The European Hydrogen Bank (EHB) pilot auction recently concluded with significant progress in advancing renewable hydrogen across Europe. Seven winning projects were announced in Spain, Portugal, Norway, and Finland, collectively securing 720mn € in support and representing over 1.5 GW of electrolyser capacity. The auction, with a clearing price of 0.48 €/kg, established rigorous terms including a completion guarantee and project initiation timeline to ensure project success. The support provided may marginally reduce hydrogen prices and attract industry and mobility as primary offtakers willing to pay a green premium for renewable hydrogen. Policy initiatives like RED III and RefuelEU’s targets further drive this transition. Additionally, the introduction of Auctions-as-a-Service (AaaS) allows Member States to allocate extra funds to enhance project participation, with Germany leading with 350mn € in additional funding. The future of the EHB initiative looks promising with the upcoming second auction incorporating lessons learned from the pilot. Revisions include an increased completion guarantee, shortened operation timeline, technology distinctions, lowered ceiling price, and an enhanced procurement strategy. These updates reflect the commitment to continuous improvement, ensuring effective promotion of renewable hydrogen projects in Europe.