Four shipping projects have been included in the first wave of financing of €122m ($145m) from the European Union Innovation Fund for developing low-carbon technologies.

The EU has released investment of €118m in 32 small low-carbon energy projects in 14 member states, plus Iceland and Norway, and €4.4m to help bring 15 other schemes to maturity.

Low-carbon technologies involving hydrogen, energy storage and renewable energy are involved.