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The EU finalized contracts for six green hydrogen projects selected in the 2024 Innovation Fund Auction, awarding a total of €270.6 million. These projects aim to produce around 500 kilotonnes of renewable hydrogen, cutting nearly 3.4 million tonnes of CO₂ emissions over ten years.

The projects are located in Spain, Finland, and Norway, with a combined capacity of 381.25 megawatts of electrolyser capacity. Funding will bridge production cost gaps for industrial users. Spain, Lithuania, and Austria also allocated up to €836 million in national funding through the Innovation Fund's 'Auctions-as-a-Service'.

Projects must reach financial close within 2.5 years and start producing hydrogen within five years to secure subsidies. The next Innovation Fund Hydrogen Auction has a budget of €1.3 billion, with proposals due by February 19, 2026.