EU to Support Seven Hydrogen Projects with 720M Euros in Funding

The European Commission is set to provide up to $775.6 million in subsidy funding for green-hydrogen projects chosen under the European Hydrogen Bank initiative. As the European Union continues work to hasten its transition from polluting fossil fuels to renewable alternatives, the initiative will help to build up domestic renewable hydrogen production within the EU.

Selected under the initiative’s first auction, the seven green-hydrogen projects will aid in efforts to decarbonize European industry by producing renewable hydrogen to be used in energy-intensive industries such as chemicals, steel, fertilizers and maritime transport, the European Commission says. The winning bidders were chosen from a group of 132 bids to generate green hydrogen in Finland, Norway, Portugal and Spain.

According to a press release issued by the European Commission, current green-hydrogen production is driven by producers that don’t specialize in renewables, and its costs typically dwarf market hydrogen prices. The subsidies provided to the winning green-hydrogen projects will help the bidders bridge this gap and achieve profitability, a metric that will be integral to building a self-sustaining renewables ecosystem.

The commission also added that the winning green-hydrogen projects are set to produce a whopping 1.58 million tons of green hydrogen over the next decade and prevent the generation of more than 10 million tons’ worth of carbon-dioxide emissions. European Commissioner for Energy, Kadri Simson, says the first auction’s results show that European industry has plenty of interest in the production and use of green hydrogen.

She added that the winning projects would create new employment opportunities and create opportunities for new skills while helping EU leadership achieve the regional bloc’s 2030 climate and energy targets. The first cohort of bidders will receive between $8.6 million to $263 million in subsidies from revenues collected from the European Commission’s Emissions Trading System (EU ETS).

Portugal’s MP2X project in Sines was the largest of the winning bidders and looks to generate 511,000 tons of green hydrogen through the decade. A consortium made up of Power2X, Copenhagen Infrastructure Partners (CIP) and Madoqua Renewables will implement the MP2X project.

The second-largest winning project was the Catalina project in Teruel, Spain, which plans to produce 480,000 tons of renewable hydrogen over the next 10 years with Renaro Ptx Holdco developing the project. Project developers are expected to sign agreements by November and will be required to begin green-hydrogen production in five years.

The efforts by regional blocs and governments at different levels serve as a welcome complement to the work that is being done by for-profit companies such as First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) to facilitate the transition to green energy.

NOTE TO INVESTORS: The latest news and updates relating to First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) are available in the company’s newsroom at https://ibn.fm/FSTTF

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