The European Innovation Council will invest up to €7m in Munich-based hydrogen technologies developer KEYOU.
Awarded as part of the Horizon 2020 funding programme, the new capital will help to develop a hydrogen-powered truck, with an engine based on the developments of KEYOU.
Within its Horizon 2020 project, which is aimed at young and highly innovative companies, the European Union wants to support entrepreneurs and small businesses with financing opportunities.
Thomas Korn, CEO and Co-Founder of KEYOU, said, “The grants and the participation by the EU again bring us a big step forward. On the one hand financially – after all, we are currently in the Series A II financing round – and on the other hand, of course, politically.”
“EU participation in KEYOU is a clear political signal that the hydrogen combustion engine is now officially regarded by politicians as a key technology to achieve the climate protection goals in mobility.”
“This gives further impetus to the hydrogen engine in general, but of course also to our KEYOU-inside technology.”
“We are extremely proud that we are one of the few companies to receive support and participation from the European Innovation Council. We want to use these funds to further develop our technology, bringing the first prototype on the road as quickly as possible.”