Financing collaborative partnerships: the example of OSEO 12/10/2012 « Realising sustainable growth through Fuel Cells and Hydrogen" Innovation Investissement International Trésorerie Création Transmission oseo.fr
OSEO’s mission Support for innovative and growing companies (SMEs and Midcaps): identify , qualify and share risks of their projects. Through actions of three kinds: Support for Innovation, Guarantees in support of bank financing and equity contributions Financing for business investment and operation in partnership with banks and capital investors. Feed the three engines of the growth : Innovation, Investment and International 2
OSEO 2011 Financing Guarantee Innovation support • € 19,9 billion € 9,1 billion • Medium, long € 1,9 billion and short term Guaranteed Subsidies and loans (in credits partnership with Loans commercial banks) Total amount of financing linked to OSEO’s interventions in 2011: € 31 billion 3
Innovation support 4 4
Innovation direct funding The global strategy Research Projects Innovation projects Project development Industrial and commercial feasibility launching Grants Refundable advances PTZI Risk garantee Co-funding with banks Innovation garantee funds 5 5
Various solutions for innovation at OSEO Financing of feasibility assessment, technology RDI expenses transfer, innovation projects Financing Strategic Industrial Innovation Confirmation of future entitlement for the Research tax credit Innovation Qualification for equity funds (FCPI) Equities Guarantees for equity in innovation Loans for Development (innovation and Capital expenditure, international) other intangible Guarantees (innovation and international) investments French SBA like Search for business opportunities On line services High technology qualification for public procurement (Article 26 Law for Economy modernization) 6
OSEO’s SOLUTIONS to help Companies Development Loans Commercialisation for more than 3 year old companies Option = together with VC or Banks Seed Loans for less than a 7 year term credit 5 year old innovative SMEs up to 3 M € a 8 year term credit up to € 150k Guarantees to VC or Banks Recherche industrielle Different programs to support innovation Growing SMEs Pre-creation Creation (< 3 years) 7
Three running programs PSPC ISI FUI - Clusters Project costs between Project costs between 5 et 25M € Project costs between 8 et 50M € 2 and 10M € All kind of partners but almost All kind of partners except 20% funding for SMEs of All kind of partners companies up to 5000 workforce midcaps Two CFP each year Open CFP Permanent Mandatory demonstration of Mandatory demonstration of industrial and economic fallout industrial and economic fallout Label from almost one Label from almost one competitiveness cluster competitiveness cluster Cofunding coming from regional funds 8
Strategic Industrial Innovation ISI program 9 9
Principles A flexible, bottom-up approach, based on companies’ initiatives No predefined research theme No predefined budget (grants and loans limited to 10 M € ) Proposals can be submitted at any time An ISI Project must • be organized by an industrial company, leading the project • regroup several partners: at least two companies and other research/academic entities, according to the needs of the project. • conduct R&D tasks • specify all the steps (and needed partners) to effectively commercialize the innovations arising from the project 10
Selection criteria INNOVATION • Technological innovation (breakthrough), Service innovation (new uses) • Increasing Knowledge INDUSTRIAL AND BUSINESS AMBITION . Ambitious but credible forecating (new markets, competitive advantage) for each partner . Reinforcement and Structuration of industrial sectors COLLABORATION • Partnership engagement • Synergy and added value for each partner • Gouvernance and management of the Project JUSTIFICATION of the HELP • Benefits for the territory (employment, training) • Knowledge dissemination • Positive outcome (sustainable development) 11
Key Features ISI ISI Project Project Share of the world market Research & Innovation • Industrial objectives should be clearly spelled • Clear innovation , potentially via out, including development, manufacturing and breakthrough technologies commercialization. • Support is provided only if there is an • The industrial project leader is requested to carry identifiable risk that cannot be taken by the out the project and to commercialize the final industrial consortium on its own – it cannot product(s). already be part of its roadmap 12
Scope of the Project Fundamental Research Industrial Research Part of R&D Grants (funding rate 50% R&D Programme (EU Definition ) or less) 3 to 5 funded by years OSEO Loans (funding rate 40% or less, 10% Experimental bonus in some cases) Development Industrialisation R&D Results 5 to 10 Commercial Use Loan reimbursement years As per contractural agreement ISI Project 13
Projects perimeter Industrial 5 to 15 years deployment Refund in case of Projet success Commercial exploitation Industrial Maturity R&D Experimental development 2 to 5 years Project financing Part of financed R&D Industrial research Basic Research Non financed part of the project 14
Financial payback ISI and PSPC programs Total turnover Threshold for additional refunds based on a coming from the percentage of the turnover project (ISI et PSPC) Threshold for additional refunds Threshold for lump-sum refunds (4-5 years), except in case of technical or commercial failure Time X years after the end of the R&D project 15
H2E: Horizon Hydrogen Energy 16 16
Program Objectives Primary Energy (in Mtep, public stats 2010) 136,8 Fossile Uses energy (in Mtep, public stats 2010) 50,1 Transport Liquid fuels 68,1 Residential / Tertiary Natural Gaz 109,3 Nuclear Energy H2 39,5 Industry Electricity 24,3 Sustainable 16/10/2012 17
H 2 E main orientations Explore early Develop new technologies based markets with on innovative R & D experimental and studies on safety H2 Production deployment and cost competitive market H2 Storage Distribution Uses Prepare societal acceptance through regulation and support of opinion leaders H2E program covers the whole value chain 16/10/2012 18
Program partners Public Labs 16/10/2012 19
Program ressources Gouvernance du Programme Evaluations Déploiements expérimentaux Program aid : 67,6 M € Sécurité et Réglementation 50% in subsidies, 50% in loans Piles Logistique 2009 2010 2011 2009 2010 2011 2012 2013 2014 2015 16/10/2012 20
Main expected results Fuel Cells Material qualification Metal plates H2 storage Composite Material Bottles Smart valve tap Pressure transmission Trolley Hydrogen production: elctrolyzer For various kind of market: Isolated site Stationany system Mobile application 16/10/2012 21
Thank you for your attention ! oseo.fr
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