Six projects selected in the 2024 Innovation Fund Auction for renewable hydrogen production (IF24 Auction) have signed their grant agreements, receiving a total of €270.6 million, sourced from EU Emissions Trading System revenues. Two of these projects were awarded under the dedicated maritime topic, receiving more than €35 million to supply renewable hydrogen to maritime off-takers.

The auction operates under the domestic pillar of the European Hydrogen Bank, which aims to scale up European hydrogen production and strengthen market integration. It supports the replacement of natural gas, coal and oil in hard-to-decarbonise industries and transport sectors. The awarded funding will help these projects bridge the difference between their production costs and the price that industrial users are willing to pay for their product. This market-based design also aims to reduce risks for investors and lessen the administrative burden for applicants.

The projects are located in Spain, Finland, and Norway, and will install a total of 381.25 megawatts of electrolyser capacity. The individual grant values range from €135.5 million to €1.8 million for installations with a megawatt electric (MWe) capacity from 5 to 200 MWe. The awarded projects presented bids going from €0.33 to €1.88 per kilogram of RFNBO Hydrogen.