The European Commission will establish a partnership to promote innovation in solar photovoltaic technology.

On Thursday, the European Commission announced that it is forming a new European partnership, through which up to EUR 480 million (USD 523m) will be allocated to support innovation in the photovoltaics (PV) industry.

The Commission plans to invest up to EUR 240 million from 2025 to 2030, with an equal contribution expected from private sector partners.

This partnership aims to enhance PV manufacturing and establish a strong supply chain, thereby decreasing dependence on fossil fuels, according to the Commission.

Additionally, the EC is initiating two more partnerships focused on the development of innovative advanced materials and textiles. In the textile partnership, both the Commission and private partners aim to invest up to EUR 30 million each, along with up to EUR 250 million each to promote the development and use of sustainable materials.

The first funding opportunities under these new partnerships will be included in the Horizon Europe Work Programme for 2025.

Moreover, the Commission intends to introduce a partnership in the field of virtual worlds later in 2025.