Seven projects in Finland, Norway, Portugal, and Spain have been awarded a total of EUR 720 million from the European Hydrogen Bank to enhance hydrogen production. The awarded projects aim to produce renewable hydrogen, bridging the price gap between production costs and market prices dominated by non-renewable producers. Among the winners are three projects in Spain, two in Portugal, one in Norway, and one in Finland. These projects will collectively produce 1.58 million tonnes of renewable hydrogen over a decade, significantly reducing carbon emissions. The hydrogen will be utilized in various industries such as steel, chemicals, maritime transport, and fertilizers. The projects will receive subsidies ranging from EUR 8 million to EUR 245 million to support their operations. The European Commission plans to launch a second round of auctions in 2024 to further boost the renewable hydrogen market, following the success of the oversubscribed initial auction. This initiative signifies a positive step towards achieving sustainable energy production and reducing carbon footprints in Europe.