On October 7, the European Commission signed grant agreements with six renewable hydrogen production projects under the EU Hydrogen Bank scheme, with one project having withdrawn from the initiative. The ICIS data suggests that these projects could lead to the production cost of hydrogen dropping below €3/kg, supported by subsidies. The projects are required to start producing hydrogen within five years, in line with the EU's target that 42% of all industry hydrogen must be renewable fuels of non-biological origin by 2030. The total expected production from these projects over a decade amounts to around 1.5 million tonnes of hydrogen, emphasizing the focus on renewable fuels. Companies bid on a euro per kilogram basis for support, with bids ranging between €0.37-0.48/kg. These subsidies aim to close the price gap between renewable and conventional high-emission hydrogen, which could have a significant impact on the market dynamics. Furthermore, the current RFNBO sales prices for 2029 are estimated to reach up to €15/kg, making the potential cost reduction to around €3/kg quite significant. The ICIS Hydrogen Foresight project data suggests that Spanish electrolysers like the Catalina and HYSENCIA projects could see their product costs drop to €2.73/kg and €3.11/kg, respectively, with the support of subsidies. The withdrawal of the El Alamillo H2 project, which had bid for support at €0.38/kg, highlights the competitive nature of the selection process among the successful bidders. Overall, these initiatives aim to revolutionize the hydrogen market by promoting renewable production and reducing costs.