The European Commission has announced a substantial financial boost for the development of hydrogen-based fuels, with incentives totaling €1.4 billion. Notable beneficiaries include industry giants such as BMW, Airbus, and Michelin. These funds will be distributed under the Hy2Move project, which aims to develop low-carbon hydrogen fuels.
The Hy2Move project is a collaborative initiative involving seven European countries, including France, Germany, and the Netherlands. A total of 11 companies will receive funding from the European Commission. However, specific details about the projects receiving the funds remain confidential until the Commission agrees on "any confidential trade secrets that need to be removed."
The Vice President of the European Commission responsible for competition policy emphasized the potential of hydrogen to decarbonize transportation. He noted, "Initial investments could be risky for a single state or a single company." He also highlighted that anticipated private sector investments are based on expressions of interest and agreements from the involved member states.
The European Commission expects that this €1.4 billion will be complemented by an additional €3.3 billion in private sector investments. These funds are intended for projects developing hydrogen-based fuels to power ships, trains, and airplanes. Green hydrogen, a clean energy source, is predicted to potentially replace natural gas and can be transported through existing pipeline networks. It is produced via water electrolysis using wind, hydroelectric, and solar energy, a process that emits no greenhouse gases.
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Green hydrogen has versatile applications, from heating homes and powering vehicles to generating electricity. However, its production is currently very costly, requiring significant investments in production, transport, and storage infrastructure.
The European Commission will provide €1.4 billion in financial incentives for developing hydrogen-based fuels, benefiting companies like BMW, Airbus, and Michelin under the Hy2Move project.
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Source: Euronews
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