Ready for the Second Hydrogen Auction?
The EU Innovation Fund (IF) is one of the world’s largest funding programmes for the deployment and commercialisation of low-carbon and innovative technologies. Alongside the existing programmes, the European Commission introduced in November 2023 a novel support system through competitive bidding / auctions. This is a significant initiative to increase the development of hydrogen-related projects across the EU.
The second, larger Hydrogen Auction will take place on 3 December 2024. The European Hydrogen Bank () will support producers of Renewable Fuel of Non-Biological Origin () with up to €1.2 billion. Successful bidders will receive a fixed premium in €/kg for a decade, closing the gap between production costs and market prices.
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Hydrogen Auction & Key Updates
The Hydrogen Auction will allocate funding to innovative projects and is another important step to further advance the production of renewable hydrogen across the EU. It is a cost-efficient support for the roll-out of low-carbon technologies needed for the green transition. The four objectives of the Innovation Fund Hydrogen Auctions are:
- Reducing the cost gap between renewable and fossil hydrogen in the EU
- Allowing for price discovery and renewable hydrogen market formation
- De-risking European hydrogen projects
- Reducing administrative burdens.
Updates on The Second Hydrogen Auction
- New resilience and security of supply requirements
- Higher maturity levels for applicants
- A revised price ceiling
- A dedicated €200 million budget for projects supplying the maritime sector.
