(Finance) – I support research, innovation and the first industrial application in the value chain of hydrogen technology. With this objective the European Commission, in compliance with EU rules on state aid, ha approved the project of common European interest called “IPCEI Hy2Tech”. The initiative – the EU Commission said in a note – was jointly prepared and notified by fifteen Member States: Austria, Belgium, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Italy, Netherlands, Poland, Portugal, Slovakia And Spain.
Member States will disburse up to € 5.4 billion of public fundingwhich should unlock others € 8.8 billion of private investment. As part of this IPCEI, 35 companies active in one or more Member Statesamong which 8 small and medium-sized enterprises and start-ups, will participate in 41 projects. Direct participants will work closely with each other, as part of the numerous collaborations envisaged, and with over 300 external partnersincluding universities, research organizations and SMEs from all over Europe.
“Hydrogen has enormous potential for the future: it is indispensable,” he said Margrethe Vestager, executive vice president responsible for competition policy – for the diversification of energy sources and the green transition. However, investing in these innovative technologies can be risky for individual Member States or companies. This is where the state aid rules for IPCEIs come into play. Today’s project is an example of very ambitious European cooperation in the name of a fundamental common goal and also testifies to how much competition policy goes hand in hand with pioneering innovations “.
“Promote the development and diffusion of hydrogen technology – he said Thierry Breton, Commissioner for the Internal Market – it will stimulate jobs and growth across Europe, while helping to deliver on our ecology and resilience goals. This facilitates the clean energy transition of energy-intensive industries and reduces our dependence on fossil fuels. With this IPCEI, EU hydrogen production will pass ‘from laboratories to factories’ and the technological leadership of our industry will also become commercial leadership. Of course, our support for the hydrogen sector is not limited to funding: we have also made decisive steps in building partnerships through the Clean Hydrogen Alliance and we are developing EU rules to develop the hydrogen market and create dedicated infrastructures. . At stake is Europe’s leading role in the industrial transformation of the hydrogen sector “.
In detail – explains the Commission – the IPCEI it will affect hydrogen production, fuel cells, hydrogen storage, transport and distribution, and end applications, particularly in the mobility sector. It is expected to contribute to the development of important technological innovations, for example new highly efficient electrode materials, more efficient fuel cells and innovative transport technologies, including the first technologies for hydrogen mobility. It is also expected to create around 20,000 direct jobs.
In cases where, due to the considerable risk that this type of project entails, private initiatives in support of pioneering innovation cannot materialize, IPCEIs allow Member States to fill gaps acting together to overcome such market failures. At the same time, they ensure that the EU economy as a whole benefits from investment and limit potential distortions of competition.