Firms including Airbus SE, BMW AG and Michelin are set to get a share of €1.4 billion ($1.5 billion) in state aid for a slate of hydrogen power initiatives rubber stamped by the European Union as part of its drive to tackle climate change.
The European Commission, the EU’s executive arm, said Tuesday it expects the overall plan — dubbed an “Important Project of Common European Interest” — will unlock additional €3.3 billion in private investments. The funds will go to 11 companies in seven participating member states: Estonia, France, Germany, Italy, Netherlands, Slovakia and Spain.
“Investing into hydrogen powered mobility and transport technologies can be risky for one member state or one company alone,” said Margrethe Vestager, the EU’s competition chief. “This is where state aid rules for IPCEI have a role to play.”
The 27-nation bloc needs to slash emissions from transport in order to zero out greenhouse gases by 2050 under the Green Deal. The joint endeavor, named Hy2Move and classified by the EU as a key cross-border project, will support innovation, research and the first industrial deployment in the hydrogen value chain.
The project is expected to create around 3,600 jobs and be completed by 2031.
Source: Bloomberg
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