The EU wants to stimulate innovation that can solve the societal challenges that the world is facing and has established a program where innovative companies from all over Europe can apply for support.
It is very tough competition to reach this which is referred to as the companies' top league - the "champions league".
It has now been confirmed that Norhard, as one of only 3 Norwegian companies, has reached the competition and is awarded a grant of 18.7 MNOK for further development and commercialization of the company's ECO DRILLING SYSTEM.
In total, there were 1514 applicants from 21 countries in this allocation round and only 69 of these or 4.6% reached.
This is a confirmation that the innovations that Norhard technology opens for are noticed and appreciated. The technology is regarded as groundbreaking in its field and is considered to have a great potential for improving the efficiency of energy systems and reducing CO2 emissions.
The support of MNOK 18.7 will give us the opportunity to carry out a project for further strengthening of technology, delivery ability and commercialization degree. The described project has a total framework of NOK 27 million and will be implemented during 2017 and 2018. The project also includes testing of new functionality in a pilot project, and will contribute significantly to the fact that we will now be able to offer our customers further impact in delivery width, efficiency and efficiency. quality than what is already in place.
We are very proud of this award and also thank our good customers in Norway who, through engaging in assignments in the early stages, have contributed significantly to the fact that we have succeeded in lifting the technology platform up to the current level. Without even being able to point to a good reference basis, we had not achieved this result.