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Seven hydrogen projects across Finland, Norway, Portugal, and Spain will receive EUR 720 million ($771.6 million) from the European Hydrogen Bank. This initiative aims to boost hydrogen production by covering the cost gap between renewable hydrogen and its non-renewable counterpart.

Spain is set to achieve five gigawatts (GW) of installed electrolyzer capacity by 2030. Although this is below Spain’s target of 11 GW, it is the highest projected capacity among European Union countries.