The European Commission, in collaboration with Spain, Lithuania, and Austria, has announced an additional funding of 700 million euros to accelerate the development of renewable hydrogen. This support, sourced from national funds, is part of the second auction organized by the European Hydrogen Bank, which will begin on December 3rd.
This new amount adds to an already substantial envelope of 1.2 billion euros from the EU Innovation Fund, bringing the total mobilized to nearly 2 billion euros. This financial commitment marks an important step in the adoption of clean energies and support for the decarbonization of the European industry, according to a joint statement from the European institutions and the countries involved.
Spain, Lithuania, and Austria demonstrate their willingness to contribute to the objectives of the REPowerEU plan and the Renewable Energy Directive. The “Auctions-as-a-Service” platform used in this initiative allows member states to support competitive projects in their territory, even when European budgets are exhausted, while avoiding costly national procedures.
Brussels has also invited other countries to join this unique mechanism, which reduces costs while expanding opportunities for the industry. This centralized auction model, aligned with the ambitions of the European Green Deal, aims to transform renewable hydrogen into a key pillar of the energy transition in Europe.