EC approves Hy2Move project supporting hydrogen value chain

The European Commission (EC) has approved a fourth Important Project of Common European Interest (IPCEI) as part of its plan to advance research and industrial deployment to support a hydrogen value chain.

PHOTO: Flag of the European Commission. Getty Images

The project, called IPCEI Hy2Move, has secured public funding of up to €1.4 billion ($1.5 billion) from seven member states - Estonia, France, Germany, Italy, Netherlands, Slovakia and Spain, the EC said.

As a part of this project, 11 companies that are functional in one or more member states, including small and medium-sized enterprises (SMEs) and start-ups, will undertake 13 innovative projects, the commission said.

The project aims to develop a wide range of hydrogen technology value chains for transport sectors, including maritime. This includes "development of high-performance fuel cell technologies, which use hydrogen to generate electricity with sufficient power to move ships" and development of technology to support onboard hydrogen storage.

The project is expected to secure an additional €3.3 billion ($3.6 billion) in private investments, the EC said. "The project contributes to the EU's target of 90% reduction of emissions from the mobility and transport sectors [including shipping], in order for the EU to become climate-neutral by 2050," the commission added.

The Hy2Move project succeeds three other projects including the Hy2Tech project, which was approved by the commission in July 2022, followed by Hy2Use and Hy2Infra, which got approvals in September 2022 and February 2024, respectively. 

“The completion of the overall IPCEI is expected by 2031, with timelines varying in function of the individual projects and the companies involved,” the commission said.

The commission supports projects that it thinks can benefit the larger EU economy through its IPCEI plan.

By Aparupa Mazumder 

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