Spain has granted a €150m ($165m) subsidy to support one of Cobra’s green hydrogen projects. The Spanish Industry Minister, Jordi Hereu, made the announcement. Cobra, a subsidiary of the French company Vinci, is expected to use this funding to advance one of its green hydrogen initiatives.

In July 2024, Cobra won an $80m contract from SMS Group to perform piping and mechanical work on a green steel production plant in Duisburg, Germany. This plant aims to have an annual production capacity of 2.5 million tonnes of direct reduced iron (DRI).

The European Commission had also approved a €220m ($243m) grant in 2022 to support Cobra’s renewable hydrogen production under EU State aid rules. Spain selected Cobra’s project as an Important Project of Common European Interest (IPCEI) focused on hydrogen technologies and systems. However, given the project objectives, the EU determined they were more suitable for evaluation under the Guidelines on State Aid for Climate, Environmental Protection, and Energy 2022.

Scheduled for completion by June 30, 2028, the project will mobilize 742 million euros in investment and create 500 direct and 600 indirect jobs. The initiative is expected to prevent the emission of 47,000 tons of CO2 annually, equivalent to one million tons over 20 years.