Seven European projects were chosen for EU financial support in the Innovation Fund’s pilot hydrogen auction, with six projects already signing their grant agreements. The funding will help bridge the cost gap for renewable hydrogen production. These projects, located in Spain, Portugal, Finland, and Norway, received a total of EUR 694,521,237 to produce up to 1.52 million tonnes of renewable hydrogen over ten years. The Innovation Fund will provide a fixed premium payment per kilogram of certified hydrogen produced, with the projects having up to five years to begin production. The renewable hydrogen will benefit sectors like maritime and heavy-duty transport, agriculture, and the production of e-methane and e-methanol, avoiding over 10 million tonnes of CO2 emissions. While one project withdrew from the grant agreement process, there are plans for a second renewable hydrogen auction with a budget of EUR 1.2 billion. The European Hydrogen Bank, launched by the Commission, aims to support producers of renewable hydrogen categorized as Renewable Fuel of Non-Biological Origin, utilizing revenues from the EU Emissions Trading System. With the success of the first auction, the EU is moving forward to boost domestic production and imports of renewable hydrogen to accelerate the transition to a greener economy.