The Innovation Fund pilot auction for hydrogen production is a key element of the European Hydrogen Bank, which establishes EU financing instruments and a coordination platform to cost-effectively secure domestic and international renewable hydrogen volumes in the EU.
On 30 August 2023, the European Commission announced that the pilot auction under the Innovation Fund is intended to open on 23 November 2023 and published the terms and conditions for the auction. A EUR 800 million budget will be available for bidders (project developers) in the auction.
Qualifying proposals will have to meet the following criteria and will then be ranked from the lowest to the highest bid price :
Funds will be awarded in that order until the available budget is exhausted.
Payments will only be made in the case of verified and certified RFNBO hydrogen production, and are scheduled every six months from the start of operations.
If participation in the pilot auction is high, annual renewable hydrogen or hydrogen derivatives auction rounds with increased budgets will be held. A total budget of EUR 3 billion is foreseen.
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