The EU Commission approves state funding for hydrogen projects of up to €1.4 billion

With the approval of €1.4 billion, the European Commission has approved the fourth wave of Important Projects of Common European Interest (IPCEI) to assist the hydrogen value chain. Netherlands, Italy, Germany, France, Slovakia, Estonia, and Spain are the seven Member States that collaborated on the project, which is dubbed "IPCEI Hy2Move."

The Member States' up to €1.4 billion in public funding is anticipated to spur a further €3.3 billion in private investment. Eleven businesses, including start-ups and small and medium-sized organisations (often known as "SMEs"), having operations in one or more Member States will carry out thirteen creative initiatives as part of this IPCEI.

By encouraging the development of several technical advances, such as the following, IPCEI Hy2Move will encompass a significant portion of the hydrogen technology value chain.

The Executive Vice-President overseeing competition policy, Margrethe Vestager, stated: "Hydrogen can help us move around and transport goods with zero emissions." However, for a single Member State or business, investing in hydrogen-powered mobility and transportation technology might be hazardous. This is when IPCEI State Aid Regulations come into play. Today's approval of the IPCEI Hy2Move is an illustration of an ambitious European collaboration towards a significant shared goal. It also demonstrates how innovative breakthroughs and competitive policies go hand in hand.

It is anticipated that the entire IPCEI will be finished by 2031, while exact completion dates will depend on the firms and specific projects. It is anticipated that 3,600 direct employment and several more indirect jobs will be generated.

The advancement of transportation and mobility applications to use hydrogen technology in modes of transportation aircraft, sea, and land. Fuel cell vehicle platforms for usage in trucks and buses are one example of this. The continued development of fuel cell technology with high performance, utilising hydrogen to produce energy strong enough to power locomotives and ships.

The development of techniques of producing hydrogen for use in transportation and mobility, namely to deliver pressured, 99.99% pure fuel-cell-grade hydrogen to on-site hydrogen refueling stations.

Check more here- https://ec.europa.eu/commission/presscorner/detail/en/ip_24_2851