European Commission Approves €6.9bn for Hydrogen Infrastructure Expansion
Key Ideas
  • The European Commission has approved the Hy2Move project with €1.4bn in public funding, aiming to develop hydrogen technology in mobility and transportation sectors.
  • Hy2Move involves 13 projects by 11 companies across seven countries, focusing on various aspects of hydrogen technology from fuel cells to production and refueling.
  • The initiative aligns with the European Green Deal goals, targeting a 90% reduction in emissions from mobility and transport by 2050 and ensuring taxpayer money supports innovative breakthrough projects.
  • The IPCEI is expected to be completed by 2031, with a claw-back mechanism in place to share success revenues with Member States for projects exceeding expectations.
The European Commission has greenlit the Hy2Move project as part of the Important Projects of Common European Interest (IPCEI), allocating €1.4bn in public funding to support the development of 13 hydrogen projects in seven countries. This substantial investment, along with anticipated private funding, aims to propel the integration of hydrogen technology into mobility and transportation sectors. The initiative, involving 11 companies and over 200 partners, will cover various aspects of hydrogen applications, fuel cells, storage solutions, and production/refueling infrastructure. Commission Executive Vice-President Margrethe Vestager highlighted Hy2Move's contribution to the European Green Deal's emission reduction targets and emphasized the focus on innovative projects supported by taxpayer money. The IPCEI's completion by 2031 underscores a long-term commitment to advancing hydrogen technologies, with mechanisms in place to share project success with Member States. Overall, the approval of €6.9bn for European hydrogen infrastructure projects signifies a positive step towards fostering sustainable and innovative solutions for the future.
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