Spain, Lithuania, and Austria are set to participate in the second European Hydrogen Bank auction, contributing over €700 million in national funds in addition to the €1.2 billion from the EU Innovation Fund. The total funding for the auction is expected to reach around €2 billion, with each country allocating significant amounts from their budgets to support renewable hydrogen projects. Lithuania aims to reach specific targets for electrolysis capacity and hydrogen production by 2030 through its participation. The European Commission has selected 85 net-zero projects in the pilot hydrogen auction to receive €4.8 billion in grants. These projects span various sectors such as energy-intensive industries, renewable energy, energy storage, industrial carbon management, net-zero mobility, and buildings. The selected projects are anticipated to cut emissions by 476 million tonnes of CO2 equivalent over their initial ten years of operation, contributing to European decarbonization goals and enhancing industrial manufacturing capacity. The Commission stresses the importance of renewable hydrogen for decarbonization, promoting technology leadership, and resilience in supply chains. The initiative is praised by officials from the participating countries as a significant step towards achieving climate objectives and enhancing energy security. The auction model is lauded for streamlining funding opportunities and reducing costs for industry. The Commission plans to launch the second renewable hydrogen auction via the Innovation Fund, emphasizing the role of renewable hydrogen in achieving climate neutrality and supporting difficult-to-decarbonize industries.