The french government has been heavily subsidizing private R&D (up to 50% of the cost, including engineer salaries). It was relatively easy to create a moonshot project worth a few millions, and have the taxpayer pay for half of it. Then you just need to find a sucker to pay for the other half, and collect the money (getting an actual result is optional).

How do I know? My company is a minority partner in one such project (wind energy, we would provide instrumentation). It's infuriating, the head company has been trying to make one of the big energy providers pay for half the R&D, with no success, and the project will be closed. Lots of taxpayer money wasted for no result, and we won't make sales.

Because of these abuses, the french government is changing the financing rules. They will only finance small proof of concepts first, then a pilot project, and only then industrialisation issues (instead of financing all in one go).