German Federal Ministry for Economic Affairs and Climate Action Grants HINT.CO GmbH €3.53 Billion to Boost Hydrogen Economy

By February 12, 2024 2   min read  (318 words)

February 12, 2024 |

2024 02 12 09 06 32 4 e1707753719436

The Federal Ministry for Economic Affairs and Climate Action has awarded HINT.CO GmbH a substantial grant of €3.53 billion. This funding is earmarked for the next phase of double-sided tenders following the successful H2Global mechanism model, bringing the total public capital for the H2Global approach to an impressive €4.73 billion.

As the initial round of tenders approaches its conclusion, the continued investment in the H2Global mechanism underscores the confidence in its effectiveness and efficiency. HINTCO GmbH, the operational arm of the H2Global instrument, is poised to deliver promising outcomes and expand its efforts to establish a global market for hydrogen.

HINTCO’s mission involves executing competitive bidding processes for the acquisition and distribution of clean hydrogen-based products and other low-carbon commodities. This encompasses contract management, adherence to contractual obligations, and the allocation and distribution of funds within the payment process.

Aiming to foster a vibrant market for clean hydrogen and its derivatives, HINTCO is committed to contributing to the market’s development without engaging in any direct market operations or owning any infrastructure related to hydrogen transport or storage.

The H2Global Foundation, which underpins HINTCO, is dedicated to promoting environmental and climate protection by encouraging the production and utilization of green hydrogen and other climate-neutral energy carriers. It supports a wide array of activities, including research, journalism, and consulting, to enhance the adoption of these sustainable energy sources.

Furthermore, the H2Global Foundation is tasked with implementing the H2Global funding instrument, designed to stimulate the international green hydrogen and Power-to-X economy through auction-based incentives. With the German government’s backing of 900 million euros, the foundation plays a pivotal role in shaping a sustainable energy future.

Representing 18 companies across the power-to-X value chain, the H2Global Foundation is open to new donors who wish to contribute to this transformative initiative.


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