EU Unveils 1.1 Billion Euro Hydrogen Bank Auction III, Boosting Low-CO2 Projects
The European Commission has unveiled details of the third Hydrogen Bank auction, with a budget of 1.1 billion euros. This round introduces low-CO2 hydrogen projects for the first time and has attracted additional national funds exceeding 700 million euros from Spain, Lithuania, and Austria.
The third auction's budget is divided into three funding lines: 400 million euros each for RFNBO and low-CO2 electrolytic hydrogen, and 200 million euros for RFNBO or low-CO2 electrolytic hydrogen for maritime fuel supply. The first auction, held in 2021, allocated 720 million euros to seven projects, with the potential to produce 1.52 million tons of renewable hydrogen and avoid over 10 million tons of CO2 emissions. The second auction, in 2022, allocated 992 million euros to 15 projects, aiming to produce nearly 2.2 million tons of renewable hydrogen and avoid over 15 million tons of CO2 emissions.
Three major projects have withdrawn from funding: Benbros Energy (€100 million), Deutsche Regas (€112 million), and Vattenfall & CIP (€246 million). The European Commission plans to redirect the freed-up funds to reserve projects and future tenders. The names of the companies registered for the third call and details about the additional national funds remain undisclosed.
The third Hydrogen Bank auction, with its expanded scope and substantial funding, signals Europe's commitment to accelerating the production and use of renewable hydrogen. The redirected funds from withdrawn projects will further boost the sector's development.
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