BaltLED - to benefit from EIT Crisis Response venture support instrument
Tuesday October 20th, 2020
We are honored to be one of eight innovative and impactful SME companies to be granted funding from EIT Manufacturing as part of the EIT Crisis Response Initiative to boost their recovery from the pandemic.
The key impacts COVID-19 has had on Baltled’s operations:
reduced R&D intensive activities
shrinking ordering processes by customers
limited access to directly meet with clients
We hope that given the grant support (in total € 450,000), we will be able to invest in our R&D and team growth with more security and stand more firmly against a pandemic situation. The received financial support is also planned to be used on the development of e-commerce platforms and further growth.
The grants receivers were selected based on their activity, the technology they propose as well as short-term and long-term business plans, and an emphasis on expected societal impact and innovative digital solutions. Fundings are granted by the European Institute of Innovation and Technology (EIT), a body of the European Union receiving support from the European Union’s Horizon 2020 research and innovation programme.
For us, to be among the selected projects is a really significant recognition. We are very grateful to EIT Manufacturing and proud of taking part in this programme!