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European Hydrogen Bank announces second auction for €1.2 billion

During a stakeholder workshop on the European Hydrogen Bank organised by the European Commission’s DG CLIMA, it was announced that the budget for the second auction later this year would amount to 1.2 billion euros. This represents 25 per cent of the Innovation Fund’s 2024 budget, with the remainder going to batteries (1 billion euros) and conventional grants (2.6 billion euros) which also support innovative hydrogen projects.

“We are glad to see the next auction moving forward with a higher budget than the pilot, though it is still short of the 3billion euros budget announced back in September 2022,” said Jorgo Chatzimarkakis, CEO of Hydrogen Europe. “We expect the remaining 1 billion euro to be allocated to the next auction to ensure projects continue to receive this much-needed support to be operational by 2030 and help reach the 2030 climate and energy targets.”

Beyond the funding level, according to Hydrogen Europe, the design of the auction needs to continue evolving to increase its impact and to allow more projects to reach a final investment decision. In particular, keeping a 5-year period for commissioning is key;
becoming more flexible on aid cumulation is crucial to speed up the decarbonisation of the economy; ensuring European funding support to the European technology value chain is essential; introducing resilience criteria to preserve a key role for technologies and components made in Europe would help ensure the competitiveness of the European value chain.

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