Canada will commit up to $300 million to ensure the development of a transatlantic hydrogen trade corridor with Germany.

According to Canada’s government, the funds will be allocated via a competitive auction process expected to be launched by the end of 2024, following a European Commission review of the proposed auction parameters and a similar funding commitment from Germany.

As part of the joint Canada-Germany Hydrogen Alliance, this initiative will help Canadian companies access German markets for their clean hydrogen and ammonia and it will ensure Germany has access to competitively priced clean energy products produced by Canadian industry and driven by Canadian workers, the government noted.