The second initiative to boost the growth of the hydrogen value chain was approved by the European Commission. In addition to receiving public funding of €5.2 billion from 13 member states, the project is anticipated to attract an extra €7 billion in private investments. 29 businesses will be involved, and there will be 35 projects overall.
The idea is intended to “create technologies and infrastructure that go beyond what the market now delivers and would allow considerable improvements in performance, safety, environmental effect, as well as on cost savings,” according to the Commission. The availability of renewable and low-carbon hydrogen is predicted to increase, which will lessen reliance on natural gas supplies.