The first pilot auction results from the Hydrogen Bank in the EU revealed winning bids between €0.37 and €0.48 per kg, significantly lower than the estimated green premium needed for renewable hydrogen to compete with fossil alternatives. The auction's outcomes suggest strong market interest in renewable hydrogen, with companies showing willingness to pay a premium for cleaner energy sources. However, while the subsidies will stretch further, they alone cannot bridge the green premium gap entirely. The auction winners predominantly come from the Iberian Peninsula and Nordics, regions rich in renewable resources, demonstrating the influence of 'renewables pull' on the industry's geographic distribution. The results shed light on the dynamics of renewable hydrogen pricing, private sector investment trends, and the challenges in meeting the EU's ambitious hydrogen production targets. Despite funding constraints, the auction results provide hope for a significant contribution of renewable hydrogen to the European energy landscape, driven by both market forces and regulatory frameworks.