Europe

Luxembourg hosts the new NATO Innovation Fund

Luxembourg hosts the new NATO Innovation Fund

defense

A military alliance investing € 1 billion in “dual-use” products for military and civilian purposes

A military alliance investing € 1 billion in “dual-use” products for military and civilian purposes

NATO Secretary-General Jens Storteberg at the NATO Summit in Madrid this week

Photo provider: AFP

NATO plans to launch a € 1 billion innovation fund based in Luxembourg to help start-ups develop cutting-edge technologies that can be used for both military and civilian purposes, the military alliance said. Said this week.

The NATO Innovation Fund invests in start-ups and other venture capital funds developing these so-called dual-use products. We believe this is extremely important for NATO to enhance security.

Technologies include artificial intelligence, big data processing, quantum computing, new materials, energy, propulsion, and space.

NATO Secretary General Jens Stoltenberg said at a summit in Madrid on Thursday that the fund would complement the North Atlantic Defense Innovation Accelerator (DIANA), which connects academia and the private sector.

Prime Minister Xavier Bettel said Thursday that the Grand Duchy, a founding member of the alliance, will host a fund that will also donate.

Luxembourg said last week that it plans to double defense spending by 2028 compared to current levels. Dual-use item The joint will be the focus Luxembourgish-Belgian battalion was another priority..

Luxembourg does not have a strong defense industry, but many companies make such dual-use items.

Luxembourg allowed the export of troops 85 times outside the EU last year.Grand duchy We will issue eight licenses for dual-use products sent to Russia last year. The total amount is about 606,000 euros.


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http://www.luxtimes.lu/en/luxembourg/luxembourg-to-nost-new-nato-tech-innovation-fund-62bee81cde135b923639a2d2 Luxembourg hosts the new NATO Innovation Fund

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