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European Commission approves large hydrogen project

The European Commission has approved a €5.4 billion project. It will deal with hydrogen and will be jointly financed by 15 EU countries.

Thirty-five companies such as Alstom, Daimler, Bosh and others will also participate. The European Commission hopes that private investors will also join the project to make it attractive. They are expected to bring in an additional €8.8 billion. The project aims to boost the competitiveness and economy of the European bloc.

The project will be called IPCEI Hy2Tech, where IPCEI is the name of an important project of common European interest. These are projects that are primarily made up of infrastructure, microelectronics, and batteries. These projects usually have looser state aid rules and in total 27 countries have been involved in these projects in recent years.

Illustrate the environmental friendliness of hydrogen and its potential as the fuel of the future

Read also: Spain plans extra taxes for energy firms and banks

The whole group around this project will be involved in 41 hydrogen program projects on an ongoing basis. This may show us the direction that Europe wants to take, as Vice-President Margrethe Vestager confirmed in her speech.

“Hydrogen has huge potential for the future. It is an indispensable part of energy diversification and the green transition.”

These projects are better done as a group

The technology is in its very early days, so a lot of research and investment is still needed before we can move towards using hydrogen efficiently. That’s part of the reason why Europe wants to do these projects as a group. The Vice-President has the same view of the situation.

“But investing in these innovative technologies can be risky for one member state or one company.”

What will Hy2Tech focus on?

This particular project will deal with hydrogen production, fuel cells, storage, transportation, distribution, and end-user applications. In particular, all of these disciplines will specialize in the area of mobility.

It is also a move away from fossil fuels. There has long been talking of Europe wanting to move away from fossil fuels, whether in the context of efforts to move away from the need to burn coal in power stations or the recent introduction of a ban on the sale of cars with internal combustion engines by 2035.

It is therefore another step towards making Europe as green as possible.

Bruno is an Investment enthusiast with several years of experience in the industry. He enjoys following the latest news and technology trends...

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