On April 30, 2024, the Commission announced the seven winning EU renewable hydrogen projects, under the first EU H2 Auction managed by the European Hydrogen Bank. The Euro 720 mln budget for this auction came from the revenues of the EU Emissions Trading System and the winners will receive a subsidy to bridge the price difference between their H2 production costs and the market price for hydrogen, which is currently driven by non-renewable producers. The renewable hydrogen they produce will have  offtakers in sectors such as steel, chemicals, maritime transport and fertilisers althought the transport sector could offer a higher price.

A total of 132 bids have been submitted  and the 7 winning bidders plan to produce 1.58 million tonnes of renewable hydrogen over ten years, starting at the latest in 5 years, avoiding more than 10 million tonnes of CO2 emissions. The selected projects are located in 4 European countries. They submitted bids between €0.37 and €0.48 per kilogram of renewable hydrogen produced, and also met the other qualification requirements. Total EU support for the 7 projects  ranges from €8 million to €245 million.