Factory Rescue Program Switches Into Active Mode

Factory Rescue Program Switches Into Active Mode

2023. 07. 19.

The first 25 companies have signed an incentive agreement under the Factory Rescue Program launched by the Government that aims to subsidize energy efficiency and energy generation-related investments. The total investment volume of the projects concerned amounts to HUF 61.2 billion which marks the beginning of the implementation of the scheme meant to help businesses maintain their operation and increase capacities.

In response to the energy crisis the Government launched the Factory Rescue Program back in November 2022 to incentivize investments related to improving energy efficiency and setting up on-site energy generation capacities. The scheme attracted in total 378 applications.

The first 25 companies have signed an incentive agreement with HIPA by now, and on that occasion corporate executives were received on the premises of the Ministry of Foreign Affairs and Trade in a ceremony. The purpose of the gathering was to recognize the dedication of the businesses concerned for their determined and swift action to execute the investments worth HUF 61.2 billion that will trigger energy savings of up to 12,471 MWh on an annual basis. The projects are provided incentives worth HUF 27.5 billion, whereas the number of retained jobs amounts to 12,539.

24 Hungarian-owned businesses are concerned in this first phase of the Factory Rescue Program, the remaining one company, in turn, is of Italian origin. As to the sectoral breakdown, food and metal are predominantly concerned by the investments given that 7 and 6 companies are represented in those sectors, respectively.

The program closely relates to the objectives of the Government according to which the Hungarian economy should be able to provide itself with energy and become green to the largest possible extent when it comes to energy use.

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