The European Union’s competition regulators have approved a €1.4 billion (USD 1.52 billion) hydrogen scheme that will be funded by seven EU countries. This scheme is expected to unlock an additional €3.3 billion in private investments. The regulators have also greenlit a separate €1 billion healthcare scheme to be funded by six other EU countries.
The hydrogen scheme will be funded by Estonia, France, Germany, Italy, the Netherlands, Slovakia, and Spain. According to the European Commission’s statement, 11 companies, including industry giants like Airbus, BMW, and Michelin, will participate in 13 projects under this scheme.
This is the fourth such joint hydrogen scheme cleared by the Commission, which also acts as the EU’s competition enforcer, underscoring the bloc’s commitment to promoting hydrogen as a sustainable energy source.
The healthcare scheme, on the other hand, will be funded by Belgium, France, Hungary, Italy, Slovakia, and Spain. It aims to support research and innovation in the healthcare sector and is anticipated to attract an additional €5.9 billion in private investments. Prominent companies like Sanofi, Euroapi, and 11 others will participate in 14 healthcare projects, focusing on areas such as cell and tissue study, sustainable production technologies for breakthrough therapies, and the application of advanced digital technologies in healthcare.
Both schemes fall under the category of Important Projects of Common European Interest (IPCEI), which allows EU governments to fund them under more flexible state aid rules. Participating companies that generate extra net revenue from these projects will be required to return a portion of the state aid they received through a claw-back mechanism.
Commission Vice President Margrethe Vestager emphasized that IPCEI projects are part of the EU’s efforts to bolster its competitiveness. “The Commission has approved a total of aid of more than €37 billion. These public investments have attracted €66 billion in additional private investment,” Vestager stated during a press conference.
“So, in total, this means more than €100 billion in investment to foster the competitiveness of European industry.”