The European Commission is awarding nearly €720m to seven renewable hydrogen projects in Europe, selected through the first competitive bidding process under the European Hydrogen Bank.
The funds for this auction come from the revenues of the EU Emissions Trading System. The winning bidders, drawn from four countries, will produce renewable hydrogen in Europe and will receive a subsidy – ranging from €8m-€245m – to bridge the price difference between their production costs and the market price for hydrogen, which is currently driven by non-renewable producers.
The seven selected projects were the winners of an oversubscribed auction which attracted 132 bids, and submitted bids between €0.37 and €0.48 per kilogram of renewable hydrogen produced, while also meeting other qualification requirements.
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