According to the European Commission’s Hydrogen IPCEI initiative, the French company Faurecia was awarded 213 million euros ($208.72 million) for their hydrogen technology project.
A new generation of hydrogen tanks (both gaseous and liquid) will be developed and industrialized by the firm by 2027, with the goal of bringing inexpensive sustainable transportation options to the market.
Faurecia, the French auto parts manufacturer that recently acquired the German auto parts manufacturer Hella in a deal that formed the new company Forvia, announced that it plans to begin manufacturing at its Allenjoie plant in the Bourgogne-Franche-Comté region of France in 2024, with an annual output of more than 100,000 units.
As part of the Important Project of Common European Interest (IPCEI) program, the European Commission has authorized 15 member states to provide public funding of up to 5.4 billion euros ($5.48 billion) to support research, innovation, and the initial industrial deployment of hydrogen technologies in the region.
As part of the IPCEI plan, funding was also provided to Gaztransport & Technigaz and McPhy Energy to further their respective gigafactory hydrogen projects.
Hydrogen, which can be created using renewable electricity, has the potential to replace fossil fuels in pollution-causing industrial operations, thus the European Commission promised to expand investment in the fuel.
