The European Commission, in partnership with Spain, Lithuania, and Austria, has announced a significant financial boost for the development of renewable hydrogen through the Innovation Fund. The three Member States will participate in the 'Auctions-as-a-Service' scheme under the second European Hydrogen Bank auction, combining EU funding of €1.2 billion with over €700 million in national funds for renewable hydrogen projects within each country. This collaboration will result in a total funding of around €2 billion mobilized for the 'IF24' renewable hydrogen auction. Spain, Lithuania, and Austria are allocating substantial amounts from their national budgets towards the scheme, demonstrating their commitment to clean energy targets and supporting decarbonization efforts. Through the 'Auctions-as-a-Service' initiative, Member States can continue to finance projects even after the Innovation Fund's budget is fully utilized, promoting efficiency and reducing costs for industry players. The scheme also encourages participation from other Member States, fostering a collaborative approach towards achieving renewable energy goals and supporting key EU plans like the REPowerEU Plan and the Green Deal Industrial Plan. By providing a fixed premium for selected projects in the European Economic Area, this scheme aims to bridge the cost gap in producing renewable hydrogen, fostering innovation and driving the transition to climate neutrality. The broader context of the Innovation Fund, with a substantial budget allocated for driving low-carbon technologies and supporting climate goals, underpins the importance of initiatives like the European Hydrogen Bank and 'Auctions-as-a-Service' in accelerating the adoption of renewable hydrogen. The success of the IF23 Auction and the upcoming IF24 Auction indicate a positive trajectory towards meeting renewable energy objectives within the EU. The streamlined process for national support through the 'Auctions-as-a-Service' scheme not only simplifies funding mechanisms but also ensures compliance with EU guidelines on State aid, promoting a cohesive and effective approach to supporting sustainable energy projects.