and support for innovation projects that will help them grow and expand their operation to other countries – both in and outside of Europe.
The EU SME Instrument Phase 1 program is described as the “Champions League” of the EU – a competition within the EU regarding financing of a feasibility study for new technology and construction of a business plan.
After this project, the company will apply for SME Instrument Phase 2 in October 2017. From phase 2 Alginor may receive a maximum grant of €4-5 million, which would cover 70% of the project costs related to piloting the AORTA technology. If the funding from phase 2 is not granted, the company still plans on funding the same project through equity.