The European Hydrogen Bank's recent auction saw significant interest with 61 bids from 11 countries within the European Economic Area, surpassing the available budget by four times. These bids, totaling over €4.8 billion, aim to support projects producing renewable hydrogen. The projects could collectively yield 7.3 million tonnes of renewable hydrogen over a decade, contributing substantially to the EU's renewable hydrogen production goals for 2030. Project promoters bid for a fixed premium per kilogram of renewable hydrogen produced to bridge the production cost-price gap. The bids are now under evaluation by the European Climate, Infrastructure and Environment Executive Agency (CINEA), which plans to announce successful applicants by May 2025. The Innovation Fund, financed by the EU Emissions Trading System revenue, supports such initiatives to foster investments in cutting-edge net-zero technologies to facilitate Europe's journey towards climate neutrality.