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.
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 programme 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.