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The European Commission has approved the fourth Important Projects of Common European Interest to support 13 projects in seven countries.

In its latest round, Hy2Move will receive up to €1.4 billion ($1.52 billion) in public funding from the participating Member States. These countries include France, Germany, Italy, Spain, Estonia, the Netherlands, and Slovakia. This funding could leverage an additional €3.3 billion in private investment, according to H2 View.

Additionally, the initiative involves 13 projects developed by 11 companies. These companies include Air Products, Airbus, BMW, Evolution Synergetique, Hydrogen de France, Tomark, Michelin, UFI, Neumann & Essar, Skeleton, and Gen-Hy Cube.

Furthermore, with over 200 partners, Hy2Move aims to build on previous hydrogen projects. These projects integrate hydrogen technology into the mobility and transportation sector. Previous projects include Hy2Tech, Hy2Use, and Hy2Infra, with Hy2Infra providing the necessary infrastructure. Each project deployed by these companies will focus on four work streams. These work streams include integrating hydrogen technology into applications, developing fuel cells, creating onboard hydrogen storage solutions, and producing and refueling hydrogen.

Moreover, the European Commission expects the IPCEI to be completed by 2031. Margrethe Vestager, the European Commission Executive Vice-President, commented on the announcement. She stated, “Hy2Move will help achieve the objectives of the European Green Deal. It contributes to the 2050 target of a 90% reduction in emissions from the mobility and transport sectors.”

Vestager emphasized that taxpayers’ money supports only innovative projects that would not happen otherwise. She explained that all individual projects aim for breakthrough innovations that go beyond the current state-of-the-art.

Lastly, Vestager mentioned the implementation of a “claw-back mechanism” for projects receiving significant aid. If a project generates more net revenues than expected, the Member State will also benefit from this success. This mechanism ensures that public funding is used effectively and that the success of funded projects also benefits the Member States.

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