The European Commission on Wednesday approved up to 5.2 billion euros (roughly $5.2 billion) in public funding for hydrogen projects, a move it said could unlock a further 7 billion euros of investments from the private sector.
The executive arm of the EU said the bloc’s flagship project to support the research, deployment and construction of hydrogen infrastructure, referred to as IPCEI Hy2Use, had been prepared by 13 member states that will supply the public funding.
According to the commission, IPCEI Hy2Use will see 29 businesses participate in 35 projects. The commission said IPCEI Hy2Use would support the construction of “large-scale electrolysers and transport infrastructure, for the production, storage and transport of renewable and low-carbon hydrogen.”
The initiative will focus on developing “innovative and more sustainable technologies for the integration of hydrogen into the industrial processes of multiple sectors” like glass, cement and steel.
“The IPCEI is expected to boost the supply of renewable and low-carbon hydrogen, thereby reducing dependency on the supply of natural gas,” the commission said.
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