Massive boost for green hydrogen exporters as Germany allocates €3.5bn to H2Global auction subsidies
Total public funding for H2 import subsidy programme now approaches the €5bn capitalisation promised by Berlin
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The Hydrogen Intermediary Network Company (Hint.Co), which uses the funds it receives to auction subsidies for green hydrogen imported into the EU, has received a grant notification from the Federal Ministry for Economic Affairs and Climate Action (BMWK) for €3.53bn.
Hint.Co acts as both hydrogen buyer and seller in H2Global’s “double-sided” auction. The specially- formed company buys green hydrogen or its derivatives on ten-year contracts and sells volumes onto end-users via one-year offtake agreements, with the difference in price between the two made up from Hint.Co’s funding pot.
“The grant is tied to the next iteration of double-sided tenders modelled after the H2Global mechanism,” said the H2Global Foundation, which is also funded with donations from private-sector energy giants such as Uniper, BP, Shell, RWE and Total, in a statement online.
“Final decisions will be made with the provider of the funds, the BMWK,” a spokesperson said.
Taken with the €300m committed by the government of the Netherlands in 2023 for an auction early this year, this latest grant notification takes total public funding for the programme to €4.73bn, H2Global said.