The European Commission has allocated €992m to accelerate renewable hydrogen production in the European Economic Area. The funding aims to develop 15 projects projected to produce 2.2 million tonnes of renewable hydrogen over ten years, preventing over 15mt of CO₂ emissions. These projects will span various sectors like transportation and chemical production. The Innovation Fund, financed by the EU Emissions Trading System, supports these initiatives. Most projects will receive fixed premium support ranging from €0.20 to €0.60 per kilogram. The EU funding will be supplemented by national funding from Spain, Lithuania, and Austria through the 'Auctions-as-a-Service' feature. This collaborative effort demonstrates a commitment to scaling up hydrogen production in the EU. The auctions also include a special budget for hydrogen producers supplying the maritime sector. The European Hydrogen Bank's role in selecting projects will lead to grant agreements being prepared with signing expected by September/October 2025. The initiative aims to boost the renewable hydrogen market, ensuring a cost-effective and competitive path to climate neutrality while enhancing energy independence, security, and job creation.