(Finance) – After the 5.4 billion euros allocated in July for the “IPCEI Hy2Tech” project, the European Commission approved others public subsidies of up to € 5.2 billion by 13 Member States in support of a project of common European interest in hydrogen value chain. The new project, called “IPCEI Hy2Use”, was jointly developed and notified by thirteen Member States: Austria, Belgium, Denmark, Finland, France, Greece, Italy, the Netherlands, Poland, Portugal, Slovakia, Spain and Sweden.
Member States will disburse up to € 5.2 billion in public funding, which they should unlock an additional € 7 billion of private investment. Under this IPCEI, 29 companies operating in one or more Member States, including small and medium-sized enterprises and start-ups, will participate in 35 projects.
The IPCEI Hy2Use project will cover a large part of the hydrogen value chain by subsidizing: construction of hydrogen-related infrastructure, in particular electrolysers and large-scale transport infrastructures, for the production, storage and transport of renewable and low-carbon hydrogen; and it development of innovative and more sustainable technologies for the integration of hydrogen in industrial processes of multiple sectors, especially those that are more difficult to decarbonise, such as the steel, cement and glass sectors.
There are not Italian companies among the beneficiaries of funds for the construction of hydrogen-related infrastructures, while NextChem (controlled by Maire Tecnimont), RINA-CSM, Sardhy Green Hydrogen And South Italy Green Hydrogen they are on the list of companies that will receive grants for the development of hydrogen applications in industry.
“The hydrogen value chain in Europe is still in its infancy and is risky for businesses and Member States to invest alone in this innovative market – commented Margrethe Vestager, Executive Vice President responsible for competition policy – This is why state aid plays a decisive role in unlocking, attracting and mobilizing substantial private investments, which otherwise would not materialize “.