EU Approves €1.4 Billion in Aid for Hydrogen Projects with Airbus, BMW, and Michelin
Key Ideas
- Airbus SE, BMW AG, and Michelin among 11 companies to receive funding for hydrogen initiatives in 7 EU member states.
- European Commission anticipates €3.3 billion in private investments to be unlocked by the aid.
- Initiative aims to support hydrogen power projects as part of the EU's efforts to combat climate change.
The European Union has approved €1.4 billion in state aid to support hydrogen power initiatives involving major companies like Airbus SE, BMW AG, and Michelin. This funding, part of an 'Important Project of Common European Interest', is expected to stimulate additional private investments totaling €3.3 billion. The aid will benefit 11 companies across seven EU member states, including Estonia, France, Germany, Italy, Netherlands, Slovakia, and Spain. The goal of this initiative is to advance hydrogen projects and address climate change challenges. The European Commission sees this as a crucial step in promoting sustainable energy solutions and fostering innovation in the region.