The European Union recently initiated its second renewable hydrogen auction, allocating up to €1.2 billion to advance the green hydrogen economy in Europe. Financed by the EU Emissions Trading System, this auction under the Innovation Fund targets net-zero and innovative technologies in the European Economic Area. Following the successful 2023 auction that granted €720 million to seven projects across Spain, Portugal, Norway, and Finland, this new auction offers opportunities for further growth. Bidders must adhere to strict guidelines, including submission deadlines and required documentation detailing offtaker agreements, hydrogen price hedging, and electrolyzer procurement strategies. Successful bidders will receive fixed premiums to bridge the gap between production costs and offtake prices over a decade. Notable changes in the second auction include enhanced criteria such as supply chain resilience limits on Chinese electrolyser sourcing, dedicated funding for maritime green hydrogen projects, a lowered price ceiling, and increased project maturity requirements. With a strong focus on efficiency and competitiveness, the auction aims to drive innovation and propel the green hydrogen sector forward. Successful bidders will need to meet specific eligibility criteria and comply with renewable fuel regulations within the EEA. Furthermore, the auction introduces mechanisms to prioritize bids with the same price, considering factors like support requirement size, previous funding allocations by country, and project timeline. Bidders will need to offer completion guarantees and meet specified milestones to continue receiving funding. The launch of this second auction marks a pivotal moment for the European industrial, energy, and climate policies, showcasing the region's commitment to driving sustainable innovation and environmental progress.