European Commission approves new plan to promote hydrogen economy
Published on: May 30, 2024
Hy2Move will cover 13 projects put forward by 11 companies across seven member states.
The European Commission has launched Hy2Move, the fourth Important Project of Common European Interest (IPCEI) in the hydrogen value chain. The program will inject up to €1.4 billion in public funding from various national sources.
Funding aims to spur the development and industrial deployment of breakthrough hydrogen technologies to help decarbonise mobility and transport sectors.
Hy2Move will cover 13 projects put forward by 11 companies across seven member states (Estonia, France, Germany, Italy, The Netherlands, Slovakia and Spain).
“It is now crucial that Member States make the necessary resources available for all waves and establish the right conditions for these projects to be delivered as soon as possible,” says Jorgo Chatzimarkakis, CEO of Hydrogen Europe.
This significant public investment is expected to attract at least €3.3 billion in private capital, resulting in a total financial effort of €4.7 billion.
“Hydrogen can support us to move around and transport goods with zero emissions. But investing into hydrogen powered mobility and transport technologies can be risky for one Member State or one company alone. This is where State aid rules for IPCEI have a role to play,” says Margrethe Vestager, Executive Vice-President in charge of competition policy.
Previous waves include Hy2Tech (July 15, 2022), Hy2Use (September 21, 2023), and Hy2Infra (February 15, 2024). Together, these initiatives aim to raise over €43 billion from a blend of public and private funds, supporting more than 120 projects involving nearly 100 European companies.
