EU Commission approves 5.4-bln-euro joint hydrogen project with 15 EU states

Called IPCEI Hy2Tech, the project hopes to attract another 8.8 billion euros in private investments. The 27-country bloc has in recent years given the green light to jointly funded projects in batteries, microelectronics and infrastructure, labelling such schemes as Important Projects of Common European Interest (IPCEI).

The European Commission on Friday approved a 5.4-billion-euro ($5.42 billion) hydrogen project jointly funded by France, Germany, and 13 other EU countries, its latest measure aimed at boosting the bloc's competitiveness and economy. Called IPCEI Hy2Tech, the project hopes to attract another 8.8 billion euros in private investments.

The 27-country bloc has in recent years given the green light to jointly funded projects in batteries, microelectronics, and infrastructure, labeling such schemes as Important Projects of Common European Interest (IPCEI). Thirty-five companies, including Alstom, Ansaldo, Bosch, Daimler, Enel, Fincantieri, Orsted, and Plastic Omnium, will take part in 41 projects the hydrogen project.

The scheme will cover the generation of hydrogen, fuel cells, storage, transportation, and distribution of hydrogen and end-user applications, in particular in the mobility sector.