2 Portuguese companies win nearly 50% of amount allocated for the EU Hydrogen Bank

Portugal news - Two Portuguese companies win nearly 50% of the amount budgeted for the new European Hydrogen Bank, that is the largest share allocated to a country.

Green hydrogen production in Portugal is given a new boost since the largest share of EU funds for the European Hydrogen Bank has been allocated to two Portuguese companies, namely Galp and Madoqua Power2X.

In November 2023, the European Commission officially launched the European Hydrogen Bank, with a first round budgeted at 720 million euros. Two Portuguese companies were allocated 45.8%, totaling 330 million euros, out of the total amount budgeted, while the remainder will be distributed to five other projects from Spain, Norway and Finland.  

Portuguese companies Madoqua Power2X and Galp will receive 245.2 million euros and 84.2 million euros respectively for the new European Hydrogen Bank.

Portugal’s port of Sines is becoming an EU green hydrogen hub and the two new pilot projects by Madoqua Power2X and Galp that will be funded under the European Hydrogen Bank are expected to produce around 511 kilotonnes and 216 kilotonnes of green hydrogen respectively.

The EU has set a target of producing 10 million tonnes of green hydrogen by 2030 as part of the REPowerEU plan and Portugal is turning out to be a major player for the successful implementation of the European Hydrogen Bank.

#portugalnews #newsportugal #greenhydrogenportugal #EuropeanHydrogenBank #Galp #MadoquaPower2X #renewableenergynews