The European Commission has today (November 23) launched the first European Hydrogen Bank auction to support renewable hydrogen production with €800m.
Renewable hydrogen producers can now bid for funding support from emissions trading revenues through the Innovation Fund which will be delivered in the form of a fixed premium per kilogramme of hydrogen for up to 10 years.
Aimed to bridge the cost gap between the price of production and prices consumers are willing to pay, the auction is hoped to support the Commission’s goals of establishing a renewable hydrogen market, while stimulating investments and scaling production.
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