11 companies will receive financial incentives of 1.4 billion euros from the European Commission

The European Commission will provide financial incentives worth 1.4 billion euros to BMW, Airbus, Michelin, and eight other companies for the development of hydrogen-based engines and the necessary infrastructure. This support will contribute to promoting clean technologies and reducing carbon emissions in road and air transport. Investment in hydrogen-based engines is considered a sustainable solution for the future of the automotive and aerospace industries, with a positive impact on the environment. This initiative reflects the European Commission’s commitment to supporting innovation and sustainable development in various economic sectors.

The funds will be granted under the Hy2Move project, which aims to develop projects based on green hydrogen with low carbon dioxide emissions. The program was developed jointly by seven European countries, including France, Germany and the Netherlands, and the European Commission will finance 11 companies with 1.4 billion euros.

The Commission specified that it cannot reveal details of the specific projects for which the amount has been approved until it has agreed “on any confidential trade secrets that need to be removed”. The vice-president of the European Commission in charge of competition policy said that hydrogen could contribute to the decarbonisation of transport, but that “initial investments could be risky for a single state or a single company”. It also emphasized that anticipated private sector investment is a concrete figure, based on requests for expressions of interest and agreements from the Member States concerned.

The European Commission hopes to add to this amount 3.3 billion euros of investment from the private sector, for projects to develop fuels that could be used to fuel ships, trains and planes. Green hydrogen is a clean energy source that is expected to replace natural gas and be transported through existing pipeline networks. It is obtained by electrolysis of water, with the help of wind, hydroelectric and solar energy, and through this procedure, no greenhouse gases are emitted. Green hydrogen will be able to be used to heat homes, fuel vehicles and produce electricity. However, production is currently extremely expensive, requiring huge investments in green hydrogen production, transport and storage infrastructure as well.

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