Signing of a Memorandum of Cooperation with the aim of cooperation in matters related to Innovation in the Energy sector
With the aim of concluding a profitable collaboration that will provide answers to the challenges faced by the Energy sector and fruitful results for the Cypriot economy, the Chief Scientist for Research and Innovation, Dr. Nikolas P. Mastrogiannopoulos and the Research and Innovation Foundation (R&I) signed a Memorandum of Cooperation with the Cyprus Electricity Authority (ECA).
The Memorandum was signed in a ceremony held on Friday, February 3, 2023, marking the start of cooperation between IdEK and EAC in matters of common interest, which are related to the pillar of Research & Innovation in the field of Energy.
In the framework of the Memorandum, IdEK will announce a special program of Research & Innovation for funding proposals, to find innovative solutions to the challenges facing the EAC. IdEK will have the authority to announce and evaluate the special calls for proposals, conclude the financing contracts and monitor the implementation of the financed projects. Upon completion of the proposal submission process, the EAC will select a specific number of projects that will proceed with the pilot implementation of the solution they propose. The EAC, depending on the result of the experimental application, will decide, if deemed appropriate, to proceed with the announcement of relevant tenders using the Innovation Procurement tool.
Among other things, the Memorandum provides, for the benefit of IdEK and EAC, the transfer of know-how, the exploitation of expertise and the promotion and promotion of actions.
In the context of the ceremony, the Chief Scientist for Research and Innovation of the Republic of Cyprus and Chairman of the Board of Directors of IdEK, Dr. Nikolas P. Mastrogiannopoulos, pointed out that the signing of the Memorandum marks the beginning of a new era and a collaboration aimed at strengthening the Cyprus Electricity Authority to deal with the challenges it faces. “Research and innovation horizontally govern every branch of economic activity. The Memorandum strengthens our cooperation with the EAC, strengthens the key Energy sector and at the same time contributes to the strengthening of the research and innovation ecosystem of our country”, he underlined.
Dr. Mastrogiannopoulos, at the same time, praised the catalytic role that public innovation contracts can play in Cyprus, creating synergies between the public and private sectors and contributing to the development of the Cypriot economy. “They can be used for a wide range of professional fields and create new perspectives for solutions of higher quality and efficiency, while their use by public authorities will contribute to the modernization of the state and the internationalization of the private sector.” As explained by Dr. Mastrogiannopoulos, the ultimate goal is to create a modern and efficient economy with research, scientific excellence, innovation and technological development as the main thrust pillars. An economy that, as he noted, will modernize the public and private sectors, upgrade the quality of life of citizens and turn Cyprus into a productive research, innovation and technology hub.
For its part, the President of the EAC, Mr. Despoina Panagiotou Theodosiou stated “We are particularly happy about the signing of the Memorandum between the EAC, the Chief Scientist and the IEDEK. Through our collaboration and in the context of new calls for proposals, there is an opportunity to further promote innovation in the EAC. Our goal is to strengthen the competitiveness of the economy and the green transition in the critical Energy sector”.