European Commission approves Hy2Tech project to boost hydrogen value chain
The European Commission has approved the Hy2Tech project as part of its plan to advance technological advancement and support a hydrogen value chain.
PHOTO: The EU has announced several measures in support of hydrogen in Europe recently. Getty Images
The Commission says the project will support breakthroughs in hydrogen technologies, including electrode material, fuel cells and transportation. 15 EU member states will foot the bill with up to €5.4 billion ($5.5 billion).
Hy2Tech project was jointly prepared by Austria, Belgium, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Italy, Netherlands, Poland, Portugal, Slovakia and Spain.
35 companies will participate in 41 different projects involving technology related to hydrogen generation, fuel cells, storage, transportation, distribution and end-user applications.
These companies include Finnish refiner Neste, Italian power engineering firm Ansaldo, French hydrogen technology firm Elogen, and Danish energy company Ørsted.
“Hydrogen has a huge potential going forward. It is an indispensable component for the diversification of energy sources and the green transition,” the Commission’s Executive Vice-President Margrethe Vestager said.
The European Commission supports projects that it thinks can benefit the larger EU economy through its Important Project of Common European Interest (IPCEI) plan.
