According to official data, the fuel accounted for less than two percent of the bloc’s energy consumption in 2022, and its leading use was the production of chemical products such as plastics and fertilizers.

European Union (EU) authorities are betting on developing renewable hydrogen in order to produce 10 million tons and import the same amount by 2030.

According to the initiative launched on Thursday, producers of renewable hydrogen can bid for support of a fixed premium per kilogram of hydrogen produced, which should lower the final selling price to consumers.

Bidders have until February 8, 2024, to apply via the EU Funding and Tenders Portal. The bids should be based on a proposed price premium per kilogram of renewable hydrogen produced, up to a maximum of 4.5 euros per unit.

The auction will allow subsidies to be channeled through the EU’s Innovation Fund, in the framework of the European Hydrogen.

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