The European Union has launched its second renewable hydrogen auction to support the development of a green hydrogen economy in Europe. With up to €1.2 billion available through the Innovation Fund, bidders need to comply with strict guidelines including pricing, production volume, and electrolyser capacity. Notable changes from the first auction include new supply chain resilience criteria, increased funds totaling €1.2 billion, and a lower price ceiling. Successful bidders will receive fixed premiums over ten years, with projects required to reach financial close within 2.5 years and enter operation within 5 years. The auction prioritizes proposals with smaller support requirements and shorter timeframes for entry into operation. The launch of the Second Auction marks a crucial step towards realizing European industrial, energy, and climate goals, attracting interest from stakeholders across these sectors.