132 Bids Received for Innovation Fund Auction for Renewable Hydrogen – CINES
02.15.2024 By Tank Terminals - NEWS

February 15, 2024 [OCOS]- The Innovation Fund 2023 Auction received a total of 132 bids, where applicants applied for renewable hydrogen funding, the European Climate, Infrastructure and Environmental Executive Agency (CINEA) announced on 9 February.

 

A total of €800m of funding was on offer from the EU with proposals from within the European Economic Area (EEA) for renewable hydrogen projects allowed during the period from 23 November until 8 February.

No details surrounding the 132 bids were released. However, CINEA said that more information would be released in due course.

ICIS contacted CINEA for additional information, but had received no response at the time of writing.

The Innovation Fund is a “key element” of the European Hydrogen Bank according to CINEA, where a maximum fixed subsidy of €4.50/kg for renewable hydrogen produced is available for a 10-year period following the start of commercial operations.

The European Commission is seeking to produce 10m tonnes/year of renewable hydrogen by the end of the decade, which will account for 50% of total demand for the commodity within the EU, with the remainder comprised of imports.

There will be a second auction round in the spring, announced earlier this year with an increase in overall funding to €3bn, meaning that the second auction will have a significantly increased budget of €2.2bn.

 

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