The European Hydrogen Bank's second auction, part of the Innovation Fund, witnessed overwhelming interest with over 6.3 gigawatts of project proposals amounting to EUR 4.8 billion. The European Commission stated that these projects could generate more than 7.3 million tonnes of renewable hydrogen over a decade, contributing significantly to the EU's renewable hydrogen production goals for 2030. The auction aims to financially support projects that produce renewable hydrogen by offering a premium per kilogram of hydrogen produced over a 10-year period. The European Climate, Infrastructure and Environment Executive Agency (CINEA) is evaluating the bids, with successful projects expected to reach financial close and commence production within specified timelines. The auction also involves a mechanism where countries such as Austria, Lithuania, and Spain can provide additional funding using their national budgets if projects do not secure EU funding. The European Commission has approved Austria and Lithuania's offers under state aid rules, enabling the production of significant amounts of renewable hydrogen in these countries. Spain also plans to contribute funding to support hydrogen production through its Recovery and Resilience Plan. These initiatives align with the EU's broader goal of promoting hydrogen as a key solution for decarbonization and industrial competitiveness. Overall, the European Hydrogen Bank's second auction reflects a positive outlook towards renewable hydrogen, highlighting its role in achieving climate goals, enhancing clean technologies, and fostering economic resilience.