EU launches 5.4-bln-euro hydrogen project with Alstom, Daimler, others

Author of the article: BRUSSELS — The European Commission on Friday approved a 5.4-billion-euro ($5.4 billion) hydrogen project jointly funded by 15 EU countries and 35 companies including Alstom and Daimler Truck, seeking to gain the edge in an innovative sector. Other participating companies include Ansaldo, Bosch, Enel , Fincantieri, Orsted and Plastic Omnium. The…
EU launches 5.4-bln-euro hydrogen project with Alstom, Daimler, others

Author of the article:

BRUSSELS — The European Commission on Friday approved a 5.4-billion-euro ($5.4 billion) hydrogen project jointly funded by 15 EU countries and 35 companies including Alstom and Daimler Truck, seeking to gain the edge in an innovative sector.

Other participating companies include Ansaldo, Bosch, Enel , Fincantieri, Orsted and Plastic Omnium. The group will take part in 41 projects in the hydrogen scheme focusing on generation of hydrogen, fuel cells, storage, transportation and distribution of hydrogen and end-users applications, in particular in the mobility sector.

“Russia’s unprovoked and unjustified military aggression against Ukraine has only underlined the need for Europe to diversify its energy sources and fast-forward the green transition,” Commission Vice-President Margrethe Vestager told a news conference.

“Among the many technologies required, hydrogen proves to be an indispensable component,” she said.

EU industry chief Thierry Breton said the project also underlined the bloc’s move away from fossil fuels.

“It enables the clean transition of energy-intensive industries and increases our independence from fossil fuels,” he said.

The project, called IPCEI Hy2Tech, aims to attract another 8.8 billion euros in private investments.

Products targeted under the program include highly efficient electrode materials, high performance fuel cells and innovative transport technologies.

The 27-country bloc has in recent years approved jointly funded projects in batteries, microelectronics and infrastructure, labeling such schemes as Important Projects of Common European Interest subject to looser state aid rules.

State aid in the hydrogen program will be capped at the level of the eligible costs of the projects and their funding gaps, with countries allowed to claw back some of the aid if the projects generate extra net revenues. (Reporting by Foo Yun Chee; Editing by Emelia Sithole-Matarise and Tomasz Janowski)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Mexico’s Vesta to Hasten Industrial Park Projects, CEO Says
Read More

Mexico’s Vesta to Hasten Industrial Park Projects, CEO Says

Industrial real estate developer Corporacion Inmobiliaria Vesta SAB is speeding up its development pipeline after its US listing, its chief executive officer said on Monday. Author of the article: Bloomberg News Michael O'Boyle Published Jul 11, 2023  •  2 minute read (Bloomberg) — Industrial real estate developer Corporacion Inmobiliaria Vesta SAB is speeding up its…
Pets Protected From Cost of Living Crisis: The London Rush
Read More

Pets Protected From Cost of Living Crisis: The London Rush

Inflation continues to be the number one issue cropping up in company reports. The higher prices are squeezing customers wallets and businesses margins, contributing to an economic slowdown. Fortunately for pets, trends of “humanisation and premiumisation” are meaning their owners are still spending to keep them in kibble as Pets at Home revealed this morning. And…
Fresh Growth Numbers Are Set to Show US Remains Economic Powerhouse
Read More

Fresh Growth Numbers Are Set to Show US Remains Economic Powerhouse

The world’s largest economy probably expanded at the quickest pace in nearly two years during the third quarter on the back of a steadfast US consumer, a challenge for Federal Reserve officials who are debating whether additional policy tightening is needed.Author of the article:Bloomberg NewsVince Golle and Craig StirlingPublished Oct 21, 2023  •  Last updated…