EU approves up to $5.2 billion in public funding for hydrogen projects

The European Commission on Wednesday approved up to 5.2 billion euros (roughly $5.2 billion) in public funding for hydrogen projects, a move it said could unlock a further 7 billion euros of investments from the private sector, Qazet.az reports reports citing CNBC.

The executive arm of the EU said the bloc’s flagship project to support the research, deployment, and construction of hydrogen infrastructure, referred to as IPCEI Hy2Use, had been prepared by 13 member states that will supply the public funding.