Provaris congratulates all the successful bidders in the latest €1 billion European Hydrogen Bank (EHB) auction, to produce renewable hydrogen in Europe with a subsidy to help to close the price difference between current production costs and the market price and accelerate the deployment of cleaner fuels.

Each subsidy for the 15 projects ranges from €8 million and €246 million over a period up to 10 years. The funding round demonstrates the commitment to deploy of funds from Europe’s Innovation Fund sourced from the EU Emissions Trading System (ETS).

Of the selected projects, 12 are committed to producing renewable hydrogen with fixed premium support between €0.20 and €0.60 per kg, which should be meaningful in attaining a price that meets a ‘willingness to pay’ for certain industrial.

Special recognition and congratulations to Norwegian Hydrogen who are one of 3 Norwegian projects allocated a dedicated budget for hydrogen supply with off-takers in the maritime sector to carrying out or making use of bunkering activities. These projects made success bids between €0.45 and €1.88 per kg, or a total of €96 million over a period up to 10 years.

Funding to Norwegian projects demonstrates momentum for Norway’s key role in the development and supply of the most efficient and cost-competitive renewable hydrogen globally!