Hydrogen innovation partnership to finance new projects

hydrogen innovation partnership
© iStock/Petmal

The European Investment Bank (EIB) has partnered with industry body the Hydrogen Council to collaborate on financing innovation in the hydrogen industry.

The partnership was developed through the EIB’s InnovFin Advisory programme; and will see the bank offer financial support and advice to companies aiming to implement hydrogen projects on a large scale. The Hydrogen Council, an international consortium of business leaders from the energy, transport and industry sectors advocating wider uptake of hydrogen as a primary energy source, will co-ordinate with the EIB to seek out and identify projects eligible for support through the scheme.

EIB Vice President Ambroise Fayolle said: “We share common goals with the Hydrogen Council. The European Investment Bank is the European Union’s Climate Bank; and financing new technologies and innovative projects that help to fight climate change is at the very heart of what we do. This is why I am particularly delighted that through our InnovFin Advisory partnership with the European Commission, we are supporting the development of the hydrogen market in Europe, which will have a positive impact globally.”

Hydrogen technology is projected to play a significant part in the energy transition: the Hydrogen Council states that full realisation of the potential hydrogen offers as a sustainable fuel source would cut the EU’s greenhouse gas emissions by around 20%.

Hydrogen Council Co-Secretary Pierre-Etienne Franc, Vice President of the Hydrogen Energy World Business Line at Air Liquide, said: “This collaboration agreement signals to the market that a major shift is about to take place. As confidence in hydrogen continues to grow, investors are coming to the table to back innovations and turn them into a reality. Hydrogen Council members recognise the strong business case for hydrogen and, as we work alongside the EIB, our goal is to find new and innovative ways to fund these solutions. Only when we scale deployment will we help realise the full potential of hydrogen to drastically decrease energy-related CO2 emissions.”

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