7/15/2022, 1:37 PM (Source: TeleTrader)
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EU approves €5.4 billion hydrogen tech project

The European Commission approved on Friday a hydrogen technology project covering its generation, storage, distribution and end-use, in particular in the mobility sector. 15 member states will provide up to €5.4 billion in public funding, while the project is also expected to attract €8.8 billion in private investments.

As part of the greater drive, 35 companies with activities in one or more member states, including small and medium-sized enterprises and start-ups, will participate in 41 projects, the Commission stated. "Promoting hydrogen development and deployment will boost jobs and growth throughout Europe while contributing to our green and resilience agenda. It enables the clean transition of energy-intensive industries and increases our independence from fossil fuels," Commissioner for Internal Market Thierry Breton said.

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