A solar panel manufacturer that’s laying off workers. A battery maker that spurned Europe for American subsidies. A green hydrogen project stalled for lack of electricity.
These are a handful of the early results from the European Union’s Innovation Fund, a €40 billion ($43 billion) investment vehicle at the core of Europe’s plans to overhaul its economy to be zero-carbon by the middle of the century. It’s also part of the EU’s counter to the US Inflation Reduction Act: Officials hope the subsidies will keep key industries from decamping overseas.
While the fund is still fairly new and backs dozens of projects,…
