The European Hydrogen Bank's second auction witnessed significant interest, with 61 bids from 11 European countries seeking support for renewable hydrogen production projects. The total grant requested exceeded €4.8 billion, far surpassing the available €1.2 billion budget from the Innovation Fund. These bids aim to establish a renewable hydrogen capacity of 6.3 Gigawatts, which could produce 7.3 million tonnes of hydrogen over a decade, contributing towards the EU's 2030 renewable hydrogen targets. The enthusiasm for this auction showcases the attractiveness of the Innovation Fund in driving industrial decarbonisation and fostering a European market for clean hydrogen. The Commissioner emphasized hydrogen's pivotal role in cutting emissions from hard-to-abate sectors and enhancing Europe's global competitiveness in clean technologies. Projects qualifying for support are defined by the Renewable Energy Directive and submit bids for a premium per kilogram of renewable hydrogen produced. Successful projects are expected to receive subsidies for up to 10 years, bridging the cost-price gap. The involvement of Spain, Lithuania, and Austria in the auction, with national funding contributions, underlines the interest in clean hydrogen projects across the EU. The evaluation process by CINEA is underway, with plans to finalize by May 2025. Successful projects will sign Grant Agreements by November 2025, adhering to strict timelines for financial closure and hydrogen production commencement. The upcoming third auction aims to build upon the learnings from this auction, further boosting hydrogen initiatives in Europe. The Innovation Fund plays a critical role in financing net-zero technologies, with a focus on hydrogen production. The European Hydrogen Bank strives to bolster domestic renewable hydrogen production and imports, aligning with the EU's climate targets. It also aims to gather valuable data on hydrogen projects, production costs, and market dynamics. With ongoing calls for net-zero technologies and battery projects, the Innovation Fund continues to support innovative solutions for a sustainable future.