Second European Hydrogen Bank Auction Receives Record Interest Across 11 Countries
Key Ideas
- 61 bids were received from projects in 11 European countries, totaling €4.8bn in grant requests, exceeding the available budget by four times.
- The projects aim to produce 7.3 million tonnes of renewable hydrogen over 10 years, contributing to 7% of the EU's REPowerEU ambition.
- €200m has been earmarked for green hydrogen in the maritime sector, attracting bids from eight maritime-related projects.
- Projects have up to 10 years of subsidies, with milestones of reaching financial close within 2.5 years and starting production within 5 years.
The second European Hydrogen Bank (EHB) auction has seen remarkable success with 61 bids from projects across 11 European countries, requesting a total of €4.8bn in grants, far surpassing the available €1.2bn from the Innovation Fund. These projects, with a combined proposed electrolyser capacity of 6.3GW, aim to produce over 7.3 million tonnes of renewable hydrogen over a decade, which would account for 7% of the EU's REPowerEU target. Notably, a portion of the funds, amounting to €200m, has been dedicated to green hydrogen projects for the maritime sector, attracting bids from eight projects. The auction framework provides a timeline for projects to achieve financial closure within 2.5 years, commence hydrogen production within 5 years, and continue receiving subsidies for up to 10 years based on verified production. This initiative marks a significant step towards advancing renewable energy and hydrogen production in Europe.