Spain to fund three companies left out of EU Hydrogen Bank auction $415M

In Spain, President of the Government, Pedro Sánchez, announced new investments to continue supporting green hydrogen and the energy transition. Specifically, he has indicated that three of the seven projects chosen in the first auction of the European Hydrogen Bank are Spanish and “they will be supported in whatever way is necessary.” In addition, he has announced 400 million euros for projects that have been left out despite having a positive evaluation from the European Commission.

The head of the Executive has highlighted that green hydrogen will help achieve climate neutrality to “leave our future generations a sustainable and habitable planet” and improve energy sovereignty, generating jobs and industries throughout the territory. At the same time, he has stressed that Spain and Europe must strengthen and diversify their commercial ties and reduce energy dependence to a minimum. According to him, if we manage to reach 81% of electricity production from clean energy in 2030, Spain will reduce its energy dependence on other fossil fuel producing countries by more than 80 billion euros. Thus, among other projects, he has referred to H2Med, in which work is being done to make “a reality as soon as possible” the first great continental green energy corridor with an “Iberian vision” that, together with the maritime transport route, will boost the port of Algeciras in its connection with the port of Rotterdam.