Seven European countries invest 1.4 billion euros in public funds for hydrogen projects
Estonia, France, Germany, Italy, Netherlands,
Slovakia and Spain have decided to invest 1.4 billion from
public funds for the Hy2Move hydrogen project. Sweden, which has very good
conditions for green hydrogen production thanks to its clean energy mix, is
not included.
The support from the countries is expected to attract at least 3.3 billion
euros from private capital. The project is a so-called Important Projects
of Common Interest (IPCEI), which is approved by the European Commission to
support the hydrogen value chain. Hy2Move, focuses on hydrogen mobility and
marks the end of the hydrogen IPCEI program that started in 2019.
Previous projects supported by IPCEI, such as Hy2Tech, Hy2Use, and Hy2Infra, have
as an ambition to raise over 43 billion euros from public and private sources
funds to support over 120 projects with almost 100 European companies.
Here, Sweden misses out on export opportunities and strengthened competitiveness
and job creation.
More information:
- Commission Hy2Move press release: Commission approves up to €1.4 billion of State aid by seven Member States for the fourth Important Project of Common European Interest in the hydrogen value chain
- Hy2Tech
- Hy2Use
- Hy2Infra
- Hy2Move
FACTS: The IPCEI is a state aid instrument that stands out in that it supports large-scale projects of interest to the EU as a whole. The Swedish projects that have received approval favor the green and digital transition. Under certain conditions, it is therefore possible for Member States to support individual projects with higher support levels than we are historically used to.
