The EU has awarded nearly €720m to seven renewable hydrogen projects with a combined electrolysis capacity of 1.5GW in the European Hydrogen Bank’s first subsidy auction.

In November 2023, the European Commission launched the pilot auction under the European Hydrogen Bank to support the production of renewable hydrogen in Europe.

The European Hydrogen Bank aims to support the scale-up of cleaner fuels that will help contribute to the decarbonisation of European industry, including sectors such as steel, chemicals, maritime transport and fertilisers.

Funding for the subsidy auction comes from the Innovation Fund, a funding programme from the EU Emissions Trading System for the demonstration of innovative low-carbon technologies.

In February 2024, the commission revealed that the pilot auction attracted 132 bids from projects across 17 European countries.

Following the bidding process, the commission has announced it is awarding nearly €720m to seven renewable hydrogen projects located in...