The European Union’s research and innovation programme is investing €13 million in small and medium-sized companies (SMEs) as part of its latest funding drive.

Over 250 SMEs will receive €50,000 phase 1 financing through the targeted support that is being developed for them via the new European Innovation Council pilot; with the multi-million euro total coming from the Horizon 2020 programme.

The successful projects include mobile payment technology, solar street lights and a ‘wrapping machine for sustainable packaging’. Those that do well at phase 1 will have an opportunity to apply for between €500,000 and €2.5 million phase 2 funding, money that can be used to carry out further tests and to scale up products and services.

Carlos Moedas, European Commissioner for Research, Science & Innovation, broke the news on Twitter today.