The European Commission authorized this Friday public financing of up to 5,400 million euros to support a large European research and development project in favor of hydrogen, a strategic sector for the decarbonisation of the economy.
The project brings together a total of 41 initiatives involving 35 companies (large groups, SMEs or start-ups), supported by 15 member countries, including Germany, Spain, France, Italy and Poland.
Brussels estimates that this state aid should make it possible to mobilize an additional 8.8 billion in private investment and create 20,000 jobs across Europe, according to a press release.
Hy2Tech
Called “Hy2Tech”, this Important Project of Common European Interest (IPCEI) brings together actors working in hydrogen production, such as Enel, fuel cell specialists (Bosch, Symbio, etc.), hydrogen transport and storage actors (Faurecia, Plastic Omnium, etc.) and manufacturers of road, naval and rail transport vehicles (Alstom, Daimler Truck, Fincantieri, Iveco, etc.).
Hydrogen should play a central role in allowing industry to produce steel, cement or chemical and pharmaceutical products without emitting CO2.
To do this, it must itself be green, that is, resulting from an electrolysis of the water molecule (H2O) that separates hydrogen and oxygen thanks to the electricity generated from low-carbon energies.
Green hydrogen could thus replace coal in industry and enable the storage of intermittent renewable energies, solar or wind, through fuel cells. Heavy transportation (trains, ships, highway utility vehicles, etc.) could also use hydrogen to replace their fossil fuels.
Relaxation of European standards
“Promoting the development and deployment of clean hydrogen in Europe is essential for our energy security, our decarbonisation and the competitiveness of our industry,” said Thierry Breton, European Commissioner for the Internal Market.
To avoid distortions of competition, state aid is strictly regulated in the EU. But the European rules make it possible to support strategic sectors, in particular when they contribute to priority objectives such as the fight against climate change.
Brussels considers that public support for the “Hy2Tech” project is necessary, since market mechanisms alone cannot generate these cutting-edge technologies due to the financial risks of these investments for companies.
“This project shows how competition policy goes hand in hand with disruptive innovation,” said European Commission Vice President Margrethe Vestager.
Source: BFM TV
