EU Allocates €5.2B For Hydrogen Projects
The €5.2 billion in funding for the creation of energy projects utilizing hydrogen was approved by the European Commission on Wednesday. 13 member states of the European Union (EU), including Denmark, France, Italy, and Spain, will distribute the monies.
The IPCEI Hy2Use project aims to conduct research in this field, build electrolytic installations for the manufacture of hydrogen fuel, and develop infrastructure for its storage and transportation. It is anticipated that European companies will contribute an additional €7 billion to the project.
The most environmentally beneficial form of hydrogen, referred to as green hydrogen, is created by electrolysis with electricity derived from renewable resources. Worldwide initiatives to produce and transport hydrogen fuel have recently been accelerated. This presents a chance for the EU to lessen its reliance on Russian gas.
Germany and Norway considered the construction of a hydrogen pipeline to transport this fuel from Norway to Germany back in March.