100% renewable targets will require power storage to manage flows on the net
Electrolysers utilise these intermittent power flows to produce H2 gas from water
H2 gas can be stored in large quantities underground and transported via existing gas pipelines
H2 vehicles recharge faster and are more durable than battery powered transport
Growing H2 demand in industrial processes will reduce costs and increase supply

The Commission on June 29, 2011 presented its proposal Council Regulation  laying down the multiannual financial framework for the years 2014-2020. that should facilitate business-driven research and innovation through the use of public funding to leverage private investments.

A key step to modernising EU programmes for research and innovation is to bring together within a single Common Strategic Framework for Research and Innovation (CSF) the three main existing initiatives and sources of funding: the 7th Framework Programme (FP7); the innovation part of the Competitiveness and Innovation Framework Programme (CIP); and, the European Institute for Innovation and Technology (EIT). The CSF will set out the strategic objectives for all EU research and innovation funding actions. It will be more streamlined than current funding schemes, and will be implemented through harmonised rules and procedures…

Regarding innovative financial instruments, the Commission proposes a new type of instrument, i.e. the EU project bond initiative which would be used as a means of securing investment resources for infrastructure projects of key strategic European interest. A contribution from the EU budget will be used to support projects through enhancing their credit rating, and thereby attract financing by the EIB, other financial institutions, and private capital market investors to pursue the following objectives:

(1)  Foster the capacity of the private sector to deliver growth, job creation and/or innovation: support to start-ups, SMEs, mid-caps, micro-enterprises, knowledge transfer, investment in intellectual property.

(2)  Build infrastructures by making use of Public Private Partnership schemes to reinforce EU competitiveness and sustainability in the transport, energy and ICT sectors.

(3)  Support mechanisms that mobilise private investments to deliver public goods, such as climate and environment protection, in other areas. “

More info on the Commission’s website.