Six out of seven projects chosen for EU financial backing in the Innovation Fund's hydrogen auction have finalized grant agreements, with one project opting out. The funded projects in Spain, Portugal, Finland, and Norway will receive a fixed premium payment for each kilogram of certified renewable hydrogen produced. The grants, totaling €694 million, will be distributed over ten years, ranging from €8 million to €245 million per project. These initiatives aim to bridge the gap between production costs and market prices for industrial users, with a focus on sectors like maritime, heavy-duty transport, and agriculture. The projects are estimated to collectively produce 1.52 million tonnes of renewable hydrogen in their first decade, potentially mitigating over 10 million tonnes of CO2 emissions. The hydrogen auction, a key component of the European Hydrogen Bank, supports producers of renewable hydrogen classified as fuel of non-biological origin. Following the success of the initial auction with 132 bids from 17 countries, the EU plans to launch a second auction later in 2024 with an increased budget of €1.2 billion, as part of its efforts to accelerate the transition to sustainable energy sources.