Advancement of Six Renewable Hydrogen Projects in Europe Receive Grant Agreements
Key Ideas
- Six renewable hydrogen projects in Europe totaling 1,442 MW capacity have signed grant agreements, moving towards implementation.
- Projects in Finland, Portugal, Spain, and Norway aim to produce 1.52 Mt of renewable hydrogen, offsetting emissions by over 10 MtCO2 in the first ten years.
- Selected projects received a total of €694.5m in EU financial support through the Innovation Fund's pilot hydrogen auction, with individual grants ranging from €8m to €245m.
- The financial support will be disbursed over ten years, marking a significant advancement in the renewable hydrogen sector in Europe.
Six renewable hydrogen projects in Europe have taken a substantial step forward as they have signed grant agreements to push them towards implementation. The projects, with a total capacity of 1,442 MW, are spread across Finland, Portugal, Spain, and Norway. These projects have set ambitious goals to collectively produce up to 1.52 Mt of renewable hydrogen within the first ten years of operation. This production aims to offset emissions by more than 10 MtCO2, contributing significantly to environmental sustainability.
In a move to support these projects, the European Innovation Fund's pilot hydrogen auction (IF23 Auction) provided financial assistance totaling €694.5m. The grants, ranging from €8m for the smallest project to €245m for the largest, will be distributed over a decade. This funding injection marks a crucial milestone in the renewable hydrogen sector, showcasing the commitment towards green energy initiatives in Europe.
With the financial backing secured, these projects are well on their way to becoming operational, playing a key role in the transition to a cleaner and more sustainable energy landscape. The advancements made in these projects not only boost the renewable hydrogen sector but also pave the way for further investments and developments in the green energy space in Europe.