The goal of the Brazil Inova Energia Program is to boost cooperation and knowledge sharing between companies and technology institutes in fields of smart grids, renewable energy, hybrid and energy efficient vehicles. Inova provides support in form of grants and soft loans.
Program is financed by:
- the National Development Bank - Banco Nacional de Desenvolvimento Economico e Social (BNDES);
- the Brazilian Innovation Agency - Financiadora de Estudos e Projetos (FINEP);
- the National Agency for Electricity - Agencia Nacional de Energia Eletrica (ANEEL).
Credit line from Inova can cover up to 90% of accepted project costs. The remaining 10% of the costs must be financed by the company. In 2013 Inova was open for receiving application from private parties. In February 2014 the selection process was completed selecting 57 companies for the support in all three focus areas of Inova (Smart grids and ultra-high-voltage electricity transmission, renewable energy generation, and hybrid vehicles and vehicular energy efficiency).