Brussels will launch the first hydrogen auction next November, backed by €800 million. This was announced by European Commission President Ursula von der Leyen last week at the opening of a dialogue with industry on the EU’s clean transition.

The German politician had already announced the creation of a European Hydrogen Bank, through which the bloc will invest ¤3 billion over the next few years to accelerate the development of this technology, during her State of the European Union speech at the European Parliament in Strasbourg, France, a month ago.

“This auction system will reward the most innovative and competitive companies capable of producing hydrogen at the lowest cost. We will fill the gap between its production cost and the price the market is currently willing to pay. And this will create a virtuous circle, in which the hydrogen market expands and consumer prices fall.

The bank will offer project developers a subsidy for each kilogram of hydrogen produced of up to 4.5 euros per kilogram.

European Hydrogen Week

Stakeholders will be showcasing their innovations and developments at the European Hydrogen Week, which will take place from 20-24 November at the Brussels Exhibition Centre.

With more than 140 exhibitors, visitors to this absolutely free event will be able to see first-hand the kind of technology that will support the Hydrogen Bank and how it will help us reach net zero by 2050.

European industry last week already called on the European Commission for a short period of heavy subsidies to develop this emerging energy sector quickly and then allow it to operate independently and without public support.

Source: El periódico de la energía