Millions of tonnes of fossil hydrogen produced in the European Union result in high carbon dioxide emissions. To promote the shift to renewable hydrogen, the EU established the European Hydrogen Bank (EHB), offering subsidies for renewable projects. The first auction awarded €720 million to seven projects, with additional funds secured for future rounds. Winning bids, originating from regions with abundant renewable resources, were lower than expected, indicating a promising investment pull towards clean energy. While the EHB's endowment may fall short of EU targets, buyers' willingness to pay a premium for renewable hydrogen is a positive sign for the industry. The auction's competitive prices highlight the improving cost-competitiveness of renewable hydrogen, supported by private investments and regulatory measures. Despite some challenges like the need for additional financial support and adherence to renewable electricity generation principles, the auction results demonstrate progress towards a sustainable hydrogen economy in Europe.