The European Commission, along with Spain, Lithuania, and Austria, have unveiled plans to provide financial support for the development of renewable hydrogen through the Innovation Fund. The Member States will join the 'Auctions-as-a-Service' initiative in the second European Hydrogen Bank auction, scheduled to launch soon. This effort will see an allocation of 1.2 billion euros from the EU's Innovation Fund, complemented by over 700 million euros in national funds from the three countries. This collaboration is a substantial step towards fostering renewable hydrogen production. Maroš Šefčovič, Executive Vice-President for European Green Deal, emphasized the significance of renewable hydrogen in decarbonizing challenging industrial sectors and ensuring European companies' global competitiveness. Lithuania, for instance, is committing 36 million euros from its Modernisation Fund budget to the scheme, aimed at achieving its targets for electrolysis capacity and renewable hydrogen production by 2030. The collective investment signals Spain, Lithuania, and Austria's dedication to meeting both national and EU objectives in transitioning to clean energy and facilitating the decarbonisation of European industries.