EU to jointly launch hydrogen projects with a group of 35 companies

The European Commission 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.

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

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.

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, labelling such schemes as Important Projects of Common European Interest subject to looser state aid rules.

State aid in the hydrogen programme 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.