EU Awards €270.6 Million for Six Green Hydrogen Projects in Spain, Finland, Norway
The EU has awarded €270.6 million to six green hydrogen projects in Spain, Finland, and Norway as part of the 2024 Innovation Fund Auction, aiming to produce approximately 500 kilotonnes of renewable hydrogen and reduce CO₂ emissions by nearly 3.4 million tonnes over a decade. These projects, with a combined electrolyser capacity of 381.25 megawatts, will receive funding to help cover production costs for industrial users. The next Innovation Fund Hydrogen Auction is set for February 19, 2026, with a budget of €1.3 billion.
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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.
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