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EU approves €122 million for decarbonisation projects, including hydrogen

EU approves €122 million for decarbonisation projects, include hydrogen

The European Union will provide €118 million in grants to 32 small innovative projects located in 14 EU Member States, Iceland and Norway, under the innovation fund.

The funding will support projects intended to bring low-carbon technologies to the market in energy-intensive industries, hydrogen, energy storage and renewable energy.

In addition to these grants, the EU will provide project development assistance of around €4.4 million to support 15 projects located in 10 EU Member States and Norway to advance the project maturity.

Frans Timmermans, the Executive Vice-President, said, “With today’s investment, the EU is giving concrete support to cleantech projects all over Europe to scale up technological solutions that can help reach climate neutrality by 2050.”

He further added, “The increase of the Innovation Fund proposed in the Fit for 55 Package will enable the EU to support even more projects in the future, speed them up, and bring them to the market as quickly as possible.”

The successful small scale projects are starting to prepare individual grant agreements, which would be finalised in Q4 2021, allowing the Commission to adopt the corresponding grant award decision and start disbursing the grants. Projects have up to four years to reach financial closure. The European Investment Bank will contact the large-scale projects for finalising the grant agreements. Below is an overview of the hydrogen projects.

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